Business
FY22 Trading Update - Ahead of Expectations
FY22 Trading Update - Ahead of Expectations.
About this update from Gateley (holdings) Plc
[{"type":"text","content":"\n \n \n \n 13 June 2022\n \n \n \n \n GATELEY (HOLDINGS) PLC\n \n \n \n \n (\"Gateley\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n FY22 Trading Update\n \n \n \n \n Strong performance ahead of market expectations\n \n \n \n \n \n \n The Board of Gateley (AIM: GTLY), the legal and professional services group, is pleased to announce details of the Group's trading for the year ended 30 April 2022 (\"FY22\"), ahead of the publication of its audited results, which will be announced in September 2022, showing strong growth in revenue and adjusted profit before tax ahead of consensus market expectations1.\n \n \n \n \n \n Trading at the start of the new financial year is in line with the Board's expectations, with the Group continuing to meet the challenges of the well-reported and ongoing inflationary headwinds. The considerable organic and acquisitive opportunities to develop the Group's Platforms further, combined with Gateley's diversified and resilient business model, underpin the Board's confidence in the prospects and the continuing growth of the business in line with current market expectations.\n \n \n \n \n \n \n Financial highlights\n \n \n \n \n \n \n \n \n \n \n ●\n \n \n \n \n Revenue increased to not less than £137m (FY21: £121.4m) - up c.13%\n \n \n \n \n \n \n ●\n \n \n \n \n Organic revenue growth of c.10% (FY21 6.5%)\n \n \n \n \n \n \n ●\n \n \n \n \n Consultancy revenue not less than £20m (FY21 £14m) - up c.43%\n \n \n \n \n \n \n ●\n \n \n \n \n Underlying adjusted profit before tax2 of not less than £21.5m (FY21 £19.3m) - up c.11%\n \n \n \n \n \n \n ●\n \n \n \n \n Profit before tax (\"PBT\") of not less than £18m (FY21 £16.3m) - up c.10%\n \n \n \n \n \n \n ●\n \n \n \n \n Adjusted weighted average EPS of not less than c14.10p (FY21 13.17p) - up c.7% \n \n \n \n \n \n \n ●\n \n \n \n \n Strong operating cashflow with £16.1m of cash at bank and £10.4m of net cash (FY21 net cash £19.6m)\n \n \n \n \n \n \n ●\n \n \n \n \n Net assets of not less than c.£70m (FY21 £59.3m)\n \n \n \n \n \n \n ●\n \n \n \n \n Proposed final ordinary dividend of 5.5p (FY21: 5.0p) taking annual dividend to 8.5p (FY21: 7.5p)\n \n \n \n \n \n \n \n \n \n \n Strategic highlights\n \n \n \n \n \n \n \n \n \n \n ●\n \n \n \n \n Three earnings-enhancing acquisitions, Tozer Gallagher in July...