Gateley (holdings) Plc · LSE:GTLY
Gateley (holdings) — FY2015 Earnings Presentation
20 slides from Gateley (holdings)'s earnings presentation, September 2015
Slide 1: Full Year Results, Year ended 30 April 2015
Full Year Results Year ended 30 April 2015 September 2015
Slide 2: Gateley Plc
Gateley Plc ESTABLISHED Founded in Birmingham in the 19th century Leading national practice with regional focus Growth achieved both organically and by acquisition Investment in national footprint already made, platform for growth in place Senior management team since 2007 committed for a minimum Ab
Slide 3: Year ended 30 April 2015
Year ended 30 April 2015 »
Slide 4: Financial highlights
Financial highlights £60.9m 11.5% Strong cash generation FY15 revenue Growth on FY14 Broad base and national presence provides £11.3m 28.4% predictable earnings: Adjusted Pro-forma EBITDA* Growth on FY14 No one client represents >4% of revenue Pro-forma total dividend yield up to 5.4% Stable PROFITA
Slide 5: Operational highlights
Operational highlights Advised on more than 250 corporate Residential development team deals with an aggregate value acted for all top ten UK in excess of £1.5bn housebuilders Increase in fee generating Successful IPO raised £30m in June 2015 staff Utilisation of fee generating Solid foundation staf
Slide 6: Operating segments
Operating segments Gateley has built a quality offering; catering for national and local needs Banking & Corporate Business Employment, Property Financial Services Pensions & Services Benefits 72 lawyers 55 lawyers 48 lawyers 40 lawyers 134 lawyers Fees: 21% Fees:17.1% Fees: 15.2% Fees:12.2% Fees: 3
Slide 7: Successful IPO
Successful IPO first full-service commercial law firm to list £30m raised strong institutional support almost 100 existing clients became shareholders all staff received shares 7| Year End Results April 2015
Slide 8: Growth strategy: Delivering on IPO promises
Growth strategy Delivering on IPO promises
Slide 9: Growth Strategy
Growth Strategy DIFFERENTIATE DIVERSIFY INCENTIVISE Plc structure has created the platform for growth 9| Year End Results April 2015
Slide 10: Growth Strategy: Differentiate
Growth Strategy The only full-service commercial law firm: available for external investment on a public market to be able to offer corporate paper for potential acquisitions to be able to offer equity to its staff with a corporate balance sheet and the capacity to build long-term shareholder value
Slide 11: Growth Strategy: Diversify
Growth Strategy seven new Partners hired since Admission (seven more in ongoing discussions) residential development unit now trading in London and SE England DIVERSIFY expanded capacity following office moves in Leeds and Nottingham priority sectors (legal and non-legal) being identified for proact
Slide 12: Growth Strategy: Incentivise
Growth Strategy Wider and earlier ownership by employees: all staff hold equity 7.2m shares optioned to senior employees subject to performance over three years an all employee share incentive arrangements to be implemented INCENTIVISE Unique and progressive ownership structure attracts talent: abil
Slide 13: Market environment
Market environment >
Slide 14: Market Environment
Market Environment F/Y 2014/15 “has seen the dynamics of the UK legal market turn on its head as national-driven law firms outperformed those at the top of the table, including the ‘Magic Circle’*” total LB100 revenue down 1%, Gateley up 11.5% total LB100 lawyer headcount down 2%, Gateley Plc up 3%
Slide 15: Outlook
Outlook broader economy improving requirements of clients are changing fees responding to salary pressure whilst managing overall costs our growth strategy and Plc status puts us in a good place SME market out-performing larger businesses enhanced position in the recruitment market 15 Year End Resul
Slide 16: Financial review
Financial review
Slide 17: Pro-forma consolidated income statement
Pro-forma consolidated income statement Audited Pro-forma Unaudited Unaudited pro- Year ended 30 April 2015 LLP change pro-forma forma £’m 2015 2015 2015 2014 Revenue 60.9 - 60.9 54.6 Costs (37.3) (13.8) (51.1) 47.2 Operating profit 23.6 (13.8) 9.8 7.4 Margin 38.9% 16.1% 13.6% Profit before tax 23.6
Slide 18: Pro-forma balance sheet
Pro-forma balance sheet As at Audited Pro-forma Unaudited Audited 30 April 2015 LLP change pro-forma 1 LLP £’m 2015 2015 May 2015 2014 Fixed assets 1.7 - 1.7 1.7 Current assets 34.4 7.1 41.5 30.9 Cash 2.7 7.1 9.8 2 Unbilled Revenue (WIP) 8.7 - 8.7 7.3 Trade receivables 21.2 - 21.2 19.0 Other Debtors
Slide 19: Summary
Summary strong year to 30th April 2015 IPO the right decision new and exciting opportunities still a tough environment 19 Year End Results April 2015
Slide 20: Disclaimer
Disclaimer These presentation slides (the “Slides”) have been issued by Gateley (Holdings) Plc (the “Company”) in relation to the final results for the year ended 30 April 2015. The Slides have been prepared by and are the sole responsibility of the Company. Although all reasonable care has been tak