RNS Number : 2539O
Gateley (Holdings) PLC
14 May 2024
 

14 May 2024

 

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

GATELEY (HOLDINGS) PLC

("Gateley or the "Group")

 

TRADING UPDATE, NOTICE OF RESULTS, AND BOARD CHANGE

 

Trading update and notice of results

 

Gateley (AIM: GTLY), the professional services group, announces a trading update ahead of its full year results for the year ended 30 April 2024 (the "Period"), which are expected to be announced on 16 July 2024.

 

Revenue for the Group grew by c.5.7% in the Period and is expected to be not less than £172.0m (FY 23: £162.7m). During the Period, the board remained committed to its long-term strategic plan and continued to invest in, strengthen and diversify the business. Group underlying profit before tax* for the Period is expected to be not less than £22.8m (FY 23: £25.1m), reflecting the board's decision this year, unlike last, to make a provision of £4.5m for employee bonuses.  

 

The Group maintains a strong balance sheet with net cash of £3.3m (FY23: £4.3m), net of in-Period investment in acquired and organic opportunities to generate future growth and supporting the employee benefit trust with its recent purchase of shares. 

 

Board change

 

David Wilton was appointed to the board as a non-executive director and Chairman designate on 1 February 2024. The board and David have mutually agreed not to continue with David's appointment as Chairman and David will stand down from the board with effect from today's date. 

 

The nomination committee has begun a process to recruit a new Chairman. In the meantime, Nigel Payne has been asked, and has agreed to, continue to Chair the Group until a successor is appointed.

 

Commenting on the results, Rod Waldie, Chief Executive Officer of Gateley, said

 

"I am pleased with the outturn for FY 24 which was helped by strong activity levels in Q4. This positions us well as we enter FY 25. The Group continues to benefit from the resilience created by our strategy of investing in an increasingly diverse but complementary range of professional services. Our strong balance sheet also provides a solid foundation from which to take a long-term view of potential growth opportunities, as well as providing the bandwidth to deliver a strong dividend yield for our shareholders.

 

"I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude. I would also like to thank David for his contribution to the board during his time with us.

 

"The board remains confident in its strategy and we continue to invest in both legal and consultancy services to further grow the Group and we look forward to the future with confidence."

 

*Underlying profit before tax excludes remuneration for post-combination services, gain on bargain purchase, share-based payment charges, acquisition related amortisation and exceptional items.

 

Enquiries

 

Gateley (Holdings) Plc


Neil Smith, Finance Director

Tel: +44 (0) 121 234 0196

Nick Smith, Acquisitions Director and Head of Investor Relations

Tel: +44 (0) 20 7653 1665

Cara Zachariou, Communications Director

Tel: +44 (0) 121 234 0074

Mob: +44 (0) 7703 684 946

 

Liberum - Nominated adviser and Broker


Richard Lindley / Nikhil Varghese

Tel: +44 (0) 20 3100 2000

 

Belvedere Communications Limited - Financial PR


Cat Valentine (cvalentine@belvederepr.com)

Mob: +44 (0) 7715 769 078

Keeley Clarke (kclarke@belvederepr.com)

Mob: +44 (0) 7967 816 525

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTGPUUWAUPCGBW
Gateley (holdings) (LSE:GTLY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Gateley (holdings) Charts.
Gateley (holdings) (LSE:GTLY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Gateley (holdings) Charts.