Gateley has hailed a “good financial performance” in its audited results for the year ended 30 April 2024 (FY24), as the professional services group extends its unbroken record of revenue growth since IPO in 2015.
The business increased revenue by 6% to £172.5m, while delivering an underlying profit before tax of £23m (slipping from £25.1m in the previous year) after reinstating the payment of employee bonuses of £4.5m.
Gateley said this was “in recognition of our people’s contribution to a resilient outturn and our more positive outlook as we move into FY25.”
During the year, the company continued execution of its M&A strategy with the July 2023 acquisition of Richard Julian and Associates Limited (RJA).
Rod Waldie, CEO of Gateley, said: “I am pleased with our FY24 outturn given our cautious view of market conditions during the Period, particularly around the turn of the calendar year in H2. Our people have worked hard to deliver another year of growth via our increasingly diverse and resilient business model, combining complementary legal and consultancy services.
“During the Period we continued to make organic and acquisitive investments in both our legal and consultancy services and in related systems. RJA Consultants was acquired onto our Property Platform in July 2023, adding further expertise and capacity to our quantity surveying and project management offering. It is already performing ahead of the board’s expectation.
“Our legal services class actions team, established in May 2023, launched its first case in late February 2024. Our investment in this team is a high-profile example of the type of investment that we are looking to make to enhance our returns over the medium to longer-term.
“Our M&A and lateral hire pipeline remains encouraging and we are committed to further enhancing each of our Platforms as suitable opportunities arise, aided by our net cash position and ample headroom in our banking facilities.
“Looking forward, we are encouraged by strengthening transactional activity levels, which began in Q4 FY24. Our immediate outlook is best characterised as cautiously optimistic. Our resilient and financially robust foundation, allied to our unbroken track-record of growth, underpins our confidence to continue our long-term strategy of investment in people and systems.
“This strategy has worked well for us since IPO in 2015 and through disciplined application of it, we ensure that the Group remains well-positioned for further growth and enhanced returns for all stakeholders.”
