Gateley forecasts 10% revenue growth
In a update to the City Gateley forecasts that it will report revenue of over £60m in 2014-15, a 10% jump on the previous year
July 16, 2015 at 07:52 AM
2 minute read
Gateley has forecast that revenue from the firm's English and overseas operations over the last financial year will rise 10% on last year's level when it reports its results later this year.
In a statement to the stock exchange this morning the firm said its revenue for the year to 30 April 2015 would exceed £60m.
The firm said its revenue from its English and overseas operations was £54.8m in 2013-14.
Gateley CEO Michael Ward said: "We are encouraged to report such a strong trading statement, our first as a public company. Post-admission to AIM, Gateley continues to trade very well and we look to the future with confidence."
Gatelely became the first UK law firm to go public when it floated on AIM in June.
The revenue forecast does not include the contributions made by its Aberdeen, Edinburgh and Glasgow offices, which trade under the name HBJ Gateley.
These offices were not included in the stock market flotation and remain an independent business, affiliated with Gateley Plc.
Gateley received an alternative business licence (ABS) in 2013 which allowed it to receive external funding and ultimately, float on the stock market. However, ABS structures are not recognised by the Scottish legal system so Gateley's Scottish offices were unable to go public alongside its English and Dubai offices.
Gateley's firm-wide revenue including its offices in Scotland was £71.7m in 2013-14.
Its profit before partner drawings was £20.4m and its profit per equity partner was £288,000.
In 2013-14 its corporate practice generated £42.5m, its disputes practice turned over £15.2m and its finance practice contributed £14.5m of revenue.
The firm will announce its preliminary results on 15 September 2015.
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