Gateley announces 11% revenue increase in its half-year results
Listed law firm announces revenue boosted to £29.6m in the first half of the year as DAC Beachcroft announces 2% turnover rise
December 15, 2015 at 05:30 AM
2 minute read
Gateley Plc has announced an 11% rise in revenue increase in the first six months of the financial year.
The firm, which floated on the AIM market on 8 June 2015, revealed this morning that revenue increase 11% to £29.6m in the six months to 31 October 2015, compared to £26.7m over the same period last year.
Its profit before tax increased 11.5% to £2.9m in the first six months of 2015-16, up from £2.6m.
The firm's figures also revealed that it spent £926,000 on listing costs in the first six months of 2015-16, which had a negative impact on profit.
The firm has made eight lateral partner hires since 1 May and overall staff numbers increased from 604 to 622 over the period.
Gateley chief executive Michael Ward (pictured) said: "Whilst the legal market remains improving but challenging, all of our business groups have increased their turnover when compared to the same period last year."
Gateley's June listing raised £30m and valued the business at £100m. Shareholders made £25m and Gateley kept £5m.
In December Gateley launched in Reading, with the hire of regional firm Pitmans' former managing partner Christopher Avery. This took the firm's England offices to seven, alongside an international office in Dubai.
The firm also has offices in Glasgow, Edinburgh and Aberdeen which trade under the name HBJ Gateley, although these are not part of the listed group.
Yesterday, DAC Beachcroft announced half-year revenue of £100.8m, a 2% increase compared to the same period last year.
DAC Beachcroft managing partner, David Pollitt, said: "Our drive for improved profitability is also showing results as is our focus on good business discipline, with lock-up improving significantly and overall net debt falling substantially by £4.7m, or 17%, year-on-year."
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