Gateley’s (GTLY) shares were lifted 5 per cent on a positive trading update and the news that the law firm has agreed to buy Guildford-based GCL Solicitors for £4.15m. This represents Gateley’s third – and largest – acquisition since its IPO in 2015, and its first acquisition in the legal space. Post-completion, GCL will trade under the Gateley name.
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Gateley enjoyed a strong second half, with full-year performance to April 2018 in line with market expectations. Revenues are expected to come in at a minimum of £84m – up from £77.6m year on year – while adjusted cash profits should reach at least £16m, against £14.9m. While there was growth across all business areas, the property and corporate segments will each report 15 per cent fee growth.
