Gateley's turnover rises 10% in first year following flotation

Commercial and public services law firm Gateley has announced strong revenue and profit growth in its first full year after listing on the stock exchange last year.

The firm's revenue rose by 10.2% to £67.1m in the year to 30 April 2016 while its pre-tax profits grew by 12.2% to 11m.

Gateley Group began trading on the London Stock Exchange's Alternative Investment Market on 8 June 2015, the first UK law firm to do so. The placement of 30% of its stock on the market raised £30m, valuing the firm at £100m.

Michael Ward, CEO of Gateley, commented: “I am pleased to report that the Group has performed well in its first year as a public company. In a market that continues to be challenging the Board has remained focused on the execution of our stated strategy of long term organic and acquisitive growth. The Group has made excellent progress since our successful AIM admission, all of which has been made possible by the positive reaction to our flotation by our diversified client base and excellent staff.

Trading in the second half of the financial year ended 30 April 2016 was robust and we are pleased to report that trading in the first two months of the current financial year has been encouraging. We are confident that our business is well balanced and resilient and we remain focused on delivering another year of growth in our core services, whilst continuing to look for complementary acquisitions.”