Member Article

Profitable six months for Gateley LLP following £30m IPO

Gateley LLP, the only AIM-listed law firm, reported an increase in both profit and revenue for the first six months since its flotation in June.

The law firm, which is based in Birmingham and has 11 offices including in Leeds, London and Manchester, saw pre-tax profit rise to £2.9m - an 11.5 per cent increase from its pro-forma 2014 figure of £2.6m.

Following a successful IPO raising £30m in June, Gateley advised in 123 corporate deals with an aggregate value of at least £970m.

Gateley also increased its headcount to 622 from 604 during the period, including the hiring of eight new lateral partners since 1 May.

Revenue was up 10.9 per cent for the law firm, from £26.7m to £296m for the post-flotation period.

Michael Ward, CEO of Gateley, commented: “I am delighted with the performance of the business during the six month period to 31 October 2015, a period in which we have achieved and in some cases over-achieved against the targets we set ourselves at the time of our IPO in June 2015. “The Group’s ability to deliver a strong first half performance, in an improving but challenging market, whilst at the same time transitioning the business from an LLP to a Plc not only highlights the capabilities of the senior management team but also reconfirms our strategy of using our more flexible Plc status to enhance shareholder value through organic growth and strategic acquisitions. “These results represent a very solid start to our life as a Plc and I believe will serve to further raise our profile, differentiate us from our direct competitors and attract quality staff. As such, the Board looks forward to the remainder of its first year as a Plc with confidence.”

This was posted in Bdaily's Members' News section by Ellen Forster .