Gateley displays resilience in trading update

Published by

Tom Kilkelly

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Gateley, the professional services group with offices in Reading and Guildford, has announced a trading update ahead of its half year results for the six months ended 31 October 2023.

The group reported that revenue grew by seven per cent, despite 'a challenging market due to macro-economic conditions'. Gateley has attributed this growth to the group's 'increasingly diverse business lines' delivering 'resilient performance'.

Underlying profit before tax is expected to be ''not less than £10 million'', which would signal a growth of 4 per cent since the same report last year.

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Activity levels improved throughout Q2 24, compared to Q1 24, and the Group continues to perform in line with the board's expectations for FY 24. However, the board remains mindful of current economic conditions and, therefore, maintains a cautious outlook.

Rod Waldie, Chief Executive Officer of Gateley, said: "Given the economic conditions during the Period, I am pleased with the Group's performance in H1 24 and improving activity levels as the financial year progresses mean that we are carrying good momentum into H2.

"Whilst the macroeconomic and geopolitical outlook remains uncertain, the Group continues to benefit from the resilience created by our strategy of investing in a diverse and complementary range of professional services. Our balance sheet provides a strong foundation from which to take a long-term view of potential opportunities to further invest in both legal and consultancy services.

"Finally, as always, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude."

Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022. During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan). His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.