Here is a summary of the trading statement from Gateley (Holdings) PLC
Gateley (Holdings) PLC released a positive trading update for the first half of the fiscal year 2025 (H1 25), ending October 31, 2024. The professional services group expects revenue of at least £86.0 million, reflecting a c.5.0% increase compared to the same period in the previous year. Underlying profit before tax is anticipated to be no less than £10.5 million, representing c.5.0% growth. Gateley attributes these strong results to the diverse business lines it has invested in. The Groups balance sheet has strengthened, with a net cash position of £1.2 million at the end of H1 25, compared to a net debt position in the previous year. Activity levels, particularly transactional services, increased during the period, and fee earner utilization remains <mark style="background-color:yellow">ahead</mark> of the prior year. The Group expects to perform in line with market expectations for the full year. However, they anticipate a c£1.8 million impact on costs due to changes in National Insurance contributions in FY26, which they aim to mitigate through pricing and efficiency improvements. The full H1 25 results will be announced on January 15, 2025.