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(Alliance News) - Legal services firm Gateley Holdings PLC on Tuesday upped its dividend more than 10% after a "strong" interim performance.
Birmingham-based Gateley is paying a dividend for the six months to October 31 of 2.9 pence per share, 12% higher than a year before.
Revenue rose 12% to GBP51.8 million, and 11% organically, with pretax profit climbing by 10% to GBP5.5 million.
Gateley said cash generation was "strong", with the balance sheet robust". Net debt was cut significantly, to GBP2.1 million, just over a quarter of the figure a year before.
"The board is pleased with the group's first-half performance, delivering another strong set of results and reflecting our broad, well-balanced service offering and our ability to both expand and invest for the long-term benefit of the group's stakeholders," said Chief Executive Michael Ward.
Gateley made several acquisitions during the half, including land referencing consultancy Persona Associates and staff training firm T-three Group. It said Tuesday all purchases made have been immediately earnings enhancing.
"Opportunities for growth continue to present themselves and the board strongly believes the potential remains to broaden our proposition for our clients and investors. We continue to strive to enhance our offering for the benefit of all stakeholders and build upon our proven reputation and track record for the delivery of a quality service, and strong revenue and profit growth with high levels of cash generation," continued CEO Ward.
"As we approach the end of our first five years on AIM, I am pleased with how the business has performed and delivered on its to commitments to staff, clients and investors. The board remains confident that Gateley is well positioned to deliver a performance for the full year in line with market expectations," he concluded.
Gateley listed in London in June 2015, pricing its initial public offering at 95 pence each. Shares were 4.3% lower on Tuesday morning at 201.92p each.
By George Collard; georgecollard@alliancenews.com
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