Gateley demonstrates 'considerable resilience' in H1

(Sharecast News) - Legal and professional services group Gateley said on Friday that it had demonstrated "considerable resilience" during the first half of the trading year.

Gateley said its resilient performance was a result of its "well-diversified service lines", helping the group generate revenues of at least £50.0m, down only a touch on the £51.8m recorded at the same time a year earlier.

The AIM-listed group also reported that activity levels and revenue generation continued to follow "an improving trend", with monthly activity during September and October being higher year-on-year.

Gately now expects to yield an underlying adjusted pre-tax profit of no less than £7.0m for the half, up from £6.6m for the prior year, while net cash of £9.6m was a marked improvement on the firm's net debt of £900,000 twelve months earlier.

The firm stated that it had started the second half with "a strong sense of optimism", tempered only by possible further impacts from the Covid-19 pandemic and Brexit.

Chief executive Rod Waldie said: "Our revenue pipeline continues to strengthen and this, combined with the many operational efficiencies and cost reduction measures that we have introduced in 2020, leads me to be confident that, despite the circumstances, the group is well-positioned to deliver, to all of its stakeholders, a strong performance for the financial year."

As of 1000 GMT, Gateley shares were up 3.60% at 161.10p.