Gateley sees FY revenues growing despite pandemic

(Sharecast News) - Legal and professional services group Gateley expects annual revenues to have improved in its recently wrapped up trading year despite coronavirus-related impacts slowing growth.

Gateley said on Tuesday that 2020 revenues were projected to be no less than £108m, up from the £103.5m recorded a year earlier as many of the group's counter-cyclical service lines remained "extremely busy".

The AIM-listed group, which recently negotiated increased and extended working capital facilities of up to £20m, also said it was confident that its balance sheet was "robust and able to withstand the financial impact of the pandemic".

Looking forward, Gateley said swift action had been taken to mitigate the effect of any likely reductions in revenue, in the short to medium-term, whilst keeping teams intact and ready to take full advantage of new workstreams.

"The board is confident that the group has adequate resources to withstand the uncertainty created by the pandemic and believes that the business is well placed to benefit from organic and acquisitive growth opportunities as they arise," said Gateley.

As of 1105 BST, Gateley shares had inched up 0.33% to 152.50p.