Gateley (GTLY) Trading Update summary

Financial performance

• Group revenue grew by approximately 5% to at least £86.0m for H1 25, compared to £82.0m in FY24.

• Underlying profit before tax increased by about 5% to at least £10.5m, up from £10.0m in H1 24.

• Net cash position at period end was £1.2m, a significant improvement from net debt of £2.2m in H1 24.

Operational highlights

• Activity levels rose throughout H1, especially in transactional services during Q2.

• Fee earner utilisation remains ahead of the prior year as the group enters H2.

• Recent organic investments and acquisitions are generating positive returns.

Outlook and guidance

• The group expects to perform in line with market expectations for FY25, with consensus revenue at £184m and underlying profit before tax at £24.1m.

• The outlook for the remainder of the year is described as encouraging, supported by improved activity and investment returns.