The legal and professional services group, Gateley (Holdings), announced a decline in pretax profit for fiscal 2023 due to increased costs. However, the company remains optimistic about fiscal 2024, stating that it has started in line with the board’s expectations and has a robust pipeline of work.
Change in Leadership
Chairman Nigel Payne will step down at the next annual general meeting in 2024. The board has initiated the process of selecting a new chairman to succeed Payne.
For the year ended April 30, pretax profit amounted to £16.1 million ($20.2 million), compared to a restated figure of £26.8 million in the previous year. Underlying pretax profit, which excludes exceptional and one-off items, reached £25.1 million (restated) versus £21.6 million (restated) in the prior year.
Furthermore, revenue increased to £162.7 million (restated), up from £137.2 million (restated).
Gateley (Holdings) has proposed a final dividend of 6.0 pence per share, bringing the total dividend for the year to 9.5 pence per share. This is an improvement from the previous year’s dividend of 8.5 pence per share.
Gateley (Holdings) expressed confidence in its ability to achieve growth and resilience through diversification, ultimately delivering strong returns for its stakeholders.