Gateley (GTLY)

Gateley GTLY Logo

The national commercial law firm and complementary professional services group.

27-Nov-2017 – 168.5p – £180.1m – PER 15.0

Trading Update – Revenue expected to be up 10% and EBITDA to be in-line with last year.

Hardly inspiring!

5-Dec-2017 – 169.5p – £181.2m – PER 15.2

Interim Results For The 6 Months To End October 2017 – Revenue up 9.8% to £38.6m (2016: £35.2m), PBT flat at £4.2m following further investment in the business through additional staff and service lines and the Interim Dividend is also flat at 2.2p per share.

Still fails to inspire me.

21-May-2018 – 161p – £172.1m – PER 14.1

Tradiing Update For The 12 Months To End April 2018 – In-line with market expectations.

Probably fairly priced here, I remain Neutral.

17-Jul-2018 – 166p – £180.0m – PER 13.9

Preliminary Results For The 12 Months To End April 2018 – Revenue up 11.0% to £86.1m (2017: £77.6m), PBT up 11.7% to £14.6m (2017: £13.1m), Basic EPS up 17.0% to 11.03p (2017: 9.43p) with a FY Dividend of 7.0p (2017: 6.6p).

Looks OK and I still have a feeling it’s fairly priced here – I remain Neutral.

23-Nov-2018 – 149p – £165.2m – PER 11.9

Trading Update For The 6 Months To End October 2018 – Revenue expected to be up 20% (acquisitions accounting for about half of this). Expects FY Revenue of at least £102m with a similar EBITDA margin as last year.

This looks impressive enough and although I am Neutral at present I will be more keen now to see those actual results when they’re available, early next year.

8-Jan-2019 – 131p – £145m – PER 10.2

Interim Results or The 6 Months To End October 2018 – Revenue up 20%, PBT up 18.6%, Basic EPS up 13.5%. FY to be in-line with market forecasts.

Was waiting to see the actuals here, it’s going on the Watchlist for further research now.

23-May-2019 – 170p – £188m – PER 12.3

Trading Update For The 12 Months To End April 2019 – H2 strong, FY to be in-line.

Some value here perhaps but I consider it a potential for yield rather than growth.

16-Jul-2019 – 165p – £182m – PER 12

Results For The 12 Months To End April 2019 – Revenue up 20% from £86.1m to £103.5m, PBT up 8.9% from £14.6m to £15.9m, Adjusted EPS up 17.8% from 11.16p to 13.15p with the Total Dividend up 14.3%, Net Debt at £3.2m (£0.7m last time). The new year has started well.

Looks like there’s still some value here (with a 5%+ Yield on offer) but not quite enough to get me more interested yet.

19-Sep-2019 – 166p – £185m – PER 12

AGM Statement – Good start to the year has continued.

Still looks like value here given that 5%+ yield but still, not enough for me to get involved.

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