FY 2025 Trading Update
FY25 revenue grew 4% to £179.0m with underlying operating margin maintained; net debt £6.6m; final dividend 6.2p proposed.
vs expectations: below
- Revenue £179.0m (prior £172.5m)
- Organic revenue growth c.3%
- Net debt £6.6m (prior £3.8m net cash (FY24))
- Annual dividend 9.5p (prior 9.5p)
- Final dividend 6.2p
- Revolving credit facility £80m
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Gateley (AIM: GTLY), the professional services group, announces a trading update ahead of its full year results for the year ended 30 April 2025 (the "Period"), which are expected to be announced on 15 July 2025.
In the Period, Group revenue grew c.4%, of which c.3% was organic and is expected to be not less than £179.0m (FY24: £172.5m). The board remains committed to its long-term strategic plan of continuing to invest in, strengthen and diversify the business. The Group underlying operating margin was maintained year-on-year, but lower interest rates resulted in a decline in net interest income. The Group's underlying PBT * for the Period is expected to be broadly in line with market consensus**.
Net debt at the end of the Period was £6.6m (FY24 net cash: £3.8m), including, as part of stated strategy, funding the employee benefit trust to facilitate recirculation of internally held equity to incentivise our current and future senior staff.
The Group intends to propose a final dividend of 6.2p, bringing annual dividends for FY25 in line with the previous year at 9.5p.
Rod Waldie, Gateley Chief Executive Officer, said:
"We are pleased to report growth for FY25, set against an unpredictable economic backdrop during large parts of the Period. This growth was contributed to by recently made investments in new service lines delivering good returns in year.
"In-Period highlights include the renewal of and increase in our revolving credit facility to £80m, primarily to support further investment in our strategy for diversified growth of the Group. Gateley is therefore well positioned to further execute its strategy in FY 26, both organically and with an active acquisition pipeline.
"In the meantime, the Group is carrying good momentum into the current financial year and, whilst aware of the unpredictable macro environment, we look forward to the future with confidence.
"Finally, and vitally, I would like to thank our clients for their support and our dedicated people for their ongoing hard work, commitment and can-do attitude."
** Based on the latest published equity research, the company compiled consensus expectations for FY25 are for revenue of £183.5m and adjusted PBT of £23.8m.
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