Hardman & Co Research: Fiscal 2018 Trading Update and Acquisition
Gateley is a broad-based commercial law and complementary professional services group. It is a leader in the UK mid market, and has seen double digit revenue and profit growth over more than 10 years. This trading update confirmed that full year FY18 results will meet market expectations, and was accompanied by its third acquisition since IPO, the first in the legal sector. The deal is highly complementary and was done with a mix of shares and cash, an option not available pre-IPO. We have fine-tuned our next year forecasts upwards for the acquisition, which is immediately earnings enhancing.
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