AIM listed law firm Gateley has announced full year revenues for 2020 is expected to be around £108m despite a slowdown due to the pandemic.
In an update, the firm which has offices in Manchester, Leeds and Birmingham, said revenues were up from £103.5m in the previous year.
The group said a number of its service lines have been ‘extremely busy’ including restructuring and dispute resolution with staff from some of its transactional teams, who are less busy, have been redeployed to support this increased activity.
The board said it has reviewed the group’s cash position and its operating expenses and has taken ‘swift and decisive action’ to minimise the financial impact caused by the COVID-19 pandemic.
The measures taken so far include salary sacrifices across all employees, the furloughing of a number of staff and the cancellation or deferral of all discretionary expenditure.
The board has also negotiated increased and extended working capital facilities of up to £20m with the group’s banking partners 'should such facilities prove to be necessary.'
Rod Waldie, CEO of Gateley, said: “The wellbeing of our staff remains our highest priority and I am delighted that our people are staying healthy and that the transition to remote working has gone smoothly.
“Our enforced, sudden move in March to operating the entire business on a remote platform was swiftly and seamlessly executed and this is a testament to the dedication and quality of the Gateley team, who have adjusted to this new way of working very well. I thank all my colleagues for their understanding during these difficult times.
“The current trading environment is full of uncertainties. With a stable and experienced management team, a resilient and diversified business model and a strong balance sheet, however, we believe that Gateley is well placed to weather the storm that is affecting all businesses.
"We continue to service our clients to the highest standard and expect to emerge, from the COVID-19 pandemic, in a strong position to capitalise on the opportunities to grow the business further which are likely to arise.”
Gateley’s audited FY20 results are expected to be announced in September 2020 which is later than in previous years to give the board additional time to assess the short to medium-term impact of the COVID-19 pandemic on the business.
