The head of the UK’s first listed law firm was on the look out for more deals on Tuesday after a sharp rise in first-half profits.
Gateley — which took the plunge on AIM in 2015 in a trail-blazing move for the legal sector — has made four bolt-on deals since then.
But chief executive Michael Ward said the firm “continues to look for the right acquisitions” after two in the past six months.
“Our pipeline is stronger than it was 12 months ago. We believe that’s because of people being more aware in the market of what we stand for. We see more opportunities.”
Gateley advises High Street lenders, has a big mergers and acquisitions arm and also acts for 19 of Britain’s top 20 housebuilders.
The company has been adding complementary professional services firms to its stable but its recent move for GCL Solicitiors — a housebuilding solicitor — chipped in £2.9 million in fees over the half, helping pre-tax profits up 19% to £5 million in the six months to October 31. The shares jumped 10.9p to 141.9p, up 8%.
Ward said Gateley’s housing activities — such as planning and site acquisition — were less vulnerable to the ups and downs of the housing market. “We’re not really dealing with the buying and selling of secondary properties, this is the new-build sector.
“The Government has committed itself to ensuring 300,000 houses are built each year, so the political environment is good.”
