(GTLY ), a legal and professional services firm, today announced strong unaudited results for FY22 ahead of its audited results announcement in September.
The company recorded solid growth across its balance sheet. Compared to FY21, revenue increased 13% to £137m, profit before tax increased 10% to £18m, adjusted weighted average EPS increased 7% to 14 .10 pence and net assets increased by 18% to £70 million.also proposed a final ordinary dividend of 5.5 pence, bringing the total dividend to 8.5 pence from 7.5 pence the previous year.
Strong performance for equities and UK M&A boosted‘s Corporate Platform 18% in FY21. Its real estate platform grew by 15% and its People platform by 40%. The business services platform fell 10% due to a number of stalled litigation projects and the timing of the report, but is expected to recover in FY23.
To further increase revenue and improve core platforms,acquired three entities: Tozer Gallagher in July 2021, Adamson Jones in January 2022 and Smithers Purslow in April 2022. These acquisitions added 150 employees to the company, with annual consultancy fees now totaling £32 million. Apart from these acquisitions, the workforce increased by 100 people with the resumption of post-pandemic recruitment. Otherwise, secured a new £30m revolving credit facility in April 2022 to support its expansion.
The company postponed its audited report until September to implement a new financial accounting system, which is expected to go live later this month.
Ron Waldie, CEO, commented:
“We delivered another year of strong revenue and profit growth and I am delighted with our overall performance. Our successful return to recruiting delivered strong organic revenue growth of over 10%, which, combined with the achievement of three exciting acquisitions, generates annualized advisory revenues of over £32 million.
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