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RNS Number : 3176L Gateley ( Holdings ) PLC 12 January 2021 The information contained within this announcement is deemed by the Company to constitute inside information . Upon the publication of this announcement via Regulatory Information Service ( " RIS " ) , this inside information is now considered to be in the public domain . Gateley ( Holdings ) Plc ( " Gateley " , the " Group " or the " Company " ) Half Year Results for the six months ended 31 October 2020 Resilient business model delivering strong first half performance Gateley ( AIM : GTLY ) , the legal and professional services group , is pleased to announce its unaudited results for the six months ended 31 October 2020 ( the " Period " or " H1 21 " ) , which show strong growth in profitability demonstrating the resilience of Gateley's business model , and the success of our acquisition strategy . Financial Results Revenue Underlying operating profit before tax Underlying adjusted profit before tax * Profit before tax Profit after tax Basic earnings per share ( " EPS " ) Underlying diluted EPS ** Net assets Net cash / ( debt ) *** ** 12 January 2021 H1 21 £ 50.5m £ 8.1m £ 7.5m £ 6.1m £ 4.8m 4.04p 4.92p £ 49.7m £ 9.3m H1 20 Change -2.6 % + 16.4 % + 13.2 % £ 51.8m £ 6.9m £ 6.6m £ 5.5m £ 4.4m 3.93p 4.60p £ 31.0m + 60.4 % £ ( 2.1 ) m + £ 11.4m * Underlying adjusted profit before tax excludes share based payment charges , amortisation and exceptional items - See note 1.2 Underlying diluted EPS excludes share based payment charges , amortisation and exceptional items . It also adjusts for the future weighted average number of expected unissued shares from granted but unexercised share option schemes in issue based on a share price at the end of the financial period *** Net cash / ( debt ) excludes IFRS 16 lease liabilities + 9.8 % + 8.6 % + 2.8 % + 7.0 % Current trading and outlook Period highlights Diversified and resilient business model coupled with a strong pipeline of work support the board's confidence in the future performance of the business Sharp reduction in activity levels during the early months of the Period mitigated by a continuing upward trend . H1 21 activity levels were within 2 % of the prior year Significant benefits now being realised from agile working , leveraging off investment in technology and operational gearing from new ways of working . The Group has traded profitably and was cash positive throughout H1 21 The Group has a strong balance sheet with disciplined working capital management and substantial liquidity that underpins FY 21 outturn Clustering of complementary legal and consultancy services ( " Platform Strategy " ) has further enhanced the Group's market appeal Fee earning headcount of 785 ( FY 20 : 706 ) enhanced by FY 20 acquisitions and strategic legal hires Record internal take - up of Group wide SAYE option scheme in November 2020 Following a strong first half performance , the business has entered the second half of the financial year with a sense of optimism and confidence . Trading in the second half has maintained momentum despite macro - economic uncertainty resulting from the ongoing pandemic . Whilst remaining cautious , the Group's well - diversified and resilient business model gives the board confidence for the future . So long as trading remains robust for the remainder of the financial year , the board will be in a position to , and intends to , award bonus payments to staff and make dividend payments to shareholders for the current financial year . Rod Waldie , Chief Executive Officer of Gateley , said : " I am delighted with the Group's excellent operational and financial performance during H1 21. The wellbeing of all our people remains our priority . In the meantime , despite the personal challenges of working through the pandemic , our loyal and dedicated teams continue to serve our clients to the highest standard . This affirms the strength of Gateley's " one team " culture and the adaptation of our systems to ensure the delivery of an excellent service to our clients . " Gateley's business model and its mix of service lines , which has been supplemented by our successful M & A strategy , was Page 1 of 16