Gateley has updated on trading ahead of results for the half year to 31 October 2017. Healthy trading, particularly in Corporate and Property, has seen revenue growth of 10% YoY. Staff numbers in the 6 month period have increased by 6.4%, or 46 people including 6 lateral partner hires, to 763. There is always a degree of lag between hiring and revenue and as a result group EBITDA will be in line with the same period last year. However, the company sees full year performance being in line with market expectations on the basis of current new business and work in progress levels. The valuation remains undemanding on cal’18 P/E of 15x and yield of 4.4%.
