Gateley (LSE:GTLY) has announced that its Austen Hays business has secured a settlement in its first class action case, with settlement payments expected to be available for distribution by 31 March 2027.
The professional services group said the agreement is expected to materially increase Austen Hays’s contribution to the group and provide a cash benefit to Gateley’s net debt position during the current financial year.
The settlement represents the first class action case completed by Austen Hays. Gateley said the outcome reflects progress within the business following its previous investment in the operation.
The board said the settlement also supports the group’s strategy of generating returns from historical growth investments, with a focus on their contribution to revenue and margins.
Gateley did not provide financial details of the settlement in the supplied announcement. The company said further information on the agreement will be provided alongside its upcoming first-half pre-close trading update, which will also cover the group’s wider trading performance.
More about Gateley (Holdings)
Gateley (Holdings) Plc is a U.K.-listed professional services group operating on AIM under the ticker GTLY. The company provides legal and related advisory services, including class action services through its Austen Hays business.
The group’s strategy includes generating returns from previous growth investments and increasing their contribution to group revenue and margins.
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