FDM Group (Holdings) plc Trading Statement (1597T)

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RNS Number : 1597T

FDM Group (Holdings) plc

13 November 2023

13 November 2023

FDM GROUP (HOLDINGS) PLC ("FDM GROUP", "FDM" or "THE GROUP")

TRADING UPDATE

FDM Group, a global professional services provider with a focus on Information Technology, today provides the following trading update.

Since the publication of our Interim Results announcement on 26 July 2023, macro-economic and geo-political uncertainty has continued to cause clients to delay and defer decisions around project commencements and Consultant placements. Nonetheless, levels of client engagement continue to give us encouragement and there are some signs that confidence is slowly beginning to return, albeit varying by geography.

The systemic shortages of technology skills in all the geographies in which FDM operates remain and provide a supportive backdrop for FDM. In light of this, we are focussed on ensuring that the Group has appropriate levels of high-quality resource, with the optimal blend of skills, to be well positioned to meet clients' needs as market conditions and demand improve.

Consultants assigned to clients at the end of October 2023 were 4,136 (end of October 2022: 5,014), (30 June 2023: 4,602).

The Group has a robust balance sheet, with GBP35.3 million cash at 31 October 2023 (31 October 2022: GBP34.4 million), (30 June 2023: GBP38.1 million), and no debt. An interim dividend of GBP0.17 per share, amounting to GBP18.5 million, was paid on 13 October 2023.

FDM's scalable and flexible business model has enabled the Board to take the appropriate measures to adjust recruitment, training, and staffing levels to align with the current market conditions. As a result, the Board anticipates that the Group's overall financial performance for the full year 2023 will be broadly in line with its expectations. The performance for 2024 will, however, be impacted by a lower than previously anticipated number of consultants assigned to clients at the beginning of the year.

ENDS

For further information, please contact:

 
FDM Group 
 Rod Flavell - Chief Executive Officer 
 Mike McLaren - Chief Financial Officer                          Tel: [phone] 
 Mark Heather - Group Governance Director & Company Secretary 
Financial PR 
 Nick Oborne                                                      Tel: [phone] 
 

Forward-Looking Statements

This Trading Update contains statements which constitute "forward-looking statements". Although the Group believes that the expectations reflected in these forward-looking statements are reasonable at the time they are made, it can give no assurance that these expectations will prove to be correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. Subject to any requirement under the Disclosure Guidance and Transparency Rules or other applicable legislation, regulation or rules, the Group does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither shareholders nor prospective shareholders should place undue reliance on forward-looking statements, which speak only as of the date of this Trading Update.

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END

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November 13, 2023 02:00 ET (07:00 GMT)