FDM Group (Holdings) plc Third Quarter Trading Update (1586B)

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RNS Number : 1586B

FDM Group (Holdings) plc

06 October 2020

6 October 2020

FDM Group (Holdings) plc ("FDM Group" or "the Group")

Third Quarter Trading Update

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

Following the Group's Interim Results for the six months ended 30 June 2020, published on 29 July 2020, the Group has continued to trade comfortably in line with the Board's expectations for the full year.

Mounties placed with clients at the end of September 2020 were 3,721 (end September 2019: 3,801). Market conditions are showing signs of returning closer to normality in USA and APAC and, more latterly, in the UK. The number of unallocated (beached) Mounties and Mounties who have completed their training but await their first placement (signed off), which increased during the first half of the year, is reducing but remains significantly higher than in previous years.

The Group's rate of cash conversion during the period was strong and the balance sheet remains robust, with GBP55.8 million of cash (30 September 2019: GBP23.2 million of cash) and no debt, after the payment in early September of the interim dividend for 2020, and after continuing investment to adapt our operations to the COVID-19 environment, including spend on virtualising our training.

The Board is encouraged by the Group's performance over recent months, but remains cautious over the rate of recovery in our markets given the possible impact on client activity should further waves of COVID-19 result in new lockdowns in any of our territories.

ENDS

For further information, please contact:

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

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October 06, 2020 02:00 ET (06:00 GMT)