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FDM Group Holdings on Wednesday reported a boost in its half year profit and revenue, proclaiming ‘a resilient performance’ despite market uncertainty. FDM is a provider of IT services. It recruits, trains and deploys its own permanent IT and business consultants, known as ‘mounties’. Pretax profit for the six months ended June 30 was £29.8 million, up from £22.2 million year-on-year. Revenue increased 18% to £179.9 million, from £152.8 million. FDM Group Holdings said that ongoing global macro-economic uncertainty, particularly turbulence in the banking and finance sector, caused softer trading from the end of the first quarter. Chief Executive Officer Rod Flavell said: ‘We delivered a resilient performance in the first half against a backdrop of uncertain market conditions, with some clients delaying and deferring decisions around budget commitment and consultant places.’ Cash balance at the end of the six month period was £38.1 million, down from £40 million. The company had no debt, unchanged year-on-year. The company declared an interim dividend of 17 pence per share unchanged from the prior year. FDM Group said it anticipates its annual financial performance to be in line with expectations. ‘We are focussed on delivering against our objectives, both short and medium term. We remain optimistic that there will be an improvement in client confidence as the second half progresses,’ said Flavell. Shares in FDM Group were down 4.1% at 589.99 pence in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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