TIDMFDM
RNS Number : 4004L
FDM Group (Holdings) plc
30 April 2020
30 April 2020
FDM Group (Holdings) plc ("FDM Group" or "the Group")
First-Quarter Trading and COVID-19 Update
FDM Group today issues a first-quarter trading and Covid-19
update.
First-Quarter Trading
Trading in the first quarter was in line with the Board's
expectations, the period having been only marginally impacted by
the national lockdowns in the territories in which we operate.
Revenues for the quarter were GBP71.0m (Q1 2019: GBP67.2m). The
number of Mounties placed with clients currently stands at 3,802
(AGM, 25 April 2019: 3,848 Mounties; Y/E 2019: 3,924 Mounties).
The Group's balance sheet remains strong with GBP44.3m of cash
and no debt as at 31 March 2020 (compared with GBP37.0m of cash at
31 December 2019 and GBP37.0m of cash at 31 March 2019).
COVID-19
As we indicated at the end of March, the significant majority of
our Mounties are working remotely, continuing their client
placements with revenue-generating work. We continue to recruit,
albeit at reduced levels, and the number of applicants to our
Academies remains encouraging. Our business continuity plans have
enabled us to move quickly to use our technology so that our
recruitment processes and Academies in all our territories, which
are now operating remotely, are performing efficiently and
effectively.
Whilst Mountie headcount has been relatively resilient to date,
post-lockdown a number of Mounties have had their placements
terminated early by clients operating in some of the sectors most
badly affected by COVID-19. We have also been experiencing a
reduction in the weekly number of new deals, and some of our
clients have needed additional time for the remote on-boarding of
Mounties to new placements. Whilst we have taken action to mitigate
the adverse impacts of the pandemic on our business, at present we
have no intention of accessing the UK Government furlough scheme or
of reducing pay for employees.
As at today's date it is not possible to estimate with any
degree of precision the extent of the impact on the Group's
earnings in 2020 arising from the COVID-19 pandemic. However, we
have modelled a number of potential scenarios and possible
outcomes, including some which are significantly more severe than
we reasonably expect to see given our experience at this stage. In
all of these scenarios, the Group maintains a robust balance sheet
and remains profitable, although below the Board's earlier
expectations, and cash generative.
The Board believes that our agile and resilient business model
positions us well to take advantage of opportunities as more normal
conditions return, giving us confidence in the long-term prospects
for the Group.
The Group continues to monitor the situation carefully and will
provide further updates when we have greater clarity over the
impact of COVID-19, including at the time of this year's AGM and
the publication in July of the interim results.
Rod Flavell, Chief Executive Officer, said,
"Our primary responsibility in the face of COVID-19 is the
health and well-being of our staff, clients and other stakeholders.
While uncertainty over the duration and impact of the Coronavirus
pandemic makes accurate short-term forecasts difficult, our agile
and resilient business model, supported by a robust balance sheet,
positions us well to face current conditions and the Group's
long-term prospects remain strong."
This announcement contains information that qualified, or may
have qualified, as inside information for the purposes of Article
17 of the Market Abuse Regulations (EU) 596/2014 (MAR). Figures
shown in this announcement are preliminary and are unaudited.
This announcement also contains statements which constitute
'forward-looking statements'. Although FDM Group believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. Because these statements involve risks
and uncertainties, actual results may differ materially from those
expressed or implied by these forward-looking statements.
ENDS
For further information, please contact:
FDM Group
Rod Flavell - Chief Executive Tel: +44 (0) 20 3056
Mike McLaren - Chief Financial Officer 8240
Mark Heather - Company Secretary & Head
of Investor Relations
Financial PR
Nick Oborne Tel: +44 (0)7850 127526
About FDM
FDM's mission is to bring people and technology together,
creating and inspiring exciting careers that shape our digital
future.
The Group's principal business activities involve recruiting,
training and deploying its own permanent IT and business
consultants (Mounties) at client sites. FDM specialises in a range
of technical and business disciplines including Development,
Testing, IT Service Management, Project Management Office, Data
Services, Business Analysis, Business Intelligence, Cyber Security
and Robotic Process Automation.
The FDM Careers Programme bridges the gap for graduates,
ex-Forces and returners to work, providing them with the training
and experience required to successfully launch or re-launch their
career. FDM has dedicated training centres and sales operations
located in London, Leeds, Glasgow, New York NY, Herndon VA,
Charlotte NC, Austin TX, Toronto, Frankfurt, Singapore, Hong Kong
and Sydney. FDM also operates in Ireland, France, Switzerland,
Austria, Denmark, Spain, Luxembourg, the Netherlands, China and
South Africa.
FDM is a strong advocate of diversity and inclusion in the
workplace, with over 85 nationalities working together as a team.
The UK business' Gender Pay Gap Report 2019 showed a median pay gap
of -1.7%.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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