FDM Group Share News (FDM)

(Alliance News) - FDM Group Holdings PLC on Wednesday said it expects its performance in 2021 to be "comfortably" in line with expectations due to a good performance in the second half of the year.

The London-based recruitment and training company said full-year revenue is expected to be flat in comparison to the prior year at GBP267.4 million, though up 2% on a constant currency basis. In 2020, FDM reported revenue of GBP267.7 million.

FDM said the group's balance sheet has remained strong with closing cash balances of GBP53.1 million, down 18% from GBP64.7 million the previous year.

The company added that it made GBP46.8 million of dividend payments in 2021 - more than double its 2020 figure of GBP20.1 million - and had no debt.

FDM said that it ended the year with 4,033 Mounties - the name it gives its IT consultants - placed with clients, an increase of 13% on the prior year's figure of 3,580. The company explained that demand for Mounties was strong during the year across the majority of its markets.

Chief Executive Rod Flavell said: "FDM made good progress in 2021, performing comfortably in line with the board's expectations...As we enter the current year our client engagement remains very high, demand for Mounties in all territories is robust and we are achieving pleasing levels of deal volumes.

"In 2022 we target a significant increase in the numbers of Mounties that we train and deploy. We plan to accelerate our internal staff recruitment and our internal development programmes, with a particular focus on our sales and Academy training teams. Our international expansion continues, including good activity levels in our nascent location of Poland."

Shares in FDM were up 2.3% at 1,111.00 pence on Wednesday morning in London.

By Heather Rydings; heatherrydings@alliancenews.com

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