FDM Group Regulatory News (FDM)

16 May 2023

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

AGM Statement

FDM Group, a global professional services provider with a focus on Information Technology, today holds its 2023 Annual General Meeting.

David Lister, Chair of the Board, will present the following update to the meeting:

"The Group traded in line with the Board's expectations during the first three months of the financial year. Ongoing global macro-economic and geopolitical uncertainty, including in particular the well-reported recent issues in the banking and finance sector, have resulted in softer trading across our operating territories in the second quarter. None of the Group's clients has been directly impacted by the issues that have affected a limited number of banking institutions, but the current uncertainty in the sector as a whole is delaying some client decisions around Consultant placements. Levels of client engagement however remain encouraging, and the Board is optimistic that confidence in the banking and finance sector will improve across its markets through the second half of the financial year.

Benefiting from FDM's scalable and flexible business model the Group has taken appropriate measures to adjust recruitment and training to ensure continued alignment of supply with the current demand for Consultants, and the Board's expectations for the Group's financial performance for the year are unchanged. 

As at 30 April 2023, the Group had 4,774 Consultants assigned to clients (31 December 2023: 4,905; 30 April 2022: 4,429).

The Group's balance sheet remains strong with £47.5 million of cash and no debt at 30 April 2023 (31 December 2022: £45.5 million of cash and no debt, 30 April 2022: £54.9 million of cash and no debt)."

This announcement may contain 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

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About FDM

FDM Group is a global professional services provider with a focus on IT. Our 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 to clients, either on site or remotely. FDM specialises in a range of technical and business disciplines including Development, Testing, IT Service Management, Project Management Office, Data Engineering, Cloud Computing, 'Risk, Regulation and Compliance', Business Analysis, Business Intelligence, Cyber Security, AI, Machine Learning and Robotic Process Automation.

The FDM Careers Programme bridges the gap for graduates, ex-Forces, returners and apprentices to work, providing the training and experience required to make a success of launching or re-launching their careers. We have dedicated training centres and or sales operations located in London, Leeds, Glasgow, Ireland, New York NY, Charlotte NC, Austin TX, Tampa FL, Toronto, Montreal, Frankfurt, Poland, Singapore, Hong Kong, Shanghai and Sydney. We also operate in Luxembourg, the Netherlands, Switzerland, Austria, Spain, South Africa and New Zealand.