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Prices & Quotes - UK Markets - FDM Group (Holdings) (FDM)

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Share Price:
Down 995.00p
Change Today:
-4.00p
Market Cap:
1,086.46m
Sector:
Support Services

Revenue improves but earnings slide in first half at FDM Group

By Josh White

Date: Wednesday 29 Jul 2020

LONDON (ShareCast) - (Sharecast News) - FDM Group reported a 5% improvement in revenue in its first half on Wednesday, to 140.5m, although its adjusted operating profit slid 24% to 20.5m.
The FTSE 250 technology consulting firm said basic earnings per share for the six months ended 30 June were down 16% at 14.8p, while adjusted basic earnings per share were 25% lower at 14.1p.

Cash flow from operations was 45% higher year-on-year at 30.8m, and the company's cash conversion rate was 70% higher at 143.3%.

The board reported a net cash position at period end of 58.3m, up 103%, and declared an interim dividend 16% higher than last year at 18.5p.

FDM said the Covid-19 pandemic had impacted it to differing degrees of significance, longevity and economic effect in each of its territories, although its business model did enable it to respond "rapidly and effectively" to the changing conditions, including the move to remote recruitment and training.

It said 'Mounties' - its moniker for its consultants - assigned to client sites at week 263 were down 5% from a year prior at 3,656, and down 329 in total since mid-March.

The Mountie utilisation rate for the six months was 95%, down from 96.1%.

FDM said it had not accessed the UK Coronavirus Job Retention Scheme, nor taken any funding from the UK government.

A total of 28 new clients were secured globally in the period, down from 40 year-on-year, of which eight were secured in the second quarter.

The board also noted that the company's "long-running" North American legal claim was settled through mediation during the period.

It reported a "strong" balance sheet, with 58.3m in cash at period end, up from the 28.7m it reported a year earlier.

"The group has returned a resilient performance in the first half of the year given the challenges presented by the Covid-19 pandemic and, since its first-quarter update to the market in April, has traded comfortably in line with the Board's revised expectations," said chief executive officer Rod Flavell.

"Uncertainties over the impact of Covid-19 remain, but FDM's agile and robust business model has allowed us to respond rapidly and effectively to changes in market conditions during the first half, and will allow us to take advantage of opportunities as conditions normalise."

At 0915 BST, shares in FDM Group were up 2.02% at 959p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

FDM Market Data

Currency UK Pounds
Price 995.00p
Change Today -4.00p
52 Week High 1,100.00p
52 Week Low 485.00p
Volume 48,506
Shares Issued 109.19m
Market Cap 1,086.46m

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 1
Neutral 3
Sell 0
Strong Sell 0
Total 8
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FDM Dividends

  Latest Previous
  Interim Interim
Ex-Div 06-Aug-20 22-Aug-19
Paid 04-Sep-20 20-Sep-19
Amount 18.50p 16.00p

Trades for 28-Oct-2020

Time Volume / Share Price
16:35 10,326 @ 995.00p
16:29 1 @ 989.00p
16:29 155 @ 996.00p
16:29 12 @ 994.00p
16:29 173 @ 993.00p

FDM Key Personnel

COO Sheila Flavell
CEO Roderick (Rod) Flavell
CFO Michael (Mike) McLaren