LONDON (ShareCast) - (ShareCast News) - FDM issued its period end trading update to 31 December on Wednesday, ahead of its full year results which will be released on 8 March.
The London-listed firm and its subsidiaries reportedly performed well in the second half of 2016.

It said that strong performance and favourable exchange rate movements both contributed to the board now anticipating that the group will deliver full-year results ahead of its expectations.

FDM closed the year with 2,705 IT professionals - or 'Mounties' - placed on client sites at week 52, 2016, representing an increase of 33.8% in the number of Mounties placed on client sites in the 12 month period.

North America, with 832 Mounties placed at the year end - up from 520 - and Asia-Pacific, with 233 Mounties placed at year end - up from 105 - returned "excellent" performances.

Other than a temporary slowdown in mid Q4 at one government department as a consequence of its restructure, which has since stabilised, the UK saw sustained demand throughout the period, with 1,505 Mounties placed at the year end, up from 1,264.

Its Europe, Middle East and Africa operations, with 135 Mounties placed at year end - up from 133 - reportedly performed satisfactorily, apart from experiencing weaker conditions in the small Switzerland market.

The group's balance sheet remained strong with no debt and "significant" cash balances.

"2016 saw the group perform well against a backdrop of political surprises and grow Mountie revenues by over 40% on a reported basis and over 34% on a constant currency basis," said CEO Rod Flavell.

"The group's overall financial performance was strong which, together with our robust balance sheet and increased training capacity, positions us well as we enter 2017.

"I fully expect the group to continue to deliver solid operational and financial progress in 2017."

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