LONDON (ShareCast) - (ShareCast News) - IT-focussed professional services company FDM Group experienced "strong" trading and operational performance in its first half, it said on Monday, with revenue surging 35.4% to £117.1m.
The newcomer to the FTSE 250 - which hires staff into its 'Mountie' programme - reported Mountie revenue for the six months to 30 June of £100.8m, up 31.4% year-on-year.

Adjusted operating profit grew 34.9% to £22.4m, while profit before tax was ahead 32.9% at £20.6m and adjusted profit before tax was £22.3m - 35.2% firmer than the year before.

Basic earnings per share were up 30.8% at 14p, and adjusted basic earnings per share were 34.8% firmer at 15.5p.

The company's cash flow generated from operations was up 27.4% at £20m, and it reported a cash conversion rate of 96.8%, down from 101.2% in the same period of 2016.

"This has been a very positive first half with good growth in Mountie revenue and operating profit, driven in particular by excellent performances in our North America and APAC regions together with a very strong close to the period in the UK," said chief executive Rod Flavell.

"Mountie revenue generated outside of the UK was 50% of total Mountie revenue in the period, up from 43% for the first half last year and, at the time of writing, I am delighted to be able to report that we have achieved another significant milestone as we have comfortably passed 3,000 Mounties assigned to client sites."

On the operational front, FDM Group said Mounties assigned to client sites were up 20% at 2,947 at the end of the half, with the Mountie utilisation rate for the period down to 96.7% from 97.5% in 2016.

The company won over 35 new clients in the half globally, and continued its quest for diversification with 71% of new clients outside the financial services sector.

FDM said online applications to join its training programmes were up 32% year-on-year, with 741 training completions, up from 701.

The board declared an interim dividend per share of 12p, a 29% improvement on last year.

"With our proven business model, continuing geographic expansion, growing customer base and portfolio of established training facilities, the board anticipates that the group's performance for the full year will be comfortably ahead of its previous expectations," Flavell added.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE