FDM Group (Holdings) (FDM)

Sector:

Support

Index:

FTSE Small Cap

388.00p
   
  • Change Today:
    -13.50p
  • 52 Week High: 474.00
  • 52 Week Low: 320.00
  • Currency: UK Pounds
  • Shares Issued: 109.70m
  • Volume: 51,659
  • Market Cap: £425.65m

FDM slashes dividend as first-half profits halve

By Benjamin Chiou

Date: Wednesday 31 Jul 2024

LONDON (ShareCast) - (Sharecast News) - IT consulting group FDM slashed its interim dividend after profits halved in the first half on the back of ongoing touch market conditions, but said that full-year results should still be in line with current forecasts.
The company reported a pre-tax profit of £15.5m for the six months to 30 June, down 48% on last year, as revenues sunk 22% to £140.2m. Its dividend for the period was cut by 41% to 10p per share.

Chief executive Rod Flavell said the "softer trading conditions" reported at FDM's last update in May had continued, as clients continued to defer purchasing decisions.

FDM's consultants assigned to clients by the end of the period were 25% lower than last year at just 3,469, with weaker numbers across every geography.

The company said it was taking actions to align available resources with market demand, scaling back recruitment and "undeploy[ing] consultants with current market dynamics". As such, internal headcount reduced to 594 from 802 the same time last year.

As a result of these actions, the company incurred a £2.1m exceptional cost, which weighed on the bottom line. Adjusting for this, pre-tax profit would have been down just 32% on last year.

"While we continue to manage the level of unallocated consultants and our internal cost base in the light of market conditions, we remain committed to maintaining appropriate levels of resource and capacity to meet clients' needs as and when markets improve," Flavell said.

"We have a robust balance sheet and experienced board and management, and are focused on delivering against our objectives, both short and medium term. The board anticipates that the group's financial performance for the full year will be in line with its current expectations."

Shares were up 1.5% at 419p by 1033 BST, but remain down 23% on last year.

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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
Share Price 388.00p
Change Today -13.50p
% Change -3.36 %
52 Week High 474.00
52 Week Low 320.00
Volume 51,659
Shares Issued 109.70m
Market Cap £425.65m

FDM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
20.11% above the market average20.11% above the market average20.11% above the market average20.11% above the market average20.11% above the market average
31.87% above the sector average31.87% above the sector average31.87% above the sector average31.87% above the sector average31.87% above the sector average
Price Trend
22.1% below the market average22.1% below the market average22.1% below the market average22.1% below the market average22.1% below the market average
32.65% below the sector average32.65% below the sector average32.65% below the sector average32.65% below the sector average32.65% below the sector average
Income
76.08% above the market average76.08% above the market average76.08% above the market average76.08% above the market average76.08% above the market average
83.33% above the sector average83.33% above the sector average83.33% above the sector average83.33% above the sector average83.33% above the sector average
Growth
34.19% below the market average34.19% below the market average34.19% below the market average34.19% below the market average34.19% below the market average
26.09% below the sector average26.09% below the sector average26.09% below the sector average26.09% below the sector average26.09% below the sector average

What The Brokers Say

Strong Buy 1
Buy 2
Neutral 3
Sell 0
Strong Sell 0
Total 6
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 Final
Ex-Div 10-Oct-24 06-Jun-24
Paid 01-Nov-24 28-Jun-24
Amount 10.00p 19.00p

Trades for 10-Oct-2024

Time Volume / Share Price
16:35 24,571 @ 388.00p
16:35 47 @ 388.00p
16:35 24 @ 388.00p
16:35 337 @ 388.00p
16:35 901 @ 388.00p

FDM Key Personnel

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

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