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Annual Results

FDM Group adjusted pre-tax profits rise

09 March 2016 07:53

FDM Group's adjusted pre-tax profits rose by 23.4% to GBP30.1m in the year to the end of December.

The group said it delivered a strong operating performance during the year with revenues up 30% at GBP160.7 million, reflecting its successful growth strategy.

Mountie revenue increased by 34% to £119.4 million (2014: £88.9 million) whilst contractor revenue increased by 20% to £41.3 million (2014: £34.4 million). The significant increase in Mountie revenue reflects the Group's strategy of focusing on increasing Mountie numbers and Mountie revenue, with the latter representing 74% of total revenue in 2015 compared with 72% in 2014.

This had a small positive impact on the gross margin which increased from 39.3% to 39.5%. The proportion of Mountie headcount allocated to the Group's top 30 customers has decreased to 75% in week 52 2015 (2014: week 52 80%). The declining relative significance of non-Mountie revenues to the Group is expected to continue as the emphasis remains centred on growing Mountie numbers.

Chief executive Rod Flavell said: "I am exceptionally proud of what FDM has achieved in 2015. The Group, across all its regions, delivered a strong financial performance, materially grew the number of Mounties on site and accelerated our UK and international Academy expansion programme. Notwithstanding significant investments made in the year in people and facilities to underpin our future growth, we finished 2015 with net cash balances of £22.4 million. Reflecting the Group's strong cash position and the Board's confidence in the business, the Board is also proposing a special dividend of 5.0 pence per share, equivalent to £5.4 million. "We have started 2016 with good momentum and I am confident that the year will see further progress for the Group."

Story provided by StockMarketWire.com

Related Company: FDM

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