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23 Jul 2018 | 07:49

FDM Group first half pretax profit up 12%, revenue flat

IT services provider FDM Group said Monday first-half profit before tax jumped 12% despite flat revenue growth as contracted revenue fell 80%.

For the six months to June 30, pre-tax profit rose 12% to £23.0m, revenue was 1% higher at £117.8m, and adjusted operating profit rose 12% to £25.0m.

The somewhat stagnant revenue growth comes as the company continued to prioritised increasing both Mountie numbers and revenues over contractor revenues.

Mountie revenue rose 14% to £114.6m, while contractor revenue fell 80% to £3.2m from £16.3m.

Mounties -- permanent IT and business consultants -- assigned to client sites at week 26 2018 totalled 3,416, an increase of 16% from 2,947 compared to same period last year week 26 2017. 'The board anticipates that the group's results for the year will be in line with its expectations and that we will continue to deliver for all of our stakeholders' said Rod Flavell, Chief Executive Officer.

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