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06 Mar 2019 | 08:40

FDM meets its guidance as profits rise 11%

FDM on Wednesday posted annual results in line with its previous guidance as pre-tax profits were supported by an increase in Mountie revenue.

For the year to 31 December 2018, pre-tax profit rose 11% to £48.3m from a year earlier, and revenues rose 5% to £245m, which was in line with guidance given in January.

Mountie – contractors and staff that provide the company's IT services - revenues rose 15% to £239m. while contractor revenue decreased by 78% to £5.9m, as the prior year's revenue was bolstered by a bespoke service provided to client in the first three quarter of 2017.

Mounties assigned to client sites at week 52 were up 18% at 3,747 compared with 3,170 a year ago.

Looking ahead, the company said The final dividend was of 15.5p per share, took the total dividend for the year to 30p up 15% onlast year.

'The Board is confident that the continuing strong levels of demand for FDM's services across all of our territories and the momentum with which we have commenced the new year will enable the Group to deliver further good operational and financial progress in 2019,' the company said.

At 8:40am: (LON:FDM) FDM Group Holdings Plc share price was +7p at 858p

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