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03 Apr 2019 | 09:26

Gattaca swings to profit led by growth in its UK engineering business

Recruitment business Gattaca swung to a first half profit led by net fee growth in its UK engineering business.

For the six, the company reported a profit of £5.4m from a loss of £13.6m a year earlier as revenue increased 6% to £322.3m.

Group net fee income grew 2% from a year earlier, with engineering net fee income up 4%, UK Technology income down 13% on prior year, and International income up 15% on prior year. 'The first half of FY19 has been a period of progress for the Group and we are pleased to be reporting NFI and PBT growth in our continuing operations,' said Kevin Freeguard, Chief Executive Officer. 'Our core UK Engineering business delivered continued growth and the restructuring work we undertook in our UK Technology operations in Q1 has begun to feed through into an improved year-on-year operating contribution.' The company scrapped its interim dividend as expected following a revised dividend policy communicated in 2018. 'The board will consider dividends at the year end, if resumed this would be at modest levels,' the company said. Trading so far in the third quarter was expected and 'we remain confident in our outlook for the full year; we expect results to be in line with the Board's expectations at this time,' the company said.

At 9:26am: (LON:GATC) Gattaca PLC share price was +22.25p at 138.5p

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