REG - FDM Group plc - AGM Statement

FDM (Holdings)Announcement

14/05/2024 07:00

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RNS Number : 2584O  FDM Group (Holdings) plc  14 May 2024

14 May 2024

FDM GROUP (HOLDINGS) PLC ("FDM GROUP", "FDM" or "THE GROUP")

ANNUAL GENERAL MEETING STATEMENT

FDM Group, a global professional services provider with a focus on Information
Technology, today holds its Annual General Meeting.

David Lister, Chair of the Board, will present the following update to the
meeting:

"Group Trading in the Period and Balance Sheet

The Group has traded in line with the Board's expectations during the first
four months of the year, with the softer trading conditions, which we reported
to the market at the time of the Group's Preliminary Results on 20 March 2024,
continuing.

At 30 April 2024 the Group had 3,543 Consultants assigned with clients (31
December 2023: 3,892; 30 April 2023: 4,774), a decrease of 26% on the prior
year. Our levels of Consultant recruitment, and the numbers of Consultants in
our Skills Lab (previously known as our Academy), remain under close scrutiny
to ensure that our available resource aligns with client demand across our
operating locations.

The Board has continued to take prudent measures to manage fixed costs such
that internal staff headcount at 30 April 2024 was 20% lower than the
corresponding period in 2023, better aligning the size of the internal
organisation with the number of Consultants assigned to clients. We remain
committed to maintaining appropriate levels of resource and capacity to meet
clients' needs promptly when our markets improve.

The Group's balance sheet remains robust with cash balances at 30 April 2024
of £46 million (30 April 2023: £47 million). The Group has no debt.

Outlook

Whilst many of our clients' decisions on commencing major projects continue to
be subject to delay or deferral as a result of the macro-economic and
geo-political uncertainties that remain in most of our regions, we are
nevertheless seeing the very early signs of improvement in certain areas."

This announcement may contain statements which constitute 'forward-looking
statements'. Although FDM Group believes that the expectations reflected in
these forward-looking statements are reasonable, it can give no assurance that
these expectations will prove to have been correct. Because these statements
involve risks and uncertainties, actual results may differ materially from
those expressed or implied by these forward-looking statements.

ENDS

For further information, please contact:

 FDM Group

 Rod Flavell - Chief Executive Officer

 Mike McLaren - Chief Financial Officer                             Tel: +44 (0)20 3056 8240

 Mark Heather - Group Governance Director & Company Secretary
 Financial PR

 Nick Oborne                                                        Tel: +44 (0)7850 127526

 

 

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