REG - Gattaca PLC - Trading Update

GattacaAnnouncement

17/08/2022 07:00

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RNS Number : 2391W  Gattaca PLC  17 August 2022

17 August 2022

 

Gattaca plc

 

("Gattaca" or "the Group")

 

Trading Update for the 12 months ended 31 July 2022

Trading in line

 

 

Gattaca plc ("Gattaca" or the "Group"), the specialist Engineering and
Technology staffing solutions business, today provides the following trading
update for the 12 months ended 31 July 2022.

 

NFI & Profit performance

 ●    Group continuing NFI(1) expected to be £44.0m (FY21: £42.1m), an increase of
      4% YoY

 ●    NFI mix split between Contract 69% / Permanent 31% (FY21: 75%:25%). Contract
      NFI was down c3% YoY due to three client losses in the first half. We saw
      strong demand for permanent recruitment within the UK, which was up 33% YoY,
      driven by particularly strong demand in the mobility market and professional
      skills

 ●    We continue to invest in increasing our sales headcount, which is up 7% on
      prior year

 ●    We expect our continuing underlying PBT for the full year to be in line with
      market consensus of break even

 

Balance Sheet

 

The Group has improved its financial position from the half year (31 January
2022: net debt £(0)m), with statutory net cash as at 31 July 2022 of £12m
(31 July 2021: net cash £14m). During the financial year the Group repaid
deferred VAT of £5.6m, which was the key driver of the decrease in cash from
the prior year.

 

Full year results

The Group expects to announce its full year results for the 12 months to 31
July 2022 on Thursday 3 November 2022.

 

 

Matthew Wragg, Chief Executive Officer said:

"We are pleased with the performance of the Group through the second half of
the year and importantly the speed in which the business is embracing our four
strategic pillars; increased external focus, improved culture, operational
performance, and cost rebalancing. We have established a solid foundation from
which we can grow, leaving us well placed as we enter our new financial year,
which has started well.

"We are mindful of the current macro-economic conditions as we continue to see
robust demand in our key markets. There remains a shortage of candidates which
plays to our key strength of deep knowledge and understanding of our sectors
and niche STEM skills.  We remain confident that the long-term fundamentals
in our core STEM markets provide an exciting future for the business as it
returns to growth."

 

 

 

1. NFI is calculated as revenue less contractor payroll costs

 

 

For further information please contact:

 Gattaca plc                                                            +44 (0) 1489 898989
 Matthew Wragg, Chief Executive Officer

 Oliver Whittaker, Chief Financial Officer

 Liberum Capital Limited (Nomad and Broker)                             +44 (0) 20 3100 2000
 Lauren Kettle

 Robert Morton

 Citigate Dewe Rogerson                                                 +44 (0) 20 7638 9571
 Jos Bieneman

 Ellen Wilton

 

 

 

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