FDM Group (Holdings) plc has released its interim results for the six months ended 30 June 2024. The company reported a resilient performance in the first half of 2024, despite ongoing challenging market conditions, in line with the Board's expectations. The revenue decreased by 22% to £140.2 million, and profit before tax decreased by 48% to £15.5 million. The number of consultants assigned to clients at week 26 was 25% lower than the corresponding period in 2023, with steps taken to align available resources to market demand.
The consultant utilisation rate for the six months to 30 June 2024 decreased to 91.5%, and the number of consultants in the Skills Lab reduced, with coaching completions in the first half also decreasing. The company incurred exceptional costs of £2.1 million in the first half as it better aligned its internal staff and undeployed consultants with current market dynamics, resulting in an annualised internal staff cost saving of over £4 million.
FDM Group (Holdings) plc successfully launched a new consultant coaching methodology to better respond to clients' needs and secured 29 new clients globally, 18 of which were outside the financial services sector. The company maintains a robust balance sheet, with £36.9 million cash at 30 June 2024 and no debt. The Board declared an interim dividend of 10.0 pence per ordinary share, payable on 1 November 2024 to shareholders on the register on 11 October 2024.
Rod Flavell, Chief Executive Officer, stated, "The Group traded in line with the Board's expectations during the first half of the year. While we continue to manage the level of unallocated consultants and our internal cost base in the light of market conditions, we remain committed to maintaining appropriate levels of resource and capacity to meet clients' needs as and when markets improve."
The Board anticipates that the Group's financial performance for the full year will be in line with its current expectations.