FDM Group (Holdings) PLC has released its year-end trading update for the year ending 31 December 2023. The company, a global professional services provider with a focus on Information Technology, reported a resilient performance in 2023 despite challenging market conditions. The Board adjusted recruitment, training, consultant resource, and internal staffing levels to align with the market conditions, and anticipates the Group's financial performance for the year to be in line with its expectations.
The revenue for the year to 31 December 2023 is expected to be £334 million, up 1% compared to the prior year. The Group ended the year with 3,892 Consultants placed with clients, a decrease of 21% from the prior year. The average number of Consultants assigned to clients was broadly similar in 2023 compared with 2022, resulting in a similar revenue performance. The Group delivered 1,338 training completions during the year, reflecting the response to reduced levels of client demand. Internal staff headcount was reduced by around 10% in 2023 in response to lower business activity levels.
The Group's balance sheet remains robust with closing cash balances of £47 million, and cash conversion strong at 112%. The Group has no debt. Rod Flavell, Group CEO, commented on the challenging trading conditions and the company's agile business model that allowed them to align business activity and resources appropriately. Flavell also mentioned that levels of client engagement remain encouraging and the early signs of returning client confidence continue.
FDM Group's on-going investment programs to support future growth, appropriate levels of trained Consultant resource, and access to an excellent pipeline of already assessed candidates ensure that the company is well placed to meet clients' needs as and when market conditions improve. This announcement may contain forward-looking statements, and the company believes that the expectations reflected in these statements are reasonable, but it can give no assurance that these expectations will prove to have been correct.