FDM Group (Holdings) PLC held its Annual General Meeting, where David Lister, Chair of the Board, presented an update on the group's trading performance and balance sheet. The company reported that it has traded in line with the Board's expectations during the first four months of the year, with softer trading conditions continuing. As of 30 April 2024, the Group had 3,543 Consultants assigned with clients, a decrease of 26% compared to the prior year. The company is closely monitoring Consultant recruitment and the numbers in its Skills Lab to align with client demand.
To manage fixed costs, the Board has reduced internal staff headcount by 20% compared to the corresponding period in 2023, aligning the size of the internal organization with the number of Consultants assigned to clients. The Group's balance sheet remains robust, with cash balances at £46 million as of 30 April 2024, and no debt. FDM Group remains committed to maintaining appropriate levels of resource and capacity to meet clients' needs promptly when markets improve.
Regarding the outlook, the company acknowledged that clients' decisions on commencing major projects continue to be subject to delay or deferral due to macro-economic and geo-political uncertainties. However, FDM Group is seeing early signs of improvement in certain areas. The announcement also included a disclaimer about forward-looking statements, emphasizing that actual results may differ from those expressed or implied.
For further information, individuals can contact FDM Group at +44 (0)20 3056 8240. Financial PR inquiries can be directed to Nick Oborne.