6th Oct 2020 08:35
(Alliance News) - FDM Group Holdings PLC on Tuesday said market conditions in its third quarter are showing signs of returning to normal but expressed caution over the rate of recovery should further Covid lockdowns be imposed.
The IT recruitment, training and consultant deployment provider stated Mounties - or deployable IT and business consultants - placed with clients at the end of September 2020 were 3,721, down from 3,801 the year before. It added that the number of unallocated Mounties and Mounties who have completed their training but await their first placement - which increased during the first half of the year - is reducing but remains significantly higher than in previous years.
FDM noted that market conditions are showing signs of returning closer to normality in US and APAC regions as well as in the UK.
It said the rate of cash conversion during the three months was strong, highlighting that its balance sheet remains robust, with GBP55.8 million of cash, up from GBP23.2 million on September 30, 2019, and no debt after the payment of the 18.5 pence interim dividend for 2020.
Looking ahead, the company said: "The board is encouraged by the group's performance over recent months, but remains cautious over the rate of recovery in our markets given the possible impact on client activity should further waves of Covid-19 result in new lockdowns in any of our territories."
Shares in FDM Group were untraded on Tuesday morning in London, last quoted at 1,024.00p each.
By Ife Taiwo; [email protected]
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