31st Jul 2024 11:46
(Alliance News) - FDM Group Holdings PLC on Wednesday cut its dividend, after reporting a drop in half-year revenue and profit.
FDM is a London-based IT-focused professional services provider. It recruits, trains and deploys its own permanent IT and business consultants, known as 'mounties'.
Pretax profit plummeted 48% to GBP15.5 million in the six months that ended June 30 from GBP29.8 million a year before, as revenue fell 22% to GBP140.2 million from GBP179.9 million a year earlier.
FDM cut its interim dividend by 41% to 10.0 pence from 17.0p.
"The group traded in line with the board's expectations during the first half of the year. The softer trading conditions which we reported in our AGM trading statement on 14 May 2024 persist, with clients continuing to defer decisions," said Chief Executive Rod Flavell.
"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."
Shares in FDM were up 2.9% to 425.00 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News senior reporter
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