30th Apr 2020 11:41
(Alliance News) - FDM Group Holdings PLC on Thursday said it continues to monitor the Covid-19 situation carefully, but so far its operations have been only slightly hurt by lockdowns.
The London-headquartered professional services company said trading in the three months to the end of March was in line with forecasts. FDM noted that its performance was just marginally hurt by the national lockdowns in the territories in which it operates.
As a result, revenue for the first quarter was GBP71.0 million, up 5.7% from GBP67.2 million generated a year earlier.
FDM highlighted that its balance sheet remains strong, with GBP44.3 million of cash and no debt as at the end of March.
As of Thursday, the company said it is not possible to estimate with any degree of precision the extent of the impact on its earnings in 2020 arising from the Covid-19 pandemic.
"While uncertainty over the duration and impact of the coronavirus pandemic makes accurate short-term forecasts difficult, our agile and resilient business model, supported by a robust balance sheet, positions us well to face current conditions and the group's long-term prospects remain strong.," said Chief Executive Rod Flavell.
FDM shares were trading 2.2% lower in London on Thursday at 757.00 pence each.
By Evelina Grecenko; [email protected]
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