4th Nov 2020 12:07
Gattaca PLC - Fareham, Hampshire-based technology and engineering recruiter - Posts drop in pretax profit for financial year ended July 31 of 57% to GBP1.4 million from GBP3.4 million the year before as revenue falls 15% to GBP538.7 million from GBP634.3 million. Swings to adjusted net cash position of GBP27.3 million July 31 from GBP24.8 million net debt the year before. Has now repaid revolving credit facility and is covenant free. Non-Executive Director Richard Bradford to step down at upcoming December 8 annual general meeting, after nine years.
CEO Kevin Freeguard: "During the year, we accelerated the implementation of our group-wide improvement plan and the changes made throughout the business have improved both our agility and ability to react quickly and cost-effectively to changes in demand. Prior to the pandemic the demand for STEM skills, our core focus, was growing significantly and, whilst we remain cautious as to the timeframe for economic recovery and the potential impact of an extended second lockdown in England, we have been encouraged by the signs of increased activity in our core markets in the first few months of the new financial year. With further benefits from our improvement plan to come, and our robust and covenant-free balance sheet, we are confident that Gattaca is well-placed for the future."
Current stock price: 59.00 pence; up 34% on Wednesday
Year-to-date change: down 54%
By Anna Farley; [email protected]
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