7th Mar 2018 09:05
LONDON (Alliance News) - IT support company FDM Group PLC reported on Wednesday strong growth in both profit and revenue for 2017, with the firm upping its dividend for the year by 33%.
FDM shares were up 8.0% on Wednesday morning at 959.00 pence each.
FDM's pretax profit for 2017 increased 24% year-on-year to GBP43.7 million, and rose 26% to GBP47.2 million on an adjusted basis, which removes performance share plan expenses.
Revenue climbed 23% to GBP233.6 million, with 'Mountie' revenue rising 24% to GBP207.3 million. FDM calls its permanent IT and business consultants Mounties, and they are placed on client sites. Mountie headcount grew 17% in 2017, with all operating regions recording headcount growth of at least 15%.
FDM proposed a final dividend of 14.00 pence per share, which takes the year's total to 26.00p, having paid out 19.60 in total in 2016.
Revenue in 2017 in the UK & Ireland rose to GBP131.5 million from GBP112.9 million, with pretax profit in the region climbing to GBP28.6 million from 26.0 million.
North America pretax profit increased 65% to GBP14.7 million, on the back of a 32% revenue rise to GBP75.1 million. Europe, the Middle East, and Asia revenue rose 8.2% to GBP13.1 million though pretax profit dipped to GBP756,000 from GBP1.2 million.
The final geography, Asia Pacific, posted a revenue rise in 2017 of 83% to GBP14.0 million, with the region's pretax loss narrowing to GBP407,000 from GBP748,000.
Chief Executive Rod Flavell said: "The group returned a strong performance in 2017, generating growth in Mountie numbers, revenue and profit while continuing to invest, in each of its territories, in sustainable and long term growth.
"During the early part of 2018 FDM has seen continued strong momentum across all of its markets and I am confident that FDM will deliver another year of good operational and financial performance in 2018."
Related Shares:
FDM Group
