FDM FY revenue and profits rise

Recruitment company FDM Group said on Wednesday that both revenues and profits had risen in 2022 and stated the new year had started "positively", with "encouraging" levels of client engagement against an "uncertain" macroeconomic backdrop.

FDM Group said annual revenues had grown 23% to £330.0m, pushing adjusted operating profits and pre-tax profits up 10% to £52.2m and £45.7m, respectively. Basic earnings per share increased from 29.1p to 32.0p.

The FTSE 250-listed group proposed a final dividend of 19.0p per share, following an interim dividend of 17.0p per share declared in July 2022, giving a total dividend for the year of 36.0p per share - up from 33.0p per share a year earlier.

On the other hand, cash flow generated from operations slipped 5% to £49.7m, cash conversion slumped 13% to 108.3%, and the company's cash position 14% to £45.5m.

FDM stated its North America unit delivered "excellent growth", with both US and Canada performing well, with a 48% rise in its consultant headcount, while its Asia Pacific division saw its consultant headcount grow by 15%.

Chief executive Rod Flavell said: "We delivered a good performance in 2022, with strong growth in consultant numbers and accelerated investment in recruitment, training and other programmes that will help to underpin the future of the group.

"The early months of 2023 have seen continued macroeconomic uncertainty in many of the regions in which we operate. Against this background, I am pleased that we continue to see encouraging levels of client engagement and that we continue our client-led expansion."

As of 0830 GMT, FDM shares were down 0.47% at 850.0p.

Reporting by Iain Gilbert at Sharecast.com