FDM Group FY revenues grow

Professional services provider FDM Group said on Wednesday that its full-year financial performance looked set to be in line with expectations.

FDM stated annual revenues had grown 23% year-on-year to £330.0m, with 4,905 consultants placed in 2022, an increase of 22% on 2021, and a "particularly strong" performance in North America of 1,618 consultants placed.

The FTSE 250-listed firm placed 1,958 consultants in the UK, 1,011 in the Asia Pacific region, and 318 in Europe, the Middle East and Africa.

FDM added that its balance sheet remained "robust", with closing cash balances of £46.0m, cash conversion of 108.3%, and no debt.

Chief executive Rod Flavell said: "DM has delivered good growth during 2022, returning a financial performance in line with the Board's expectations. As we enter 2023 there remains a high degree of macro-economic and political uncertainty in some of the regions where we operate.

"However, across the group we continue to see healthy levels of client engagement and activity. Our scalable and flexible business model and diversified portfolio of clients, sectors and operating regions mean that we are well positioned to weather these uncertainties in 2023 and to continue to deliver long-term growth for our stakeholders."

As of 0830 GMT, FDM shares were up 7.39% at 843.0p.

Reporting by Iain Gilbert at Sharecast.com