FDM hails 'solid' performance in 2019

Recruitment and training firm FDM Group posted improved full-year profits and revenues on Wednesday, driven by a higher level of client activity and demand.

FDM said pre-tax profit rose 9% year-on-year to £52.5m in 2019, while revenues climbed 11% to £271.5m. Basic earnings per share were up 9% at 37.3p.

Mountie, the FTSE 250 company's in-house contractors, saw revenues increase 12% year-on-year to £268.2m, while freelancer contractor revenues decreased 44% to £3.3m, in line with expectations.

FDM proposed a final dividend of 18.5p per share, taking the group's total dividend for the year to 34.5p - an increase of 15% on the previous year.

Chief executive Rod Flavell said: "The strength and flexibility of our business model enabled FDM to deliver a solid performance in 2019 against a backdrop of challenging conditions in certain of our markets.

"2020 has started promisingly and in line with management expectations, with strong levels of client activity and demand. We anticipate a further year of good operational and financial progress. The Coronavirus is presenting us with a range of challenges relating to remote working, attendance on client sites and mobility for our trainers; the financial impact to date of these has not been significant, but we continue to monitor the situation closely."

As of 0900 GMT, FDM shares were up 1.93% at 843p.