FDM on track for full year as Q1 revenues rise

FDM Group reported a jump in first-quarter revenues on Thursday as it said it's on track to meet expectations for the year.

In an update ahead of its annual general meeting, the company said trading in the first quarter has been in line with board's expectations, with total revenue up 16% compared to the first quarter of 2018 and Mounties revenue 18% higher.

FMD said its balance sheet remains strong, with "significant" cash balances and no debt.

"The board is confident that the group is well placed to achieve its expectations for the current year and continue to deliver long term, sustainable growth," it said.

Shore Capital said the update provides good reassurance around the group's business performance, confirming the recent trends and with Mountie revenue growth "well in line" with its expectations.

"We look forward to delivery on the clear potential across the remainder of the year and beyond," the broker said.

At 0940 BST, the shares were up 0.5% at 969p.