News Column

FDM First-Half Profit Down On IPO Costs

July 30, 2014

Anthony Tshibangu

LONDON (Alliance News) - Information technology services provider FDM Group PLC Wednesday reported a fall in profit for the first-half, due to costs related to its initial public offering last month.

The company posted pretax profit of GBP5.1 million for the six months ended June 30, down from GBP9.6 million a year earlier, while revenue rose to GBP56.6 million from GBP49.8 million. FDM booked GBP5.3 million in exceptional administrative costs during the year related to its initial public offering.

FDM said its IT services consultant arm, Mounties, performed well during the year with revenue up 20% to GBP41.2million from GBP34.4 million and overall net fee income up 19% to GBP42.6 million from GBP35.8 million a year earlier.

Geographically, UK Mounties revenue rose 15% to GBP29.5 million from GBP25.6 million, while North American Mounties revenue rose GBP7.7 million from GBP4.7 million. Europe, the Middle East and Africa, which excludes the UK, rose 4.6% to GBP3.3 million from GBP3.4 million.

FDM said client demand is increasing across all of its operating territories and that supported by a strong balance sheet and healthy cash generation, it continues to grow its geographical reach, sector focus and service offering.

FDM shares were quoted up 1.0% at 335.47 pence Wednesday morning.

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Source: Alliance News

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