FDM Group Interim Results
FDM Group plc has announced its interim results for the six months ended 30 June 2009.
Revenues of 25,089,000 were down fractionally on 2008 and gross profit increased 6.5% to 6.92m (H1 2008: 6.50m). Gross profit margins moving to 27.6% (H1 2008: 25.6%). Profit before tax decreased 7.7% to 2.20m (H1 2008: 2.39m).
Rod Flavell, Chief Executive of FDM Group, commented, "Our Mountie proposition continues to provide clients with a compelling alternative to a traditional outsourcing model but our markets remain fragile. Although in absolute terms we have grown the number of Mountie placements, conditions across our markets mean that the number of chargeable staff deployed is behind Board expectations and we are seeing some margin pressure particularly within our freelance contractors."
The last six months have proved to be very challenging and we fully expect this trend to continue. In such a tough economic environment it is testament to the hard work of our people that we have been able to make the progress that we have and we extend our thanks to everybody throughout the Group."