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NFI down almost 12% in H1 2020 for Gattaca

Gattaca has released its interim results for the six months ended 31st January 2020.

Revenue for the first half of the year was £297.9m, down 7.6% on the previous year (£322.3m). Net fee income was down 11.9% to £32.2m, from £36.5m in the previous year.

Profit before tax in continuing reporting was £0.8m, an 85.1% decrease on £5.4m in the previous year.

In response to the COVID-19 crisis, the company is placing over a third of its UK workforce on the Government’s Coronavirus Job Retention Scheme. It is also temporarily reducing working hours and the pay of the remaining workforce by 20%. The company will also be deferring HMRC payments to the end of the tax year to increase short term liquidity.

Kevin Freeguard, chief executive officer, said, “Gattaca experienced a challenging environment across the staffing market, driven by economic and political uncertainty in the UK for the first five months of FY20 (August to December 2019). Subsequently, the COVID-19 pandemic has brought significant uncertainty to our business and we have implemented our business continuity plans accordingly, with the entirety of our staff working remotely, enabling the business to remain fully operational. The response from the Gattaca team has been exceptional. In addition, Government support including the Job Retention Scheme and HMRC payment deferrals, is welcome and increases our financial resilience.

“The Board is acutely aware of its responsibility to all stakeholders in these difficult circumstances and is committed to providing the best support it can to protect staff, contractors and clients.

“As a core provider of engineering and technology skills which remain critical at this time, we continue to fulfil client requirements both on existing and new projects. The coming months will be very challenging for our business but we believe that the actions we are taking will position us well for when the economy begins to recover.”

UK engineering NFI fell 7% YoY to £23.4m while UK technology’s NFI fell 25% to £4.8m. International NFI was down 21% to £4.0m.

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