FDM Holdings sees flat 2023 revenues as placements plunge

31st Jan 2024 07:02

(Sharecast News) - Professional IT services provider FDM Group said it expected annual revenues to be flat, confirming the warning it issued in November about the hit from geopolitical uncertainties and clients deferring project decisions.

Revenue for calendar 2023 is expected to rise by 1% to £334m as client placements plunged by 21% and FDM was forced to axe a tenth of its internal workforce.

"The last nine months of 2023 saw difficult trading conditions across our markets, with many clients delaying and deferring decisions around projects and consultant placements given the macro-economic and geo-political uncertainties they faced," said chief executive Rod Flavell.

"Levels of client engagement remain encouraging and the early signs of returning client confidence which we reported in November continue."

Reporting by Frank Prenesti for Sharecast.com