Gattaca net fee income drops following office shutdowns

7th Feb 2019 10:31

(Sharecast News) - Engineering and technology sector recruitment business Gattaca saw continuing net fee income move ahead slightly in the six months ended 31 January.However, Gattaca revealed that total group NFI was 3% lower year-on-year at £38.5m as a result of the discontinuation of operations in telecom infrastructure contractor work in Africa, Asia and Latin America as well as the closure of offices in Dubai, Malaysia and Qatar.UK engineering NFI grew 3% to £24.9m, with strong performances from the AIM-listed firm's infrastructure, maritime and engineering technology units.International NFI grew 15% to £5.1m, driven by the Americas and China.Looking forward, Gattaca said its full-year outlook continued to be "in line with the board's expectations".Chief executive Kevin Freeguard said: "The first half of FY19 was a period of progress for the group, as the restructuring we undertook in Q1 began to bear fruit. The group has performed in line with expectations, with UK Engineering delivering solid growth and our international operations which continue to grow strongly.""The progress made on net debt is positive and our full-year outlook remains in line with the Board's expectations. I look forward to updating the market further in April."As of 1030 GMT, Gattaca shares had slipped 0.51% to 110.68p.