Monday, IT services company FDM Group Plc (FDMG.L) reported an increase in its fiscal 2008 profit, stating that the year was driven by demand for its mountie offering, which resulted in strong sales and profit growth.
Through its Mountie programme, FDM recruits numerical science graduates trained within one of its business streams and deploy them, during their two year post-training period, in its blue-chip client base. The company earns returns that recover its investment in training plus a profit margin.
Pre-tax profit for fiscal 2008 climbed 23% to GBP 5.27 million from GBP 4.25 million in the prior year.
Profit attributable to equity holders rose to GBP 3.69 million or 15.7 pence per share from GBP 2.83 million or 12 pence per share in the foregoing year.
Adjusted earnings before IFRS2 share-based payment charges grew to GBP 3.71 million or 15.8 pence per share from GBP 2.98 million or 12.7 pence per share in the previous year.
Annual revenues were GBP 52.21 million, 4.1% higher than GBP 49.83 million last year. UK segment recorded revenues of GBP 41.81 million, lower than GBP 42.56 million in earlier year. Meanwhile, in European division, revenues grew to GBP 7.03 million from GBP 5.29 million last year. Revenues from American segment moved up to GBP 3.36 million from GBP 1.98 million in the prior year.
Gross profit surged 22.1% to GBP 13.71 million from GBP 11.23 million in the preceding year. Gross margin climbed to 26.2% from a year earlier's 22.5%. The company attributed the increase in gross profit to the growing proportion of its business performed by mountie resources.
Net finance income rose to GBP 247 thousand from GBP 205 thousand posted a year ago.
In addition, FDM Group said its Board proposed a final dividend of 2.5 pence per share making a total dividend for the year of 3.5 pence, an increase of 30%, compared to 2.7 pence last year.
FDMG.L is currently trading at 97 pence, up 6.50 pence or 7.18%.
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