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FDM Group (Holdings) plc

FDM Group (Holdings) plc Strong operational and financial progress

FDM Group (Holdings) plc (LON:FDM) and its subsidiaries, today announces its results for the year ended 31 December 2018.


31 December 2018

31 December 2017

% change





Mountie revenue1




Adjusted operating profit2




Profit before tax




Adjusted profit before tax2




Basic earnings per share




Adjusted basic earnings per share2




Cash flow generated from operations




Cash conversion3




Ordinary dividend per share




Net cash position at period end

£33.9 m



· Strong operational and financial progress delivered Group-wide

· Year on year movement in revenue reflects the planned reduction in contractor revenue, which contributed to an increase in gross margin to 49% (2017: 45%)

· Mounties assigned to client sites at week 524 were up 18% at 3,747 (2017: 3,170)

· Mountie utilisation5 rate unchanged at 97.3% (2017 97.3%)

· 2,155 training completions in 2018, a 33% increase (2017: 1,626)

· Continued sector diversification, including expansion of client base in energy and resources; 77 new clients secured globally during the year (2017: 72)

· Further geographic expansion, including 24% growth in Mounties on site in North America

· Significant investment in people, training and technology to support future growth

· Global training capacity of 848 at year end, up by 9% over December 2017

· Over 84,000 online applications received (2017: over 81,000)

· Final dividend of 15.5 pence per share giving a total ordinary dividend for the year of

30.0 pence, an increase of 15% on 2017

· Group well positioned for continued success in 2019 and beyond

1 Mountie revenue excludes revenue from contractors.

2 The adjusted operating profit and adjusted profit before tax are calculated before Performance Share Plan expenses (including social security costs) of £3.0m (2017: £3.6m). The adjusted basic earnings per share is calculated before the impact of Performance Share Plan expenses (including social security costs and associated deferred tax).

3 Cash conversion is calculated by dividing cash flow from operations by profit before tax.

4 Week 52 in 2018 commenced on 17 December 2018 (2017: week 52 commenced on 18 December 2017).

5 Utilisation is calculated as the ratio of cost of utilised Mounties to the total Mountie payroll cost.

Rod Flavell, FDM Group Chief Executive Officer, said:

“Throughout 2018 the Group invested in its people, training facilities and technology to sustain the future growth of the business.

The Board is confident that the continuing strong levels of demand for FDM’s services across all of our territories and the momentum with which we have commenced the new year will enable the Group to deliver further good operational and financial progress in 2019.”