FDM Group (Holdings) PLC

Latest Results (02.09.2026):

Summary — FDM Group (Holdings) PLC, Q2 2026 (six months ended 30 June 2026): The Group reported a subdued first half of 2026 with revenue of £78.6m (‑19% y/y) and profit before tax of £4.1m (‑49% y/y). Adjusted operating profit was £5.6m (‑38%), adjusted profit before tax £5.5m (‑39%). Cash remained strong at £31.1m with no debt, while consultant assignments showed early improvement versus the 2025 year‑end. Management retains a cautious outlook amid macro and geopolitical uncertainty.

Financial snapshot

Revenue: £78.6m (down 19% vs H1 2025). Operating profit: £4.2m (down 48%). Adjusted operating profit: £5.6m (down 38%). Profit before tax: £4.1m (down 49%); adjusted PBT: £5.5m (down 39%).

Earnings per share

Basic EPS: 2.8p (‑51% y/y). Adjusted basic EPS: 3.8p (‑40% y/y). Diluted EPS: 2.8p.

Cash, balance sheet and cash flow

Cash at 30 June 2026: £31.1m (30 June 2025: £34.6m). No debt. Cash generated from operations: £4.4m (‑65%); cash conversion 104% (adjusted 94%), reflecting continued working capital control.

Operational metrics

Consultants assigned at week 26: 2,042 (up 2% vs 31 Dec 2025 but down 6% vs week 26 2025). Consultant utilisation for H1 2026: 93.6% (2025: 91.6%). Coaching completions rose to 609 (H1 2025: 424), indicating recruitment and training pickup.

Regional performance

UK: Revenue £40.3m (‑13%), 839 consultants. North America: £20.1m (‑25%) with consultant deployments up to 593. EMEA: £3.8m (‑60%), deployments 119. APAC: £14.4m (broadly flat), deployments 491.

Costs, adjustments and exceptional items

Administrative expenses fell to £31.1m (2025: £36.3m). Exceptional administrative costs: £0.9m (mainly UK restructuring of internal staff/benched consultants). Share‑based payment expense: £0.4m (first half 2026).

Dividend

Interim dividend declared: 3.0p per share (2025: 6.0p), payable 13 November 2026 to shareholders on the register at 23 October 2026.

Tax and margins

Effective tax rate: 25.5% (2025: 22.0%). Adjusted group operating margin: 7.1% (2025: 9.4%), impacted by lower revenue and fixed cost absorption.

Strategy, outlook and risks

Management reports early signs of demand recovery, continued investment in AI capability and the Skills Lab, and a focus on cost discipline. Key risks remain economic/geopolitical uncertainty and cybersecurity; the Board remains cautious but says the Group is well positioned to grow when markets improve.