IT global professional services provider FDM Group has reported a 23% drop in revenue for the 2024 financial year.
The London-headquartered PLC expects revenue to be £258m for the 12 months to 31st December 2024.
Following a 30% reduction in headcount, the group said it ended 2024 with 2,578 consultants placed with clients, compared to 3,892 at the end of 2023 – a year where it opened bases in Ireland, the US and Australia.
The group has cited a backdrop of ‘very challenging market conditions’ for the slump and says it has delivered a ‘resilient performance’ for the year.
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The group said its balance sheet remains robust with a closing cash balance of £41m (2023: £47m). The group has no debt.
Rod Flavell, FDM Group CEO, said: “We anticipate that market conditions will remain uncertain during 2025, and it is difficult to predict when they might demonstrate signs of a sustained improvement.
“The board will continue to take the appropriate measures to adjust recruitment, training, and staffing levels to align with market conditions and seek to optimise the performance of the Group for all of our stakeholders.
“The board remains confident that our business is well positioned to return to growth as and when market conditions improve.”