Trading Update

RNS Number : 2391W

Gattaca PLC

17 August 2022

 

17 August 2022

Gattaca plc

("Gattaca" or "the Group")

Trading Update for the 12 months ended 31 July 2022

Trading in line

Gattaca plc ("Gattaca" or the "Group"), the specialist Engineering and Technology staffing solutions business, today provides the following trading update for the 12 months ended 31 July 2022.

NFI & Profit performance

●	Group continuing NFI1 expected to be £44.0m (FY21: £42.1m), an increase of 4% YoY
●	NFI mix split between Contract 69% / Permanent 31% (FY21: 75%:25%). Contract NFI was down c3% YoY due to three client losses in the first half. We saw strong demand for permanent recruitment within the UK, which was up 33% YoY, driven by particularly strong demand in the mobility market and professional skills
●	We continue to invest in increasing our sales headcount, which is up 7% on prior year
●	We expect our continuing underlying PBT for the full year to be in line with market consensus of break even

Balance Sheet

The Group has improved its financial position from the half year (31 January 2022: net debt £(0)m), with statutory net cash as at 31 July 2022 of £12m (31 July 2021: net cash £14m). During the financial year the Group repaid deferred VAT of £5.6m, which was the key driver of the decrease in cash from the prior year.

Full year results

The Group expects to announce its full year results for the 12 months to 31 July 2022 on Thursday 3 November 2022.

Matthew Wragg, Chief Executive Officer said:

"We are pleased with the performance of the Group through the second half of the year and importantly the speed in which the business is embracing our four strategic pillars; increased external focus, improved culture, operational performance, and cost rebalancing. We have established a solid foundation from which we can grow, leaving us well placed as we enter our new financial year, which has started well.

"We are mindful of the current macro-economic conditions as we continue to see robust demand in our key markets. There remains a shortage of candidates which plays to our key strength of deep knowledge and understanding of our sectors and niche STEM skills.  We remain confident that the long-term fundamentals in our core STEM markets provide an exciting future for the business as it returns to growth."

1. NFI is calculated as revenue less contractor payroll costs

For further information please contact:

Gattaca plc	[phone]
Matthew Wragg, Chief Executive Officer Oliver Whittaker, Chief Financial Officer
Liberum Capital Limited (Nomad and Broker)	[phone]
Lauren Kettle Robert Morton
Citigate Dewe Rogerson	[phone]
Jos Bieneman Ellen Wilton

 

END

 

 

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