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Gattaca FY to be 10-15% below forecasts

By BFN News | 08:02 AM | Thursday 13 April, 2017


Gattaca has reviewed its outlook for the remainder of the year ending 31 July and said it expected profits to be 10-15% below its prior forecasts. Gattaca said that as previously announced on 2 February, its performance in the first half reflected the tougher UK trading conditions post the Brexit vote. It said: "The softening in NFI in the first half was driven by near term uncertainty which led to elongated hiring decisions and some projects being delayed; however the medium-term outlook in our sectors remains positive with some signs of a return of confidence in recent weeks. "Unanticipated one time cost overruns relating to the setting up of international entities to support a pan-European contract win and delays in realisation of back office cost savings will result in our central overheads exceeding our expectations for the second half. "Alongside this we have been making the appropriate investments to ensure that the Group has the infrastructure to build a truly scalable business. "Given the opportunities we see, the Group has continued to strategically invest in sales headcount, up 24 since 31 July 2016 and we expect to see a return on these investments during the second half and beyond. "We are particularly confident that the headcount investments which we have made in our overseas businesses will lead to accelerated growth next year." At 8:02am: (LON:GATC) Gattaca PLC share price was -14.5p at 284.88p Story provided by StockMarketWire.com

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