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Gattaca on track

By BFN News | 07:57 AM | Thursday 03 August, 2017


Gattaca's board said it expected profits for the year ended 31 July to be broadly in-line with market forecasts. The group said: "Overall net fee income declined in the year by 4% as the ongoing Brexit negotiations, IR35 tax changes and the UK General Election all eroded confidence. "Whilst Q1 to Q3 NFI was down between 4% and 5%, the rate of decline improved with Q4 being 2.4% lower than last year. "H2 and Q4 in particular benefited from an improvement in our International businesses especially our USA operation. "Whilst we continue to pursue a targeted International strategy which is clearly bringing benefits, we do remain highly dependent on the UK." Chief executive Brian Wilkinson said: "The UK continues to be our biggest market by some margin and, while we have seen some recovery following the initial uncertainty caused by the outcome of the EU referendum, continuing political uncertainty and its impact on business confidence is unlikely to lead to an increase in customer demand and candidate availability in the near and medium term. "That said, Gattaca's exposure to skill-short STEM (Science, Technology, Engineering and Mathematics) markets should mitigate to an extent the effects of the business uncertainty that we are seeing in the UK economy relative to less specialist players. "As government sponsored infrastructure and defence programmes roll out we expect to see a positive impact on our business which should offset any weakness in the overall economy. "This strong position in Engineering and Technology markets, particularly where they converge, allied to our rapidly growing international business puts us in a robust position for the future." Story provided by StockMarketWire.com

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