Gattaca plc (LON:GATC), the specialist staffing business, has provided the following trading update for the year ended 31 July 2024.
FY24 Highlights
· Group continuing Net Fee Income1,2 (NFI) expected to be £40m (FY23 restated2: £42.2m), a decrease of 5% year-on-year (YoY), as anticipated.
· Contract NFI up 3% YoY following growth in contractor numbers of 4% during the second half of FY24. This aligns with the Group’s focus on delivering contract growth over the last 18 months. Permanent NFI down 29% YoY (19% on a like for like basis3).
· FY24 Group underlying Profit before Tax expected to be in line with the Group’s previously announced guidance of £2.4m to £2.7m. Statutory net cash at 31 July 2024 of £21m (31 July 2023: net cash of £21.6m).
· The Group’s two largest sectors showed positive trends, with Defence up 7% YoY on a like-for-like basis3, whilst Infrastructure grew by 12% in H2 compared to H1. There has been strong growth in Gattaca Projects of 31% YoY. USA in-country operations have been exited during H2.