FINANCIALS: Gattaca blames one-off costs for below par profits
Specialist international recruitment group Gattaca anticipates profits for the year ended 31 July 2017 to be 10-15% below previous expectations.
According to a trading update, released this morning, the group revealed unanticipated one-off cost overruns related to the setting up of international entities to support a pan-European contract win and delays in realisation of back office cost savings had resulted in central overheads exceeding expectations in H2.
In addition, the group noted it has been making appropriate investments to ensure that it has the infrastructure to build a “truly scalable” business and has continued to strategically invest in sales headcount, up 24 since 31 July 2016.
“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,” the statement added.
The group's interim results will be released on 20 April 2017.
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