FINANCIALS: Engineering drives Gattaca profit

Gattaca has seen a marginal increase in year-on-year net fee income, according to a trading update for the six months to 31 January 2019.

The update, released this morning, reveals overall NFI of £36.6m, up from £36m, driven by the group’s engineering division, which saw NFI increase from £24.2m in H1 2018 to £24.9m in H1 2019. However, the group’s technology division saw NFI fall from £7.4m to £6.6m over the same period.

In the UK, the group saw NFI fall from £31.6m to £31.5m, while across its international operations, NFI rose from £4.4m to £5.1m.

The group also managed to cut net debt to around £29m from £36m as of 31 January 2018.

Elaborating on the group’s performance, CEO Kevin Freeguard said: “The first half of FY19 was a period of progress for the group, as the restructuring we undertook in Q1 began to bear fruit. The group has performed in line with expectations, with UK engineering delivering solid growth and our international operations which continuing to grow strongly. 

“UK technology, particularly telecoms, was impacted by the Q1 restructuring, however we are encouraged by the initial performance following steps taken to reposition the business during the half.

“The progress made on net debt is positive and our full year outlook remains in line with the board’s expectations. I look forward to updating the market further in April.”

Gattaca will announce its interim results for the six months to 31 January 2019 on Wednesday 3 April 2019.

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