FINANCIALS: Gattaca reduces debt and reveals slight rise

Specialist engineering and technology recruiter Gattaca has reported a marginal increase in revenue and a significant reduction in debt in its preliminary results.

The results for the year to 31 July 2019 reveal the group saw revenue rise 1% from £631.3m to £635.8m, with net fee income down 1% from £71.4m to £70.6m and net debt down from £40.9m to £24.8m year-on-year.

The group reported that its UK engineering division has continued to perform strongly amid good growth for its solution business. However, conditions have remained challenging for the group’s UK technology business where a restructure has taken place.

The group’s Americas business offset a strong performance for the group’s South Africa business.

Commenting on the group’s performance, CEO Kevin Freeguard said: “In my first set of full year results with Gattaca, I am pleased to report a positive financial performance for the group … with our net debt significantly down on prior year.

“We remain cautious about the development of our markets in 2020, although we believe that operationally, we have made significant progress with our ongoing Improvement Plan, which is now translating into tangible change in the way we operate and will put the group firmly on the path for sustainable, long-term growth.”

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