FINANCIALS: Gattaca NFI exceeds previous period

Specialist engineering and technology staffing business Gattaca has achieved 7% higher net fee income (NFI) in the first half of 2021 than during the same period last year.

According to its trading update for the 12 months ended 31 July, the company’s full-year NFI was £42.5m, compared to £52.8m in FY 2020, reflecting the market impact of the Covid-19 pandemic over the entire period.

“We continue to add sales and delivery resource across the business, increasing front-line headcount by 13% since January whilst tightly managing the overall cost base,” a Gattaca statement said.

“Consequently… we expect our continuing underlying [profit before taxes] for the full year to be in excess of £3m,” the statement continued, noting the market consensus of £2.7m.

Other highlights in the statement were:

  • Gattaca has exited its sales operations in Mexico and South Africa in the last month, after determining they were “sub-scale”. The combined NFI of Mexico and South Africa in the year was £1m.
  • A “modest dividend” is anticipated when the full-year results are announced in November 2021.
  • Activity has increased in Gattaca’s permanent recruitment process outsourcing solutions business, with further improvement expected to come on the contract front, driven by projects such as UK Fibre investment, HS2 rail and Offshore 2021.

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