FINANCIALS: Gattaca reveals NFI to be ahead of expectations

Specialist engineering and technology staffing solutions business Gattaca has revealed an increase of 4% net fee income (NFI) in a trading update for the 12 months ended 31 July 2022.

The group expects NFI to be £44m (FY21: £42.1m), an increase of 4% year-on-year (YoY). The NFI was split between contract (69%) and permanent (31%) (FY21: 75%:25%). Contract NFI was down about 3% YoY due to three client losses in the first half. Demand was strong for permanent recruitment within the UK, which was up 33% YoY, driven by particularly strong demand in the mobility market and professional skills.

Elsewhere, investment in increasing sales headcount continues, which is up 7% on the previous year.

The company said it expected its continuing underlying profit before tax for the full year to be in line with market consensus of break even.

With regard to Gattaca’s balance sheet, the group has improved its financial position from the half year (31 January 2022: net debt £(0)m), with statutory net cash as at 31 July 2022 of £12m (31 July 2021: net cash £14m). During the financial year, the group repaid deferred VAT of £5.6m, which was the key driver of the decrease in cash from the prior year.

The group expects to announce its full-year results for the 12 months to 31 July 2022 on Thursday 3 November 2022.

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