FDM Group (Holdings) plc, a global provider of IT staffing on a recruit-train-deploy basis, reported business conditions were difficult across its global markets in 2023, but there are signs clients are becoming more confident. However, the company recorded fewer consultants on assignment at the end of 2023, and internal headcount was cut by 10%.

London-based FDM Group also reported revenue rose 2% in constant currency to £334 million (US$425.2 million); the increase was 1% on a reported basis.

“The last nine months of 2023 saw difficult trading conditions across our markets, with many clients delaying and deferring decisions around projects and consultant placements given the macroeconomic and geopolitical uncertainties they faced,” CEO Rod Flavell said in a press release.

FDM Group has taken steps to align its business activity with resources, Flavell said. Still, there are positive signs about the market ahead.

“Levels of client engagement remain encouraging and the early signs of returning client confidence which we reported in November continue,” he said.

FDM Group ended 2023 with the number of consultants placed with clients down 21% to 3,892.

By region:

• The UK closed the year with 1,411 consultants, down from 1,958 in the previous year.
• North America ended 2023 with 1,322 consultants, down from 1,618 in the previous year.
• In Asia Pacific, the number of consultants fell to 832 at the end of 2023 from 1,011 in the previous year.
• In Europe, the Middle East and Africa, the company saw consultants increase to 327 at the end of 2023 from 318 in the previous year.

The company recorded 1,338 training completions in 2023, down from 3,179 in 2022.

FDM Group plans to release full-year results on March 20.

Share price

Shares in FDM Group closed up 2.33% in London today to £461.50 (US$). They were 27.31% above their 52-week low.