FDM Group, which provides IT staffing on a recruit-train-deploy basis, reported it will start 2024 with fewer consultants assigned to clients than anticipated. Having fewer consultants will impact results for full-year 2024, but the company noted earnings for 2023 are still expected to be in line with expectations.

In October, the number of consultants assigned to clients fell to 4,136 from 5,014 at the same time a year ago. The company said macroeconomic and geopolitical uncertainty is causing clients to delay decisions on starting projects. This is despite signs of confidence returning in some geographies.

FDM Group announced its outlook in a trading statement released today on the London Stock Exchange. The London-based company has operations in Europe, North America and Asia Pacific.

Still, the company said the systemic shortages in technology skills in all geographies in which it operates remain, providing a supportive backdrop for the future.

The company had reported revenue was up 16% in the first half of this year despite softer conditions.

Shares

Shares in FDM Group set a new 52-week low today when they reached £380.00 (US$464.55), according to FT.com. They were down 17.99% to £383.00 (US$468.21) as of 4:45 p.m. London time today.