FDM Group (Holdings) plc reported revenue rose 2% in constant currency in 2023 against a backdrop of challenging market conditions with macroeconomic and geopolitical uncertainty.

The London-based firm, which provides IT staffing on a recruit-train-deploy basis, reported preliminary results today. On a reported basis, revenue was up 1% to £334.0 million (US$425.19).

Revenue rose even as the number of consultants assigned to clients in the final week of the year fell 21% to 3,892 and training completions fell 58% to 1,338.

FDM also noted it secured 47 new clients globally in 2023, though the number was down from 74 in 2022.

“FDM’s agile business model enabled us to take the action required to align recruitment, training and resource levels appropriately, a program which continues into the current year,” the company said.

Profit before tax rose 22% to £55.6 million (US$70.8 million).

Consultants assigned to clients in the final week of the year was 3,893, down 21% from 4,905 in the previous year. Training completions were 1,338, down 58% from 3,179 in 2022.

Share price

Shares in FDM closed down 16.90% today in London to £324.50 (US$412.44). They set a new 52-week low today when they reached £322.00 (US$409.27).