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Training, IT staffing provider FDM Group Q1 revenue falls, recruiting continues at reduced levels amid Covid-19

April 30, 2020

FDM Group (Holdings) plc, a provider of IT training and staffing, said it’s continuing to recruit amid the Covid-19, albeit at reduced levels, and its training operations are now operating online. In a regulatory filing, the company said it has 3,802 external workers, which it calls “mounties,” currently in place, compared to 3,848 on April 25, 2019. The London-based company, which also has US operations, reported first-quarter revenue fell 5.7% to £71.0 million (U$88.0 million); the amount is in line with expectations but the first quarter was only marginally affected by the crisis.

“Whilst mountie headcount has been relatively resilient to date, post-lockdown a number of mounties have had their placements terminated early by clients operating in some of the sectors most badly affected by Covid-19,” FDM reported in its regulatory filing. “We have also been experiencing a reduction in the weekly number of new deals, and some of our clients have needed additional time for the remote onboarding of mounties to new placements.”

It’s not possible to estimate the effect of Covid-19 on full-year earnings at this time, the company said.

FDM’s training and sales centers in North America are located in New York; Herndon, Virginia; Charlotte, North Carolina; Austin, Texas; and Toronto. It also has locations across Europe, Asia and elsewhere. FDM recruits, trains and deploys IT and business consultants as well as supplies contractors to clients. Its training programs are aimed at new graduates, ex-military and others.