Uncertain market conditions remain as 2025 nears, though the past few weeks have seen some improved activity, FDM Group reported.

“We anticipate that market conditions will remain uncertain as we move into 2025, and it is difficult to predict when they will improve,” the company said in a trading update today.

The London-based firm provides IT workers on a recruit-train-deploy basis globally. It noted the number of consultants assigned to clients was down 29.7% year over year as of Oct. 31. Still, FDM forecast its financial performance for full-year 2024 will be in line with expectations.

It also cited improved activity in the past few weeks, though the level of improvement differed across geographies. It’s too early to judge whether the improved activity will continue.

FDM said it’s continuing to adjust recruitment, training and staffing levels to align with market conditions.

The company noted it has £47.7 million (US$62.0 million) in cash on hand as of Oct. 31 and no debt.

It also pointed to recent UK regulatory changes as possibly benefiting the company.

“We anticipate that the changes to Employer’s National Insurance Contributions announced in the recent UK Government Budget, together with those to employee rights, will make our consultants more attractive to our clients, but there will be a lag before the former can be reflected in increased rates for our clients,” the company said.

Share Price

Shares in FDM closed up 1.71% to £327.50 (US$413.21) today in London. They were 10.64% above their 52-week low.