Gattaca PLC Trading Update (2974P)
February 17 2021 - 1:00AM
UK Regulatory
TIDMGATC
RNS Number : 2974P
Gattaca PLC
17 February 2021
17 February 2021
Gattaca plc
("Gattaca" or "the Company")
Gattaca plc, the specialist Engineering and Technology
recruitment solutions business, provides the following trading
update for the six months ended 31 January 2021.
The Company expects to report Net Fee Income ("NFI") of GBP21.1m
(H1 20 restated: GBP31.8m), primarily reflecting the market impact
of the COVID-19 pandemic over the entire reporting period. The
Company expects to report net cash before IFRS16 adjustments of
GBP22.9m (July 2020: GBP27.3m)(1).
Improving activity levels in our core markets continued through
Q1 and we were pleased to deliver quarter-on-quarter UK NFI growth
of 9% versus Q4. UK NFI in Q2 was 2% higher than Q1, partly
impacted by the return of tiered COVID-19 restrictions and extended
national lockdowns, coupled with the seasonal impact of the lower
number of days worked by contractors over the Christmas period.
Given the ongoing effects of the COVID-19 pandemic and the
market impact of further national lockdowns, NFI recovery for FY21
is likely to be at a slower rate than previously forecast. However,
as a result of appropriate management of the cost base and the
underlying improvements in the business we are seeing through the
acceleration of our Group-wide Improvement Plan, we currently
expect full year underlying PBT to be in line with market
expectations.
Kevin Freeguard, CEO commented:
"Whilst we remain cautious as to the timing of the recovery in
our core markets, we have been encouraged by the resilience the
business has shown over the first half. I would like to thank our
colleagues in the business for their continued hard work and
commitment during these challenging times.
"Our strong cash position underpins our resilience and, together
with the benefits from our ongoing Group-wide Improvement Plan and
our core focus on STEM skills which will remain in short supply,
positions us well for growth when market conditions inevitably
improve. I remain confident of our success over the medium and long
term."
Gattaca will announce its interim results for the six months
ended 31 January 2021 on 31 March 2021.
(1)VAT deferrals at 31 January 2021 were GBP10.3m (31 July 2020:
GBP10.3m)
For further information please contact:
Gattaca plc +44 (0) 1489 898989
Kevin Freeguard, Chief Executive Officer
Salar Farzad, Chief Financial Officer
Liberum Capital Limited (Nomad and
Broker) +44 (0) 20 3100 2000
Lauren Kettle
Robert Morton
Euan Brown
Citigate Dewe Rogerson +44 (0) 20 7638 9571
Jos Bieneman
Nick Hayns
Elizabeth Kittle
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END
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