FDM Group Holdings PLC said the new year has seen soft trading so far, amid economic uncertainty, as it reported strong profit growth last year.

FDM is a London-based IT-focused professional services provider. It recruits, trains and deploys its own permanent IT and business consultants, known as ’mounties’.

Pretax profit rose 22% to £55.6 million in 2023 from £45.7 million in 2022, even as revenue edged up just 1.2% to £334.0 million from £330.0 million.

FDM shares were down 12% to 344.50 pence each on Wednesday morning in London.

FDM proposed a final dividend of 19.0 pence per share, bringing the total to an unchanged 36.0p.

Looking ahead, FDM said market conditions have remained soft in the early months of the current year.

Chief Executive Officer Rod Flavell said: ‘As we highlighted in January, levels of client engagement remain encouraging. It is however difficult to predict when this will gain sufficient strength to deliver meaningful increases in our consultants placed with clients.’

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