FDM (FDM) said its first quarter was marginally affected by national lockdowns, with revenue up 5.6 per cent to £71m.
The group has 122 fewer consultants, or ‘Mounties’, placed with clients compared with 3,924 at the start of the year. The IT training and consultancy company said it is continuing to recruit, albeit at reduced levels. And FDM does not intend to access the UK furlough scheme or reduce pay for its employees. All of its consultant training academies are operating remotely.
Management noted that a number of its consultants had their placements terminated by clients operating in sectors most badly affected by coronavirus. The group has also seen a reduction in the weekly number of new placements of consultants, but maintains that even in its worst downside scenario it should remain cash-generative.
