FDM Group (Holdings) (FDM) H2 2025 earnings summary

Executive summary

• Revenue declined to £177.7m for 2025, down 31% year-over-year from £257.7m, reflecting a third consecutive challenging year.

• Adjusted profit before tax fell to £13.7m from £34.0m in 2024, with net profit at £5.7m.

• Maintained a strong balance sheet with no debt and closing cash of £35.3m.

• Secured 45 new clients globally, with 31 outside financial services.

• Board remains optimistic for modest growth as market conditions improve.

Financial highlights

• Adjusted PBT margin dropped to 7.7% from 13.2% in 2024.

• Adjusted basic EPS decreased 57% to 10.0p; basic EPS fell 72% to 5.2p.

• Dividend per share reduced to 10.0p (4.0p final, 6.0p interim), down 56% from 2024.

• Adjusted cash conversion (incl. leases) at 84%, down from 99% in 2024.

Outlook and guidance

• Signs of increased client investment appetite in key geographies late in 2025.

• Board focused on positioning for sustainable growth as market conditions permit.

• Well positioned to respond to demand for AI-enabled skills.