Gattaca PLC Trading Update (2177B)
January 29 2020 - 2:00AM
UK Regulatory
TIDMGATC
RNS Number : 2177B
Gattaca PLC
29 January 2020
29 January 2020
Gattaca plc
("Gattaca" or "the Company")
Trading Update
Gattaca plc, the specialist Engineering and Technology
recruitment solutions business, provides the following trading
update.
Following a review by the Board of the outlook for the business
for its financial year ending 31 July 2020 ("FY20"), it now expects
the Company's continuing underlying profit before tax to be
approximately GBP6.0 million, which is below current market
expectations*.
Gattaca experienced a challenging environment across the
staffing market, driven by the economic and political climate in
the UK for the first five months of FY20 (August to December 2019)
which has resulted in net fee income 11% lower than the same period
last year. The market has not recovered as quickly as expected and
short-term growth remains uncertain, despite the decisive result in
December's General Election. The timing of UK investment in major
infrastructure projects is still not clear and certain
manufacturing, automotive and rail sectors continue to be impacted
by a lack of confidence. In addition, there is continued
uncertainty surrounding IR35.
The Board remains confident that the actions the Company has
been taking, including the implementation of our ongoing
Improvement Plan, will position Gattaca well for growth when market
conditions improve. Nevertheless, in the short term, costs will be
kept under close review.
Gattaca will announce its interim results for the six months
ending 31 January 2020 on 31 March 2020.
* Consensus expectations for underlying PBT are GBP10.0m.
The information communicated in this announcement contains
inside information for the purposes of Article. 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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
Bidhi Bhoma
Robert Morton
Euan Brown
Citigate Dewe Rogerson +44 (0) 20 7638 9571
Nick Hayns
Louise Mason-Rutherford
Lucy Eyles
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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