By Joe Hoppe
U.K. engineering-and-technology recruitment company, Gattaca, announced a pretax profit of £2.8 million ($3.4 million) for the year ended July 31, 2023. This marks a significant improvement from the restated loss of £4.7 million reported the previous year. Despite a slight decrease in revenue, Gattaca's focus on increasing productivity, eliminating lower-margin contracts, and actively managing costs contributed to this positive outcome.
- Revenue decreased from £403.9 million to £385.2 million.
- Net fee income declined from £44.2 million to £43.4 million.
Gattaca acknowledged the impact of macroeconomic headwinds, which have adversely affected demand and candidate sentiment in the recruitment sector, thereby prolonging the recovery process. While permanent recruitment activity remains subdued, the company aims to leverage contractor growth to enhance net fee incomes. As a result, Gattaca expects the profit for fiscal year 2024 to be skewed towards the second half of the year.
Change in Leadership
Richard Bradford, currently serving as Chair of InHealth Group, a partner at InHealth Ventures, and deputy chair of the Independent Healthcare Providers Network, will assume the position of Gattaca's new Chair following the annual general meeting on December 6. Bradford will succeed Patrick Shanley.
Gattaca's board announced a full-year dividend of 5.0 pence per share, including both a 2.5 pence ordinary dividend and a 2.5 pence special dividend. Notably, no dividend was declared in the previous year.
At 0754 GMT, shares were trading at 104.5 pence, experiencing a 6.1% increase of 6.0 pence.