Announcing its preliminary results for the year ended 31 July 2020 this week, the report also highlights “strategic progress” toward the group’s goals.

The group’s continuing underlying profit before taxes was £4.6m, 61% lower year-on-year from 2019’s restated £11.7m, with the base continuing underlying earnings per share of 10.3p at 64% lower year-on-year than 2019’s restated EPS of 28.4p.

A “robust” balance sheet revealed an adjusted net cash position of £27.3m at 31 July 2020, compared to a £24.8m net debt in 2019. A Gattaca statement said that reduction of net debt had been “a key focus” over the last three years, with net debt at £40.3m in July 2017.

The group’s fall in continuing underlying net fee income (NFI), which at £54.3m was 21% lower year-on-year, was attributed to the Covid-19 pandemic.

Among the activity highlights was a restructuring carried out that is expected to deliver £4m in annualised cost reductions from November 2020. 

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