FINANCIALS: Gattaca reveals Covid impact in interim report

STEM and contract recruiter Gattaca has today reported continuing net fee income of £21.1m in its interim results for the six months ended 31 January 2021 in the face of “encouraging signs of recovery” from the global pandemic slowdown of recruitment activity.

The six-month results showed Gattaca 34%’s NFI lower on the restated H1 2020, reflecting the impact of the Covid-19 crisis over the entire reporting period. There was no Covid-19 impact in the first half of the 2020 financial year.

The signs of improvement cited by Gattaca included a 6% increase in contractors since 1 January 2021 to date and an 84% increase in average daily new permanent starters since the same date.

Adding to the positive picture has been the company’s repayment in October 2020 of a revolving credit facility which leaves Gattaca covenant free, the results report said. 

Gattaca delivered quarter-on-quarter NFI growth of 9% versus Q4. Other results highlights:

  • A group restructuring was completed in October 2020, realising annualised savings of £4m. “Appropriate” cost management in tandem with the restructuring has contributed to H! 2021’s underlying profit before tax of £400k.
  • Gattaca is making “targeted headcount investment” in markets offering the best opportunity for returns, with consultant hiring underway. It will be further accelerated in Q4 2021, the report said.
  • The company’s global technology platform upgrade is expected to complete in April 2021. The Primary Business Systems replaces legacy systems and is designed to provide a full integrated and flexible centralised system across the company.

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