First corner turned
The Board last Wednesday said that FY’22 results would be in line with expectations, with adjusted PBT breaking-even (£1.8m LY) on NFI up 4% LFL to £44m (£42.1m LY) and net cash closing Jul’22 at £12m (post IFRS16) after repaying £5.6m of deferred VAT.CEO Matthew Wragg & CFO Oliver Whittaker were appointed in March 2022 and have grabbed the company by the scruff of the neck. Not only cutting GATC's cloth & remotivating staff, but also lifting productivity and delivering growth (re permanent placements) in double quick time. Matthew reporting: "We are pleased with H2’22 performance and importantly the speed in which the business is embracing our four strategic pillars.’’
We have nudged up our valuation from 145p to 160p/share, reflecting the better than expected net funds position and lower debtor days.
Gattaca is an engineering and technology recruitment solutions company. Co. operates in the STEM markets (science, technology, engineering and maths), all sectors with skills shortages. Co. has three reporting segments, Engineering, Technology and International. Co.'s brands are Matchtech, an engineering recruitment specialist; Networkers, a technology recruitment specialist; Cappo, Provanis, Barclay Meade, a professional services brand, recruiting finance, procurement, sales and HR professionals., and Alderwood, which is involved in placing trainers and assessors with training providers throughout the U.K. and the Middle East.
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