15 February 2023

Gattaca plc

("Gattaca" or "the Group")

Trading Update for the six months ended 31 January 2023

Gattaca plc ("Gattaca" or the "Group"), the specialist STEM staffing solutions business, today provides the following trading update for the six months ended 31 January 2023.

·      Group NFI¹ expected to be £22.7m (H1 22: £21.6m), an increase of 5.1% YoY

·      NFI mix split between Contract 68% / Permanent 32% (H1 22: 70%:30%).

·      Double digit growth in our core sectors, with Infrastructure, Defence, Energy and Mobility. Held back by Technology skills, Rail Site and International.

·      Permanent hiring has shown signs of weakness since the turn of the year

·      The Group expects to report statutory net cash at 31 January 2023 of £21m (31 July 2022: net cash of £12m). This improvement has primarily been driven by strong trade receivables collection performance. 

Interim results

The Group will announce its results for the six months to 31 January 2023 on Thursday 30 March 2023.

Matthew Wragg, Chief Executive Officer said:

"I am happy to see NFI growth across H1 2023 as we focus on improving performance. Progress continues on our four strategic priorities and building the business for the medium to long term. We are now benefitting from our early work around culture and engagement, which has lowered our attrition rate, and is enabling us to increase productivity.

As we enter the second half, we are conscious of softening in some external sectors, and perm is likely to be impacted by a level of restraint around hiring, shifting candidate sentiment and, as such, slightly longer hiring cycles. Despite this we continue to see demand for STEM skills in our core sectors and the shortage of candidates plays to our key strength of deep knowledge and understanding of our sectors and niche skills."

1. NFI is calculated as revenue less contractor payroll costs

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