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FDM Group

  • BY: Andrew Hore |
  • POSTED: 30/01/2009 |

FDM Group says its 2008 profits will be in line with expectations.

The IT services business does admit that 2009 will be a difficult year. FDM has a number of financial clients so it is not easy to predict what demand there will be for Java, Microsoft C# and .Net software programmers.

More than half of profits come from FDM’s own programmers called Mounties, which are higher margin than freelance programmers.

Shares in FDM rose 7.5p to 73.5p each, which values the company at £17.1m. Net cash was more than £10m at the end of 2008.

The 2008 figures will be reported on 9 March.

Edison forecasts a rise in 2008 profits from £4.4m to £5.2m. The research companies expects a further improvement in profits to £5.4m in 2009 - a £300,000 downgrade from the previous forecast. The shares are trading on five times 2008 earnings and yield 4.8%. 

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