Results for
the year ended 31 Dec 2025
Financial metrics for the year ended 31 December 2025
Revenue (£m)
330.0 334.0
267.4
257.7
177.7
2021 2022 2023 2024 2025
-31%
vs 2024
Adjusted Profit Before Tax ¹ (£m)
46.7
52.0
50.2
34.0
13.7
2021 2022 2023 2024 2025
-60%
vs 2024
Adjusted PBT margin ¹ (%)
17.5% 15.8% 15.0%
13.2%
7.7%
2021 2022 2023 2024 2025
-5.5ppts.
vs 2024
Profit Before Tax (£m)
55.6
41.4
45.7
28.1
7.6
2021 2022 2023 2024 2025
-73%
vs 2024
Effective Tax Rate (%)
23.2% 23.5%
26.7% 26.9% 25.8%
2021 2022 2023 2024 2025
-1.1ppts.
vs 2024
Adjusted Basic EPS (p)
33.2
37.3
32.9
23.0
10.0
2021 2022 2023 2024 2025
-57%
vs 2024
Basic EPS (p)
37.3
29.1
32.0
18.8
5.2
2021 2022 2023 2024 2025
-72%
vs 2024
Share-based Payment (£m)
5.3
6.4
1.1
0.2
-5.4
2021 2022 2023 2024 2025
-82%
vs 2024
Closing Cash (£m)
53.1
45.5
47.2
40.6
35.3
2021
2022 2023 2024 2025
-13%
vs 2024
Adjusted Cash Conversion 2 (%)
200%
110%
124% 116%
95%
2021 2022 2023 2024 2025
+84ppts.
vs 2024
Adjusted Cash Conversion (incl. leases) 2 (%)
155%
98%
113%
84%
99%
2021 2022 2023 2024 2025
+56ppts.
vs 2024
Dividend per Share (p)
36.0 36.0
33.0
19.0 19.0 22.5
Final
Interim
18.0
12.5
15.0
17.0 17.0
10.0
4.0
10.0
6.0 -56%
2021 2022 2023 2024 2025
vs 2024
1
1 Adjusted profit and EPS items are calculated before; i) Share Plan expenses; ii) exceptional costs as we continued to align our internal staff and available resource with market demand; and iii) the EMEA goodwill and asset impairment charge
2 Adjusted cash conversion is calculated by dividing cash flow generated from operations by operating profit adjusted for i) Share Plan expenses; and ii) the EMEA goodwill and asset impairment charge We also show adjusted cash conversion to include the impact of lease payments, which are not classified as operational
Number in coaching at year end
542
519
257
+10%
vs 2024
Operational metrics for the year ended 31 December 2025
Consultants deployed at year end
4,905 3,892
4,033
2,578
2,003
2021
2022
2023
2024
2025
-22%
vs 2024
Consultant utilisation ¹ %
97.3% 97.5%
92.8% 92.9% 92.7%
2021
2022
2023
2024 2025
-0.2ppts.
vs 2024
Coaching completions
3,179
2,410
1,338
877
828
2021
2022
2023
2024
2025
-6%
vs 2024
164 | 181 | |||
2021 | 2022 | 2023 | 2024 | 2025 |
2 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
1 The business uses the metric 'Consultant utilisation' to monitor all deployed Consultants. Utilisation rate is calculated as the ratio of the cost of deployed Consultants to the total Consultant payroll cost
Operational metrics for the year ended 31 December 2025
UK NA EMEA APAC
Consultants deployed by region
2,500
2,000
1,500
1,000
500
-
2021
2022 2023 2024 2025
Consultant tenure
20%
10%
19%
45%
47%
26%
36%
53%
30%
23%
54%
54%
28%
25%
30%
2021
2022
2023
2024
2025
YR3+ YR2 YR1
New clients
78
74
47
52
45
2021
2022
2023
2024
2025
Internal staff headcount
826
655 722
516
411
2021
2022
2023
2024
2025
3 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Our markets
UK | 2023 | 2024 | 2025 | 25 vs 24 | 25 vs 23 |
Consultants deployed | 1,411 | 1,056 | 910 | (14%) | (36%) |
Coaching completions | 339 | 200 | 198 | (1%) | (42%) |
Revenue | £127.8m | £104.0m | £88.4m | (15%) | (31%) |
Adjusted operating profit | £25.1m | £18.8m | £11.2m | (40%) | (55%) |
Adjusted operating profit margin % | 20% | 18% | 13% | -5ppts. | -7ppts. |
North America | 2023 | 2024 | 2025 | 25 vs 24 | 25 vs 23 |
Consultants deployed | 1,322 | 742 | 500 | (33%) | (62%) |
Coaching completions | 340 | 330 | 332 | (1%) | (2%) |
Revenue | £130.2m | £92.2m | £45.8m | (50%) | (65%) |
Adjusted operating profit | £20.4m | £11.7m | £2.2m | (81%) | (89%) |
Adjusted operating profit margin % | 16% | 13% | 5% | -8ppts. | -11ppts. |
The market remained challenging in 2025. Year-end headcount decreased by 14% from December 2024
The proportion of experienced Consultants remained higher than historic averages, reflecting both restrictions imposed by our clients' budgets on their ability to internalise our Consultants as permanent hires, and an appetite for the skills that more experienced Consultants bring
We continued to closely manage our cost base and incurred
£1.5m of exceptional costs (2024: £3.6m) associated with measures taken to better align the number of benched Consultants and internal staff with demand
We opened 31 new clients in the year (2024: 28)
Consultant headcount decreased 33% from December 2024, partly reflecting, as previously highlighted, a major client's restructuring of its operations following internal regulatory compliance failures unrelated to FDM's services
In 2024, the headcount reductions were concentrated later in the year, which meant full year revenue did not decline as much as end of year headcount. As a result, the year-on-year impact on revenue in 2025 is more significant, with revenue falling 50% compared to a 33% drop in headcount
An increase in client demand towards the end of the year was reflected in our coaching completions as we coached 218 Consultants in the second half of 2025 compared with 114 in the first half
4 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Our markets
Consultants deployed
327
256
124
(52%)
(62%)
Coaching completions
256
138
95
(31%)
(63%)
Revenue
£24.1m
£21.9m
£15.0m
(32%)
(38%)
Adjusted operating profit
£2.1m
£1.3m
£0.1m
(92%)
(95%)
Adjusted operating profit margin %
9%
6%
1%
-5ppts.
-8ppts.
EMEA
2023
2024
2025
25 vs 24
25 vs 23
Consultant headcount decreased 52% from December 2024 as we were impacted by the early conclusion of a client project in Germany
During the year we carried a higher than typical number of undeployed Consultants, contributing to the adjusted operating profit decreasing by more than headcount
Exceptional costs associated with measures taken to better align the number of benched Consultants and internal staff with current demand were £0.8m (2024: £0.1m)
Consultants deployed
832
524
469
(10%)
(44%)
Coaching completions
403
209
203
(3%)
(50%)
Revenue
£51.9m
£39.6m
£28.5m
(28%)
(45%)
Adjusted operating profit
£2.0m
£1.6m
£0.1m
(94%)
(95%)
Adjusted operating profit margin %
4%
4%
0%
-4ppts.
-4ppts.
APAC
2023
2024
2025
25 vs 24
25 vs 23
Consultant headcount decreased by 10% from December 2024
Similar to elsewhere in the Group, challenging markets persisted in 2025 and we coached a comparable number of Consultants year on year
We opened eight new clients in the year (2024: 11)
During the year we entered the Malaysian market, with a small number of Consultants now assigned to clients
5 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Headcount by industry
Industries
51% | 47% | 40% | ||
Financial Services | 15% | 14% | 18% | |
Insurance | 7% | 7% | 10% | |
Government | 6% | 8% | 10% | |
Software G IT Services | 3% | 3% | 5% | |
Commercial G Professional Services | 4% | 6% | 4% | |
Energy | 4% | 3% | 3% | |
Retailing | 1% | 2% | 2% | |
Materials | 1% | 1% | 1% | |
Media G Entertainment | 3% | 2% | 1% | |
Other* | 5% | 7% | 6% | |
Banks
2023 2024
2025
2025
* Other includes
Automobiles G Components
Capital Goods
Consumer Durables G Apparel
Consumer Services
Food, Beverage G Tobacco
Health Care Equipment G Services
Pharmaceuticals, Biotechnology G Life Sciences
Technology Hardware G Equipment
Telecommunication Services
Transportation
6 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
AI - What are clients asking for?
The question is no longer what is AI, but where it can be applied, how it can be deployed safely and how value can be measured.
FDM's Offering
We have integrated AI concepts into practice sprints and coaching activities across all specialisms, embedding AI across all learning pathways. We are committed to building AI capability from the ground up; AI capability, knowledge and understanding is now the baseline.
For clients, we have a three-part offer:
Amongst our clients, the need is not for more tools alone, but for practical support turning AI
Agentic Delivery
AI-fluent Talent Execution Support
capability into governed, adopted and commercially relevant outcomes.
For AI to be effective data sets must be of the highest quality; here we offer a breadth of skills from our data practice.
Design, build and governance of copilots and agents with the right external partners
The future?
Consultants are coached to work effectively with AI tools and support adoption in client environments by embedding AI concepts through all areas of our Skills Lab
Data readiness, workflow redesign, change management and value tracking as a combined proposition
We will enable new products and services by evolving FDM's resourcing-led model into a broader, AI-enabled workforce platform that creates multiple growth pathways for Consultants and alumni. Increasingly we are offering productised, outcome-oriented solutions such as delivery pods, accelerators and managed capability powered by embedded AI to increase productivity and margin.
7 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Summary
2025 was our third challenging year in succession and we demonstrated that our ability to adapt to tough markets is much improved
Revenue of £177.7m (2024: £257.7m) and adjusted profit before tax of £13.7m (2024: £34.0m)
We are maintaining a strong balance sheet, with no debt
In respect of 2025 a final dividend of 4.0p is recommended, with a 6.0p interim dividend having been paid in the year
We secured 45 new clients globally (2024: 52), 31 of which were outside of the financial services sector
The Group saw improved signs of appetite for investment from an appreciable number of clients across some key geographies in the latter part of the year, but geopolitical and economic uncertainty remains. Recent events in the Middle East clearly add to the levels of economic, political and market uncertainty, but the Board is optimistic that areas of the Group less impacted will continue to experience the modest uptick in activity seen over recent months
We are well positioned to respond to increasing demand for AI enabled skills
The Board remains focused on positioning FDM to return to sustainable growth as soon as market conditions permit
8 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
FDM Practices
FDM Practices enhance our ability to respond to clients' needs as they look for more specific, detailed and nuanced skillsets within each job role.
Software Engineering
Change & Transformation
Data & Analytics IT Operations Risk, Regulation
& Compliance
9 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Sustainability and inclusivity
50%
% female within senior management team and their direct reports
89%1
attended a state school
75+
nationalities working together as a team at FDM
-1.7%
UK median gender pay gap in favour of females. The UK business also has reported a mean gender pay gap of
3.7% for 2025
3%
Identify as having a disability
<1 tCO e
2
Intensity ratio of:
Scope 1, 2 and 3 emissions per employee
10 FDM Group (Holdings) plc - Results for the year ended 31 December 2025 1 of our 2025 UK Consultants
Partnerships
Our technology partnerships, with some of the world's most innovative organisations, ensure that we are at the forefront of technological advancements.
11 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Our programmes
12 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Returners
Supporting and training individuals returning after a career break
600+
returners placed on-site to date
Ex-Forces and Veterans
Supporting and transitioning former service personnel into tech and business Consultants
Great British Employers of Veterans Top 50 List 2025
1,100+
former service personnel placed on-site to date
FDM recognition
13 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
2025 | 2024 | ||
£'000 | £'000 | ||
Revenue | 177,727 | 257,704 | |
Cost of sales | (100,247) | (142,754) | |
Gross profit | 77,480 | 114,950 | |
Administrative expenses | (66,708) | (87,511) | |
which includes: | |||
Exceptional items | (2,604) | (4,894) | |
Impairment loss | (3,272) | - | |
Operating profit | 7,500 | 27,439 | |
Finance income | 1,568 | 1,927 | |
Finance expense | (1,425) | (1,304) | |
Net finance income | 143 | 623 | |
Profit before income tax | 7,643 | 28,062 | |
Taxation | (1,974) | (7,555) | |
Profit for the year | 5,669 | 20,507 |
Income Statement
For the year ended 31 December 2025
14 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
2025 | 2024 | ||
£'000 | £'000 | ||
Non-current assets | |||
Right-of-use assets | 16,963 | 19,614 | |
Property, plant and equipment | 1,389 | 1,974 | |
Intangible assets | 16,501 | 19,464 | |
Deferred income tax assets | 209 | 481 | |
35,062 | 41,533 | ||
Current assets | |||
Trade and other receivables | 18,526 | 28,532 | |
Income tax receivables | 836 | 797 | |
Cash and cash equivalents | 35,282 | 40,588 | |
54,644 | 69,917 | ||
Total assets | 89,706 | 111,450 | |
Current liabilities | |||
Trade and other payables | 16,898 | 20,734 | |
Lease liabilities | 5,068 | 4,586 | |
Current income tax liabilities | 54 | 1,010 | |
22,020 | 26,330 | ||
Non-current liabilities | |||
Lease liabilities | 14,841 | 17,122 | |
Provisions | 699 | 658 | |
15,540 | 17,780 | ||
Total liabilities | 37,560 | 44,110 | |
Net assets | 52,146 | 67,340 |
Statement of Financial Position
As at 31 December 2025
15 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
2025 | 2024 | |
£'000 | £'000 | |
Cash flows generated from operations | 21,924 | 33,108 |
Interest received | 1,568 | 1,927 |
Income tax paid | (2,671) | (5,796) |
Net cash inflow from operating activities | 20,821 | 29,239 |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment | (188) | (335) |
Net cash used in investing activities | (188) | (335) |
Cash flows from financing activities | ||
Proceeds from issuance of ordinary shares | - | 1 |
Proceeds from sale of shares from EBT | 145 | 299 |
Principal elements of lease payments | (3,649) | (3,676) |
Interest elements of lease payments | (1,339) | (1,225) |
Finance costs paid | (88) | (57) |
Dividends paid | (20,273) | (31,677) |
Net cash used in financing activities | (25,204) | (36,335) |
Exchange (losses)/ gains on cash and cash equivalents | (735) | 793 |
Net decrease in cash and cash equivalents | (5,306) | (6,638) |
Cash and cash equivalents at beginning of year | 40,588 | 47,226 |
Cash and cash equivalents at end of year | 35,282 | 40,588 |
Statement of Cash Flows
For the year ended 31 December 2025
16 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
Forward-looking statements
This report contains statements which constitute "forward-looking statements". Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. Subject to any requirement under the Disclosure Guidance and Transparency Rules or other applicable legislation or regulation, the Group does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Shareholders and/ or prospective shareholders should not place undue reliance on forward-looking statements, which speak only as of the date of this report.
17 FDM Group (Holdings) plc - Results for the year ended 31 December 2025
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