Annual profits

Gattaca PLC’s annual profits plunge but it is more confident after the restructuring

The tech and telecoms recruiter had net cash of £ 27.3million at the end of the year

Gattaca PLC (LON: GATC) reported a 61% drop in pre-tax profit to £ 1.4million for the year ending July 2020.

But the IT and telecom recruiter said he had a solid balance sheet and that the effects of his recent restructuring were being felt.

The AIM-listed group said the first months of the new fiscal year had shown “some encouraging signs of increased activity” in its major markets, but remained cautious about the timing of any recovery due to the potential impact of a second overtime. coronavirus lockdown in England.

The acceleration of a group-wide ‘improvement plan’ over the past year has led to the restructuring of the technology business unit and a net cash position of £ 27.3 million sterling at the end of July.

For the year ended, Gattaca generated revenue of £ 538.7million, down 15% from the previous year, while net commissions of £ 54.3million increased. decreased by 21%.

In the results statement, Kevin Freeguard, Managing Director of Gattaca, said: “With other benefits from our improvement plan to come and our strong, no-commitment track record, we are confident that Gattaca is well positioned for the to come up. “

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