FDM Group (Holdings) (FDM) H1 2026 earnings summary

Executive summary

• Revenue declined 19% year-over-year to £78.6m, with adjusted profit before tax down to £5.5m from £9.0m and profit before tax down 49% to £4.1m.

• Consultant headcount rose sequentially to 2,042 but remained below the prior year; coaching completions increased to 609, up 50% versus the previous half.

• 27 new clients were secured globally, with 16 outside financial services.

• A Product Centre of Excellence was established to enhance consultant readiness and AI capabilities.

• Market conditions remain uncertain due to macroeconomic and geopolitical instability, impacting client investment decisions.

Financial highlights

• Revenue for H1 2026 was £78.6m, down 19% year-over-year and 2% sequentially.

• Adjusted profit before tax was £5.5m, down 39% year-over-year; profit before tax was £4.1m, down 49%.

• Adjusted basic EPS dropped 40% to 3.8p; basic EPS was 2.8p, down 51%; interim dividend per share halved to 3.0p.

• Gross profit was £35.3m, down from £44.3m in H1 2025.

• Closing cash stood at £31.1m, a 10% decrease year-over-year; cash conversion was 104%, down from 155%.

Outlook and guidance

• Modest pickup in trading activity continued, but uncertainty persists; too early to determine if improvements will persist.

• The Board remains focused on cost management and aligning resources to demand.

• The business is positioned for profitable growth when market conditions improve.