NewswireToday - /newswire/ -
Brighton, East Sussex, United Kingdom, 2010/02/19 - The international IT Services Provider, FDM Group, today announces the completion of the management buyout, backed by private equity firm, Inflexion.
FDM Group was delisted from the AiM market on 19th February 2010, returning to its roots as a private organisation.
With offices in the UK, Europe and the USA, FDM specialises in five core service areas: Development, Application Support, Testing, Infrastructure and Training. However, it is ‘how’ they do it rather than ‘what’ they do that differentiates this company from other global IT services providers. FDM employs IT graduates, who are trained through their award-winning academy programme to become professional IT Consultants (known as “Mounties”). Mounties are placed at various client sites on a contract basis, typically lasting 1-2 years. By combining training and commercial experience, this innovative programme cements the foundations of IT careers, as well as supporting the Mounties throughout their journey.
With over 200 prestigious clients worldwide, FDM (fdmgroup.com) continues to deliver results in short timescales, without compromising on quality, which is what a number of blue-chip companies have difficulties in mastering (due largely to the grand scale of their operations). FDM solutions are completely flexible, typically tailored to suit specific client needs. As at 31 December 2009, the business had deployed 340 Mounties together with a further 380 associate consultants, offering a highly scalable and integrated solution.
FDM’s unique business model has enabled the company to grow steadily throughout the downturn that has significantly impacted other organisations in its field. Unaudited 2009 EBITDA was £5.4m, up from £4.3m in 2007, and gross margin expanded to 28% from 23% over the same period, as higher margin Mountie placements outgrew associate consultant business.
In 2010, demand picked up significantly and FDM now have circa 850 billable individuals at work, up from 600 at this time last year. FDM’s strategy is to continue this growth by expanding the range of industry sectors and geographies targeted, whilst also adding more IT specialisms to the academy training programme.
Chief Executive Officer of FDM, Rod Flavell, commented: “Taking the business private is a challenge that we have been looking forward to for some time now. I would like to thank all members of staff for their continued contribution and hard work. 2009 represented both the end and the beginning of a satisfying journey, where despite the economic climate, FDM prevailed as an innovative leader in its field.”
As a private organisation, FDM’s long-standing management team has regained control. Impressively, 85% of the management team have been with the company for over five years. Out of that figure, 54% have been employed for longer than a decade, which is testament to the loyalty and commitment of their staff. With the continued support of their exceptionally strong management team, the future looks brighter than ever.