Gattaca up despite tough year

The price of shares in AIM-listed recruitment firm Gattaca (LON:GATC) surged 29.89% to 57.15p (as of 15:10 GMT) after the company posted results for the year ended 31st July. Revenues were down by 15% and profits fell by 57% as COVID negatively impacted the recruitment industry.

CEO Kevin Freeguard commented: “Whilst the past 12 months have been overshadowed by the onset of the COVID-19 pandemic, I am pleased with the resilience that the business has demonstrated during this time and the strategic progress we have made. Our staff have been our number one priority during this time, and I would like to thank them for their hard work and the commitment they have shown throughout this challenging period.

“During the year, we accelerated the implementation of our Group-wide Improvement Plan and the changes made throughout the business have improved both our agility and ability to react quickly and cost-effectively to changes in demand. Prior to the pandemic the demand for STEM skills, our core focus, was growing significantly and, whilst we remain cautious as to the timeframe for economic recovery and the potential impact of an extended second lockdown in England, we have been encouraged by the signs of increased activity in our core markets in the first few months of the new financial year. With further benefits from our Improvement Plan to come, and our robust and covenant-free balance sheet, we are confident that Gattaca is well-placed for the future“.