Numbers FY21 £267.4m flat revenue (Mountie phasing) and headcount of 4,033, up 13%, was released at the Jan update. EBITA was up 11%, beating our forecast by 4%. EPS of 33.2p was 10% ahead (tax) of our estimate with DPS 33p also ahead by 3%. Cash of £52.1m, with 110% conversion, was in line. Records being set FDM is witnessing a very strong trading backdrop, with its offering totally aligned to the current spend climate. There were 2,410 training completions in 2021, a record high for the group, with client demand now accelerating further across most regions, also at record highs. The group is investing in trainers, infrastructure, recruitment teams and also Mountie wage structures in some locations, to further widen its pool of Mountie recruits, to satisfy demand. Remote training has been a success and also allows for cross border training. This hybrid model is likely to lead to material office cost reductions in coming years, which can be recycled back into many of the ongoing growth initiatives of the business. Avenues of growth The Mountie model is driving strong demand, being pitched at the right price point, skill set, flexibility, location, in-sourcing options and diversity balance, solving acute pain points for its clients in the current IT and business operations talent skills gap. Initiatives such as the Apprenticeship programme, Tech Industry Gold standard accreditation, partnerships (Salesforce, AWS, MFST), pod models, vertical and geographical expansion all add to what we see as a strong growth path ahead. Forecasts As discussed overleaf, we up revenue and headcount forecasts but leave profits the same for now, with investment being made in the business and conscious of the geo-political backdrop. However, we would expect gearing to come through as revenues build and see profits well underpinned. View We expect shares to recover some of the indiscriminate sector sell off with strength of FDM’s momentum clear and dividend yield giving a floor. Buy.