Gattaca – the 2026 Finals reported a steady increase while expectations are for even greater profits for this cash-rich group, shares 153p, SQC TP 200p
Mark Watson-Mitchell – 10.11.2026
OUR MISSION:
“Every day we deliver a service that is so trusted that our clients, candidates, colleagues and suppliers recommend us without hesitation.”
In less than a month’s time, Tuesday 8th December, the specialist staffing solutions business, Gattaca (LON:GATC) will hold its AGM to approve the Report & Accounts for its results to end-July this year.
This Group’s shares have performed well this year, up 69% to the current 153p.
Trading on ratings cheaper than its sector peers, currently SQC Research has a 200p Target Price out on the shares, suggesting a 30% Upside is still available.
The Business
With its headquarters in Fareham, Hampshire, Gattaca is a human capital resources business providing contract and permanent recruitment services in the private and public sectors across the UK, Europe and North America regions.
Its segments include Mobility, Energy, Defence, Digital Technology, Infrastructure, Commercial & Professional, Gattaca Projects and International.
The Group offers a range of recruitment solutions, such as workforce solutions, technical recruitment solutions, engineering and technology solutions, workforce insights, events, and resources, and others.
It also provides a range of engineering and technology services to support clients’ needs, from engineering design services to analysis.
The business serves various markets, such as aerospace, automotive, defence, and banking and financial services.
Gattaca Projects solves complex technical and operational challenges through tangible outcome-based services.
The Company’s brands include Gattaca Solutions, Gattaca Projects, Matchtech, and Barclay Meade.
Net Fee Income remains its primary measure of financial performance, representing the gross margin earned across all of its revenue streams.
This includes:
Contract income: The margin generated on time worked by Independent and Employed Contractors over the duration of their assignments.
Permanent placement fees: One-time charges calculated as a percentage of a candidate’s starting salary.
Statement of Work outsourcing: Margins earned from managing defined projects or deliverables where it takes responsibility for outcomes, timelines, and quality standards.
The Group’s strategic weighting towards contract and SOW engagements provides resilience and strong forward visibility, as these arrangements typically generate repeatable, predictable fees and foster long-term client relationships.
2026 Final Results
Last Tuesday, 3rd November, the Group reported FY26 revenue of £443.3m (+11% YoY) and Net Fee Income (NFI) of £43.2m (+11%, like-for-like +7%), with contract NFI up 16% and SoW NFI down 44%; underlying EBITDA rose to £7.0m (+94%) and continuing underlying profit before tax was £6.1m (+85%), delivering reported profit after tax of £4.0m and basic EPS of 12.7p (up 81%).
Net cash was £15.4m with £32.0m undrawn facility headroom, NFI per sales head increased 20% and per total head 19%, the Board proposes a full-year dividend of 6.0p (final 4.67p) and expects FY27 underlying PBT of c. £6.5m.
Management Comment
CEO Matthew Wragg stated that:
“Looking ahead, I am excited to see us continue to build momentum.
We enter the year with real positivity.
Recognised as a great place to be, with great culture, tools and a place where people can enjoy their work, be successful and contribute positively to the markets that we serve.
Our continued focus on our strategy, a healthy opportunity pipeline and a robust balance sheet, places us well to continue to build sustainable growth for FY27 and beyond.”
The Equity
There are 31.53m shares in issue.
The larger holders include George Materna (25.62%), MMGG Acquisition (22.8%), Interactive Investor Services (5.33%), Hargreaves Lansdown Asset Management (5.00%), Chelverton Asset Management (3.74%), Apex Financial Services (Trust Company) (3.11%), Hargreaves Lansdown Fund Managers (1.71%), IG Markets (0.72%), HSBC Global Asset Management (0.34%), Seven Investment Management (0.32%) and HSBC Bank (Market Maker) (0.13%).
Broker’s Views
Just a week ago, analysts Sanjay Vidyarthi and Joe Brent, at Panmure Liberum, reiterated their Buy recommendations on the Group’s shares, with a 200p Target Price.
For the current year to end-July 2027 they are estimating net fee income to rise to £45.3m (£43.2m) with pre-tax profits increasing to £6.5m (£6.1m), generating earnings of 14.4p (13.3p) and paying out a healthy dividend of 6.9p (6.0p) per share.
The 2028 year could see £47.8m NFI, with £7.5m profits, 16.5p earnings and a dividend per share of 8.0p.
Their guesstimates for 2029 are for £50.3m income, £8.3m profits, 18.2p per share in earnings and 8.8p of dividend.
“Gattaca’s strong NFI and profit growth demonstrate material outperformance versus the sector and we expect this to continue going into FY27E.
While liquidity remains a factor, a CY27E EV/EBIT (ex leases) of just 4.9x (versus SThree on 11.8x and Hays on 11.9x) remains too cheap.
We maintain our TP of 200p (7.5x EV/EBIT) and Buy recommendation.”
My View
With an estimated £13m net cash on today’s balance sheet, easing to £11.9m by the current year-end, the Group looks strong enough to make some bolt-on acquisitions.
Since my mid-March Profile on the Group, its shares have risen from 104p to 175p, then back down to the current 153p.
Encouraged by the broker analyst estimates, I stand firmly with my 200p Target Price.
(Profile 16.03.26 @ 104p set a Target Price of 125p*)
(Profile 08.06.26 @ 147.50p set a Target Price of 165p*)
(Profile 03.08.26 @ 164p set a Target Price of 200p)
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