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Matchtech Group plc Reports Half Year Financials

Matchtech Group plc Reports Half Year Financials

Matchtech Group plc one of the UK's leading recruitment solutions specialists, has announced its unaudited results for the six months ended 31 January 2012.

Financial Headlines

• Revenue: Up 25% to &pound176.7m (2011 H1: &pound141.1m)

• Net Fee Income (NFI) *: Up 26% to &pound17.2m (2011 H1: &pound13.6m)

• Permanent recruitment fees: Up 33% to &pound5.6m (2011 H1: &pound4.2m)

• Contract NFI: Up 23% to &pound11.6m (2011 H1: &pound9.4m)

• Record number of contractors on placement **: Up 23% to 6,400 (31 Jan 2011: 5,200, 31 July 2011: 6,000)

• Profit from Operations: Up 36% to &pound3.4m (2011 H1: &pound2.5m)

• Profit before tax: Up 39% to &pound3.2m (2011 H1: &pound2.3m)

• Interim dividend maintained at 5.0p (2011 H1: 5.0p)

• Net debt ** of &pound11.0m (31 January 2011: &pound4.8m, 31 July 2011: &pound16.0m)

* NFI is calculated as Revenue less Contractor Payroll Costs

** At end of period: 31 January 2012

Operational Highlights

• Matchtech UK achieved NFI growth of 20%, with Engineering, Built Environment and Information Systems & Technology sectors all reporting significant progress in H1 2012

• Professional Services, which comprises the Barclay Meade and Alderwood Education brands, benefited from the investment in sales force headcount in 2011 by delivering 82% growth in Permanent Recruitment fees

• Permanent recruitment fees now represent 33% of Group NFI

• NFI per head in the period increased by 12%

• Acquisition of certain business assets of Xchanging Resourcing Services Limited ("XRS") in January 2012 allows the Group to expand into new markets

Commenting on the results, George Materna, Chairman of the Group said:

"The Group delivered a strong performance in the first half of the year.

Matchtech UK has seen unprecedented demand for contract staff within its core markets, with a record number of contractors on assignment, and Professional Services has fuelled strong growth in Permanent fees.

Trading has continued to progress solidly since our last update on 2 February 2012 and the Board currently anticipates that the results for the year to 31 July 2012 will be in line with its previous expectations."


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