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Matchtech Group plc Preliminary Results for the year ended 31 July 2012

Matchtech Group plc Preliminary Results for the year ended 31 July 2012

Matchtech Group plc has announced its Preliminary Results for the year ended 31 July 2012.

Financial Headlines

Revenue &pound371.4m up 23% (2011: &pound301.8m)

Net Fee Income* (NFI) &pound36.1m up 21% (2011: &pound29.8m)

Permanent recruitment fees &pound11.5m up 22% (2011: &pound9.4m)

Mix between contract NFI and permanent fees continues at 68%:32% (2011: 68%:32%)

Profit before tax &pound8.0m up 25% (2011: &pound6.4m)

Basic earnings per share 24.3 pence up 20% (2011: 20.3 pence)

Net cash from operating activities was &pound6.5m (2011: outflow &pound7.4m) with operating cash conversion of 106% (2011: -72%)

Final dividend maintained at 10.6 pence giving total dividend for the year of 15.6 pence (2011: 15.6 pence) and providing increased cover of 1.6x (2011: 1.3x)

Net debt of &pound14.5m (2011: &pound16.0m)

* NFI is calculated as revenue less contractor payroll costs.

Operational Headlines

Unprecedented demand for contractors across all engineering sectors with record numbers on assignment

Supplying UK clients who have:

Global demand for their services

Multi-year engineering infrastructure projects in the UK

Acquisition of the internal recruitment arm of Xchanging plc

The Professional Services brands of Barclay Meade & Alderwood are now well established and much improved performance with losses halved to &pound1.4m

New, simpler reporting structure established for FY2012/13. The business will be managed in two distinct segments, Engineering and Professional Services.

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

“The Group delivered 21% growth in NFI in the year ended 31 July 2012. Our diversification strategy is continuing to bear fruit and we are seeing unprecedented demand for contract staff within our engineering markets with a record number of contractors on assignment.

Since our Pre-close Trading Update on 2 August 2012 trading has remained in line with the Board’s expectations, with contractor numbers continuing to grow well, up 2% in the two months to 30 September 2012. Permanent recruitment time-to-hire has been elongated and has started the year on a par with last year.

The changes we introduced over the past two years to the Group’s structure position us well for continued growth, particularly by supplying more contractors to UK clients who have global demand for their services or are working on large, multi-year engineering infrastructure projects in the UK and overseas markets.

We look forward with confidence to the year ahead.”


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