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Matchtech Group announce 10% increase in revenue

Financial Highlights

2014

2013

Change

Revenue

&pound451.6m

&pound408.9m

10%

Net Fee Income1 (NFI)

&pound45.0m

&pound38.4m

17%

Underlying NFI 2 

&pound43.2m

&pound38.4m

13%

Contract NFI

&pound32.8m

&pound27.2m

21%

Permanent recruitment fees2

&pound12.2m

&pound11.2m

9%

Contract NFI / Permanent fees mix

73%/27%

71%/29%

EBITA3

&pound13.6m

&pound10.7m

27%

Underlying EBITA2 3

&pound12.7m

&pound11.1m

14%

Profit before tax

&pound11.9m

&pound9.9m

20%

Basic earnings per share

37.0p

32.0p

16%

Adjusted basic earnings per share3

39.1p

32.9p

19%

Adjusted diluted earnings per share3

36.9p

31.6p

17%

Final proposed dividend

14.59p

12.85p

14%

Total proposed dividend

20.00p

18.00p

11%

Operating cash conversion

121%

110%

Net debt

&pound3.1m

&pound10.5m

down &pound7.4m

The following footnotes apply, where indicated, throughout these Preliminary Results:

1 NFI is calculated as revenue less contractor payroll costs

2 Underlying results exclude trading of the Provanis acquisition and restructuring costs in 2013 (&pound0.4m)

3 Adjusted results exclude &pound0.7m (2013: &pound0.2m) of amortisation from acquired intangibles

  

Commenting on the results, Adrian Gunn, chief executive of the Group, said, "The Group has continued its track record of delivering year-on-year double-digit growth in Net Fee Income and it is particularly pleasing that contract margins have also increased, driving a 19% increase in adjusted earnings per share.

"There remains very strong demand in the UK and worldwide for skilled engineers and this demand is increasing as the global economy recovers and manufacturing output rises. The Group is ideally placed to benefit from these trends due to our niche focus within Engineering and Technology, market leading position and balanced business model of contract and permanent recruitment.

"We therefore continue to invest to accelerate the on-going medium term success of the business particularly focusing on increasing our consultant headcount within Engineering in the first half of FY2015.

"We have refined our 2017 Vision for the Group to be a market leading specialist recruiter, the employer of choice, the best partner to clients & candidates with a rapidly developing international business.

"The new financial year has started well, building on our solid foundations and I am confident that the Group will continue to make significant progress again this year."

 

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