Matchtech Group NFI up 2%
Underlying profit before tax up 5% to £6.3m (2014 H1: £6.0m). Basic earnings per share of 15.1p (2014 H1: 18.1p). Underlying basic earnings per share up 2% to19.9p (2014 H1: 19.6p). Underlying results exclude acquisition costs, amortisation of acquired intangibles and non-recurring restructuring costs. Net debt at 31 January 2015 reduced by £6.7m to £1.9m (2014 H1: £8.6m)
Interim dividend increased by 5% to 5.68p (2014 H1: 5.41p) to be paid on 19 June 2015 to shareholders on the register at 29 May 2015
Acquisition and new business
Acquisition of Networkers International (“Networkers”) completed on 2 April 2015. The acquisition values the entire issued and to be issued share capital of Networkers on a fully diluted basis at approximately £57.9 million.
Further Information about Networkers and the acquisition was provided in the Group’s announcement on 28 January 2015.
A number of contracts signed with new and existing clients during and since the half year, including a six-year agreement commencing 16 March 2015 to provide Southern Water with engineering, operational and head office staff. The Group has also announced today the signing of four additional contracts, including the extension of an existing contract with BAE for a further three years, to provide engineering and technology staff across the company.
Commenting on the results, Brian Wilkinson, Chief Executive Officer, said, “The Group has delivered a steady performance in the period. We continue to sharpen the focus in our core business areas, in line with our strategy.
“We now enter the next phase in our development of the Group following the completion of the acquisition of Networkers and are very excited by the prospects of the enlarged group. We continue to see major opportunities in our core markets.
“The addition of telecoms recruitment to our portfolio creates an even stronger specialist Group. The acquisition also adds long-standing, substantial and profitable overseas operations to the Group which enables us to accelerate the introduction of our Engineering services to our international customers, also in-line with our strategy. We are now working on the integration of Networkers to ensure the combined operations provide an enhanced client experience and a stronger platform for future growth.
“Based on opportunities won, trading in the two months since the half year and continued close cost management the Board anticipates the Group’s results for the year to 31 July 2015 will be in line with expectations with an additional maiden four-months contribution from Networkers from April to July.”