Specialist engineering and professional services staffing firm Gattaca (GATC:LSE), formerly known as Matchtech Group , has published a trading update for the six months ending in 31 January 2017.

Growth in the Engineering Technology and Aerospace sectors were offset by weakness in most other sectors as the time to hire lengthened following the outcome of the EU referendum. However, vacancy flow continues to be strong.

Within the technology sector, IT saw a return to growth, up 1% following a year of decline (2016 H1: down 21%, 2016 H2: down 14%). However, Telecoms declined 14%, with a flat year-on-year performance in the UK offset by delays in a number of client projects internationally.

"This is a solid set of results, achieved during a period of economic uncertainty in the UK and the US,” Brian Wilkinson, Chief Executive Officer, said. “We are pleased that demand in the UK for skilled Engineers remains robust and vacancy flow is increasing, however uncertainty has led to elongated hiring decisions.”

Gattaca has also announced that it has acquired a majority stake in Resourcing Solutions Limited , a niche engineering recruitment business that provides specialist contract and permanent candidates to clients operating in the Rail, Power and Built Environment sectors.

Under the terms of the acquisition, Gattaca's wholly-owned subsidiary, Matchtech Group (Holdings) Limited will initially acquire 70% of Resourcing’s issued share capital for £6.9m from founder and CEO Richard Lawrance, and Alysoun Stewart, an investor in Resourcing, with the remaining 30% subject to a put and call options exercisable from 12 months post-completion for 5.0x trailing EBITA at that time. The maximum total consideration payable is £15.0 million. All consideration is payable in cash and will be funded from the Group's existing resources.

"The acquisition of Resourcing Solutions Limited is a further step forward in the growth strategy for the group,” Wilkinson said. “We are excited by the opportunities it creates to significantly broaden our capability in the UK's Rail, Power and Built Environment markets where we are seeing continued investment.

"Following our acquisition of Networkers in April 2015 we have identified Rail-related opportunities in many of our international locations,” Wilkinson said. “The addition of Resourcing's capabilities, knowledge and experience in the sector will enable us to secure more of these opportunities.”

"As a long term admirer of Gattaca's business, when we were seeking a strategic partner to help accelerate the growth of Resourcing, Gattaca was our preferred choice,” Resourcing Chief Executive, Richard Lawrance, said. “I am delighted that Resourcing is now part of Gattaca and see great opportunities for all our staff to conduct more business with the backing and support of a larger group.  I look forward to working with them to develop the business further."

Looking forward, Gattaca claims the phasing of planned client projects in the second half of the year and, encouragingly, the improving performance of their IT Division, means the Board has confidence that profit for the full year will be in line with its previous expectations.

As of last trade, Gattaca PLC (GATC:LSE) traded at £290.07, up 0.37% on the day and 13.75% above the 52-week low of £255.00 set on 10 January 2017. Based on its current share price the company has a market value of £90.1 million.