In a trading update today, Matchtech Group PLC (MTEC:LSE), an engineering and technology recruitment agency, said profit for the year ended July 31 2016 is in line with its previous expectations.

Group Net Fee Income of £73.2 million was up 34% from the previous year (+1% on a like-for-like basis). This included the full year effect of the Networkers acquisition, which was completed on 2 April 2015.

On a like-for-like basis Engineering's NFI was up 6% on prior year with similar levels of growth in both halves of the year, up 7% and 5% respectively. This was counterbalanced by a decline in Technology NFI though performance improved through the year (-11% in H1 2016 and 0% in H2 2016)  The company said that the IT market segmentation and sales restructure, announced at April's Interim results and carried out in Q4 2016 is already starting to bear fruit  with further benefits expected to be seen in the new financial year.

The group said there was particularly strong annual growth in Infrastructure, Professional Staffing, and Engineering Technology offset by weaker performance in Oil & Gas and Maritime.

"As I reported at the time of the Interim Results in April, demand for skilled engineers remains strong in the UK and, notably, we have yet to see any impact on vacancy flow in the six weeks since the EU Referendum,” Brian Wilkinson, Chief Executive Officer, said.

 As announced on 18 July 2016, Matchtech Group plc intends, subject to shareholder approval, to rename as Gattaca plc.

The proposed change follows extensive research conducted by the group of its employees, candidates and current and potential clients as to their view of the constituent brands that make up the enlarged Group. This research showed that the Group brand (Matchtech Group plc) and the operating engineering brand (Matchtech) sharing the same name could be a source of confusion.

"Our proposed new name, Gattaca, is a sign of our ambition and I remain confident that we will convert the exciting opportunities available to the Group into growth," Wilkinson said.

The group expects to announce its full year results for the 12 months to 31 July 2016 on Thursday 3 November 2016.

"We remain committed to our strategy of being the leading specialist Engineering and Technology recruitment group. The proposed change of plc name is the next step in the Group's development, following the acquisition of Networkers International plc in April 2015. The acquisition brought Telecoms and Technology expertise to Matchtech's existing strength in Engineering and Technology. It has enabled the Group to capitalise on the convergence of the skill sets demanded by these markets and allowed Matchtech to internationalise its existing service offering by leveraging Networkers' global infrastructure.”

As of last trade, Matchtech Group PLC (MTEC:LSE) traded at £357.56, up 5.91% on the day and 24.59% above the 52-week low of £287.00 set on 8 July 2016. Based on its current share price, the company has a market value of £98.11 million.