Specialist engineering and professional services staffing firm Matchtech (MTED: LSE) reported revenue for the six months ending 31 January 2016 of £297.9 million, an increase of 35% compared with £220.2 million during the same period last year.

"The Group today announces another solid set of results, reflecting the continuing strategic and operational progress we are making,” Brian Wilkinson, Chief Executive of Matchtech Group, said. "The acquisition of the Networkers business in April 2015 has enabled the Group to deliver a 62% increase in NFI for the period. Cost synergies are being realised as planned, with more to come in the second half-year.”

Matchtech had acquired staffing firm Networkers in April 2015.

“The acquisition of Networkers in April last year gave us the platform to accelerate the expansion of our engineering brand overseas,” Wilkinson said. “As we build on our existing international capabilities, we see vast opportunities globally, with our initial focus on renewable energy, infrastructure and maritime in Europe, the Middle East and the Americas.”

"Performance in the first half of FY 2016 is in line with management's expectations, with NFI growth in Engineering of 7% and Telecoms of 11% compared to the second half of last year,” said Wilkinson. “IT declined 20% against 2015 H1, improving to a 9% decline against 2015 H2, and management actions are in hand to deliver an improved performance, with a new IT market segmentation implemented post period end giving clear niche specialist focus in attractive markets where we have high levels of capability.”

"Demand for skilled engineers remains strong in the UK,” Wilkinson said. “Having identified a number of opportunities to roll out our Engineering recruitment services internationally, we have taken the first practical steps to realise sales synergies through our new overseas network, with some encouraging initial results.  Investment in headcount is continuing in these areas as we aim to build market share and I remain confident that we will convert these exciting opportunities into significant growth over the next few years."

Engineering accounted for 60% of the Group’s NFI. Matchtech saw a strong permanent fee performance across Engineering and Technology with fees up 12% on the second half of last year. Engineering's NFI was up 7% to £21.7 million, an increase of 7% compared to the same period last year.

Technology accounted for 40% of the Group’s NFI. Technology's NFI was down 11% to £14.2 million compared to £15.9 million during the same period last year.

In trading today, Matchtech Group traded at £471.00, up 2.39% on the day and 14.88% above the 52-week low of £410.00 set on 3 March 2016. Based on its current share price, the company has a market value of £142.24 million.