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04 February 2010
MatchTech Group (MTEC:LSE), the specialist technical recruitment firm, today provides a trading update ahead of the publication of its interim results for the six months ended 31 January 2010.
Total net fee income was down by -9% to 12.4 million Pounds on the prior six months to 31 July 2009.
Net fee income generated in permanent staffing was down from 31% in H1 2008/09 to 24% in H1 2009/10.
Net fee income generated in contract staffing was up from 69% in H1 2008/09 to 76% in H1 2009/10.
The Group's new Stuttgart operation, Matchtech GmbH, which focuses on the German engineering markets, commenced trading in August 2009. It has made a sound start with net fee income in line with the Board's expectations.
The new "elemense" Recruitment Process Outsourcing (RPO) brand, launched in July 2009, has shown early signs of success in delivering broader RPO services.
The Board has continued to take steps to ensure that the Group's cost base is appropriately aligned with prevailing market conditions, whilst still focusing on selected opportunities to strengthen the business for the future.
The Board's outlook for the current financial year to 31 July 2010 is unchanged from that set out at the time of the AGM Statement on 20 November 2009.
In early trading MatchTech's shares were down by -2.42% to 222 Pence.