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Matchtech Group PLC (MTEC: LSE) released a trading update ahead of their annual general meeting to be held today. According to the update, trading in the first quarter of its new financial year has been in line with expectations.
Matchtech advised that net fee income was up +13% to £11.1 million for the first quarter ending 31 October 2013, compared with the same period last year. Contract net fee income rose by +14% to £8 million from last year, with permanent fees of £3.1 million equating to a year-on-year rise of +11%.
The holding company, which works with contract and permanent staffing businesses, said that demand for contract recruitment continues to grow, as the UK economy moves further into recovery mode. It said that it is now seeing the first signs of permanent candidate confidence returning.
In October Matchtech announced revenue and profit growth for the year ending 31 July 2013. In recent months the company has also announced the acquisition of Provanis, a niche technology recruitment business, and changes to its board.
George Materna, Chairman of Matchtech commented: “We look forward with confidence to the year ahead.”
In trading today, the company’s share price rose by +0.9% to £5.62, an increase of +150.8% compared with a year ago. Based on its share price, the company has a current market value of £137.5 million.