Daily NewsView All News
Matchtech Group plc (MTEC:LSE),the specialist technical recruitment company, today announces its unaudited results for the six months ended 31 January 2010.
Revenues were down by -9% on H1 2009 and down by -5% on H2 2009 to 125.4 million Pounds. Net Fee Income (NFI) was down by -25% on H1 2009 and down by -9% on H2 2009 to 12.5 million Pounds.
Permanent recruitment fees of 2.8 million Pounds were down by -47% on H1 2009 but in line with H2 2009.
The number of contractors on placement reached 4,750 at 31 January 2010, which was up +6% on 31 January 2009 and up +6% on 31 July 2009.
Commenting on the results, George Materna, Chairman of Matchtech said, "we are pleased with these first half results in what remain challenging economic conditions. Increased business development work is resulting in increased exclusivity with customers, although levels of business remain subdued in many markets."
"We took steps during 2009 to reduce the Group's cost base to reflect market conditions. With around 50% of the Group's NFI exposed to sectors dependent on the public sector, albeit much of it on long-term contracts, we will continue to monitor the impact of future changes to public sector expenditure to ensure resources remain appropriately aligned with market conditions."
"At the same time we continue to invest in selected strategic initiatives. The new 'elemense' Recruitment Process Outsourcing (RPO) brand, launched in July 2009, has shown early signs of success in delivering broader RPO services in the technical sector. We are now seeking to strengthen our business development activity in non-technical markets."
"Our recently launched German operation, which focuses on the engineering market, has made a sound start in line with our expectations."
"We increased the Group's headcount by +3% over the period, including making key senior appointments within Professional Services, a sector in which there are early signs of increased activity and one in which we are developing our plans for expansion in FY2010/11."
"Looking ahead, we anticipate a material increase in the Group's sales force headcount over the coming months."