6th Feb 2014 13:06
LONDON (Alliance News) - Recruitment business Matchtech Group PLC Thursday said it expects full-year results to be slightly ahead of current expectations, reflecting a strong performance across the business.
The holding company, which works with contract and permanent staffing businesses, said net fee income from continuing operations rose 15% to GBP21.2 million in the six months ended January 31, from GBP18.5 million a year earlier.
Within continuing operations, the engineering division saw net fee income rise 14% to GBP13.1 million in the first half, compared with GBP11.5 million a year earlier. Professional services net fee income rose 16% to GBP8.1 million from GBP7.0 million in the corresponding period.
Matchtech said the business mix remained the same as the previous year, with contract net fee income accounting for 71% of total net fee income in the period and permanent fees accounting for 29%.
The firm said Provanis, a technology recruitment business that it acquired for GBP3.6 million in September last year, has traded in line with expectations.
"The integration is going well as we look to cross sell its services into the group's wider client base," it added.
Matchtech said net debt fell to GBP8.7 million in January, from GBP8.0 million a year earlier
The stock was trading at 555.25 pence Thursday morning, up 5.25 pence or 1.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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