Made Tech Share News (MTEC)

LONDON (Alliance News) - Matchtech Group PLC on Thursday said its operational performance was in line with its expectations in the first half of its financial year, with profit for the full year to July 31 also expected to be in line.

In an update on the six months ending January 31, the engineering and technology recruitment business said net fee income for the group in the first half was up to GBP35.7 million, versus GBP22.5 million in the corresponding half the prior year. On a like for like basis, net fee income was down 1.0% to GBP35.7 million, with the weekly run rate up 4.0% on the second half the prior year.

The company said its sales force headcount increased by 5.0% on a like for like basis to 515 over the course of the first half.

Meanwhile, the company said the integration of Networkers, a telecoms and technology recruiter acquired in April 2015, has seen encouraging progress, and was cited as the driver behind the increase in net fee income.

"We continue to realise synergies, with further cost savings being identified in addition to those previously announced, and with initial joint sales proposals going well," Chief Executive Brian Wilkinson said.

"Demand in the UK for skilled engineers remains robust and looking ahead we have identified a number of opportunities to roll out our engineering recruitment services across our overseas locations. Investment in headcount is taking place in these areas and I remain confident that we will convert these exciting opportunities into significant growth over the next few years," Wilkinson added.

Matchtech expects to report its interim results on April 14.

Shares in Matchtech were up 2.0% at 500.00 pence on Thursday morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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