Last checked at 18 Nov 2011 07:00
18 November 2011
Matchtech Group plc
AGM Trading Update
George Materna, Chairman of Matchtech, will deliver the following Trading Update at the Group's Annual General Meeting at noon today:
"Since we reported our Preliminary Results for the year ended 31 July 2011 on 6 October 2011 the Group has continued to perform in line with the Board's expectations, with Net Fee Income (NFI) for the quarter (Q1) to 31 October 2011 of £8.6 million, at similar levels to the last quarter (Q4) and up 21% compared with the same period in the previous financial year.
Permanent fees in Q1 were £2.8m, up 27% on the same period last financial year. Contract NFI was £5.8m, up 18% on the same period last financial year, with contractors on assignment at 31 October 2011 of 6,200, up 3% on 31 July 2011.
Matchtech UK, the Group's core technical business, continues to see opportunities across all four sectors as skills shortages remain. The new Professional Services brands, Barclay Meade and Alderwood Education, continue to develop well and elemense, our outsourcing brand, has recently won a new Master Vendor agreement with a leading Consulting Engineer.
Whilst we remain mindful that client sentiment can change rapidly as the economic backdrop alters, we are seeing the benefits of last year's investment in additional headcount start to come through and remain optimistic that the business will deliver a strong performance this year, albeit again weighted to the second half.
Our robust business model, the ambitious plans we have for our sector diversification and the successful start of our new brands and our international network all continue to give the Board confidence in the medium term prospects for the Group."
For further information please contact:
Matchtech Group plc 01489 898 989
Adrian Gunn, Chief Executive Officer
Tony Dyer, Chief Financial Officer
MHP Communications 020 3128 8100
John Olsen / Ian Payne / Giles Robinson
Arbuthnot Securities 020 7012 2000
James Steel / Tim Willis