Last checked at 31 Jul 2008 07:00
Matchtech Group PLC
31 July 2008
Matchtech Group plc
Pre-Close Trading Update
Matchtech Group plc ("Matchtech" or the "Group"), one of the UK's leaders in specialist technical recruitment, is pleased to provide a trading update for the year ending 31 July 2008. Matchtech plans to release its Preliminary Results for the year ending 31 July 2008 on Tuesday 14 October 2008.
The Board is pleased with the Group's performance for the year, which shows good growth across each of its three operating sectors: Engineering, Built Environment and Support Services. Net Fee Income for the year is estimated to be 23% ahead of the same period last year.
Increase in Net Fee Income versus same period in prior year:
| *Actual 2008 H1 | Estimated 2008 H2 | Estimated 2008 | |
| Engineering | + 22% | + 24% | +23% |
| Built Environment | + 27% | + 23% | +25% |
| Support Services | + 14% | + 27% | + 21% |
| Group | +22% | + 24% | +23% |
*Note: Excludes the United States subsidiary sold on 31st August 2006.
Demand for both contract and permanent staff has remained strong throughout the year and the business mix has remained broadly the same, with contract recruitment estimated to represent 68% of Net Fee Income (2007: 69%).
The Group continues to focus on operating costs and to benefit from its single site operating model. The Board is confident that the results for the full year will be at the upper end of its expectations.
George Materna, Chairman of Matchtech, commented: "I am pleased to report that the Group has maintained the strong first half performance throughout the second half of the year. We are still seeing encouraging demand for staff across a broad range of clients and sectors and the limited pool of skilled resource that is available has ensured that rates have been maintained."
For further information please contact:
Matchtech Group plc 01489 898989
George Materna, Chairman
Adrian Gunn, Group Managing Director
Tony Dyer, Group Finance Director
Hogarth Partnership 020 7357 9477
John Olsen / Ian Payne
Arbuthnot Securities 020 7012 2000
Mark Brown / Richard Tulloch
Background on Matchtech
Established in 1984, Matchtech specialises in the provision of contract and permanent staff and has grown organically to become one of the UK's leading technical and engineering recruitment specialists.
Operating from a single site near Southampton, Matchtech provides predominantly professionally-qualified candidates to a broad range of clients across the UK in the Engineering, Built Environment and Support Services sectors.
Matchtech has recently achieved certification to BS25999, the new standard for Business Continuity Management Systems to add to its existing ISO 9001:2000 (Quality), ISO 14001:2004 (Environmental) and ISO 18001:2007 (Health & Safety) standards.
Cautionary Statement
This trading update is prepared for and addressed only to the Group's shareholders as a whole and to no other person. The Group, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this trading update is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. Statements contained in this trading update are based on the knowledge and information available to the Group's Directors at the date it was prepared and therefore the facts stated and views expressed may change after that date. By their nature, the statements concerning the risks and uncertainties facing the Group in this trading update involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. To the extent that this trading update contains any statement dealing with any time after the date of its preparation such statement is merely predictive and speculative as it relates to events and circumstances which are yet to occur. The Group undertakes no obligation to update these forward-looking statements.