AGM Statement

Released : 18/11/11 07:00

RNS Number : 3126S
Matchtech Group PLC
18 November 2011
 



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   

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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