A broadening of technical recruiter Matchtech Group’s business has helped it post rising revenues, according to preliminary results for the year ended 31 July 2011.

The group’s results reveal:
 
·        Revenue £301.8m up 14% (2010: £264.4m)
·        Net Fee Income* (NFI) £29.8m up 14% (2010: £26.2m)
·        Permanent recruitment fees £9.4m up 54% (2010: £6.1m)
·        Permanent fees now account for 32% of NFI (2010: 23%)
·        Investment of £4.9m, £4.6m in additional sales force, support and marketing
·        Profit from operations £6.8m down 23% (2010: £8.8m), reflecting investment in growth strategies
·        Trading performance in H2 improved significantly, with profit from operations of £4.3m, up 72% from H1 £2.5m
·        Basic earnings per share 20.3 pence down 23% (2010: 26.4 pence)
·        Final dividend maintained at 10.6 pence per share
·        Net debt of £16.0m (2010: £4.5m)


* Net Fee Income (NFI) is calculated as Revenue less Contractor Payroll Costs.


Matchtech chairman George Materna says: “The board is pleased with these results, the progress made this year in broadening the business and the growth achieved in challenging economic conditions.
 
“Growing the group’s core technical base is central to our business plan. We have built on our strong client relationships and taken the business into new markets where the board believes there are opportunities for further growth. The new professional services brands continue to develop particularly well.”