Technical recruiter Matchtech Group has announced increased revenues in its preliminary results for the year ended 31 July 2009.

Revenue was up 4% to £269.6m (2008: £258.8m), while net fee income (NFI) dropped  9% to £30.3m (2008: £33.2m), with H1 up 8% and H2 down 23%.

Operating profit dropped to £11.6m from £13.8m in 2008 and  net debt was cut to £1.2m (2008: £3.1m).

George Materna, chairman of Matchtech, says: “Current trading is in line with the board’s expectations, with average weekly permanent placement fees in August and September the same as the average throughout 2009 Q4, although there is still little visibility. The contract business has, as expected, been more resilient and is showing signs of growth with contractor numbers at the end of September 4,630 compared with 4,500 at the end of July, although we continue to experience margin pressure.

“It is difficult to predict how and when demand for recruitment services will progress from the current subdued level.  However, our balance sheet remains strong, with low levels of net debt, the cost base remains tightly managed and our mix of contract and permanent business provides resilience and the necessary scope for accelerated growth in any economic upturn.

“I believe that Matchtech is well placed to deal with short-term market conditions and to capitalise on opportunities in the medium term.”