Technical recruiter Matchtech has seen revenues fall but says there are grounds for optimism in its results for the six months ended 31 January 2010.

Results reveal:

·      Revenue of £125.4m (down 9% on 2009 H1; down 5% on 2009 H2)

·      Net fee income (NFI) of £12.5m (down 25% on 2009 H1; down 9% on 2009 H2)

·      Permanent recruitment fees of £2.8m (down 47% on 2009 H1; in line with 2009 H2)

·      4,750 contractors on placement at 31 January 2010 (up 6% on 31 January 2009; up 6% on 31 July 2009)

·      Operational cost savings of £2.4m on 2009 H1

·      Operating profit £4.5m (down 30% on 2009 H1; down 15% on 2009 H2)

·      Profit before tax £4.4m (down 28% on 2009 H1; down 15% on 2009 H2)

 ·     Debtor days 43 days (2009 H1: 42 days; 2009 H2: 42 days)

·      Net cash at end of period of £0.8m (31 January 2009: net debt £3.7m; 31 July 2009: net debt £1.2m).

George Materna, chairman of Matchtech, says: “We are pleased with these first half results in what remain challenging economic conditions.  Increased business development work is resulting in increased exclusivity with customers, although levels of business remain subdued in many markets.”