Business
Pre-close Trading Update
Pre-close Trading Update.
About this update from Gattaca Plc
[{"type":"text","content":"\n \nRNS Number : 4714O Matchtech Group PLC 07 August 2014 \n \n\n7 August 2014\n \nMatchtech Group plc\n(\"Matchtech\" or, \"the Group\")\n \nTrading Update for 12 months ended 31 July 2014\n \n \nMatchtech Group plc (LSE-AIM: MTEC), the UK's leading specialist engineering and professional services recruitment agency, today provides the following pre-close trading update for the year to 31 July 2014. \n \nThe Group has continued to trade well in the second half of the year, with results now expected to be slightly ahead of current market expectations. \n \nThe requirement for skilled engineering and technology contract staff remains strong, fuelled by the global demand for the products and services that our clients offer and continued investment in infrastructure programmes. The Group's strong performance has been driven by:\n \n· An 18% increase in Net Fee Income (\"NFI\") to £45.2 million (FY2013: £38.4 million)\n· The placement of higher paid contractors, increases in average contract percentage margin and contractor wage inflation\n· Heightened permanent placement activity as the UK economy recovers\n· Improved efficiencies within the business\n· Strong cash conversion, with Net Debt of £3.0m (2013: £10.6m)\n \n \nSummary Performance\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nChange v comparable period\n\n\n\n\n\n\n\nFY 2013\n\n\nH1 2014\n\n\nH2 2014\n\n\nFY 2014\n\n\n\n\n\nH1 2014\n\n\nH2 2014\n\n\nFY 2014\n\n\n\n\n\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContract NFI\n\n\n27.2\n\n\n15.1\n\n\n15.8\n\n\n30.9\n\n\n\n\n\n+14%\n\n\n+13%\n\n\n+14%\n\n\n\n\nPermanent NFI\n\n\n11.2\n\n\n6.2\n\n\n6.3\n\n\n12.5\n\n\n\n\n\n+17%\n\n\n+7%\n\n\n+12%\n\n\n\n\nUnderlying NFI\n\n\n38.4\n\n\n21.3\n\n\n22.1\n\n\n43.4\n\n\n\n\n\n+15%\n\n\n+11%\n\n\n+13%\n\n\n\n\nProvanis1\n\n\n-\n\n\n0.8\n\n\n1.0\n\n\n1.8\n\n\n\n\n\n-\n\n\n-\n\n\n-\n\n\n\n\nTotal NFI\n\n\n38.4\n\n\n22.1\n\n\n23.1\n\n\n45.2\n\n\n\n\n\n+19%\n\n\n+16%\n\n\n+18%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSegmental Split\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEngineering\n\n\n24.0\n\n\n13.3\n\n\n13.8\n\n\n27.1\n\n\...