First Annual Report shows Matchtech Group propelle
Matchtech Group Plc have released their first Annual Report as a Plc, demonstrating impressive first year results following the merger of Matchtech Engineering Ltd and Matchmaker Personnel Ltd in August 2002.
In their Annual Report and Accounts 2003 Matchtech Group's first year performance has shown them accelerating into the top 10 technical recruitment companies in the UK and, in the face of mixed results by their competitors, this will turn heads in the market. With a first year increase in UK turnover of 17.5% to £70m and gross profit up 7.4% to just under £11m, the company have enhanced their market position in the face of challenging economic conditions within the technical sector.
As a result of the merger Matchtech now provides a comprehensive technical recruitment service covering design, build and support areas for their clients. This focus has enabled them to clearly define their goals and to utilise their extensive resources within a single structure. This structure has already reaped rewards with a number of major new projects being won, including Managed Agency agreements with the VT Group and Devonport Management Ltd.
Central to Matchtech's business strategy is their policy of employing recruiting staff of the highest calibre. The introduction of an employee share scheme, which rewards employees for promotion, loyalty and meeting targets, reflects Matchtech's very real, long-term commitment to their staff. Approximately 40% of employees are already shareholders in the group.
Group Managing Director Paul Raine said, "A tremendous amount of hard work has been put in at all levels to combine the assets of the two companies. The task this presented should not be under-estimated and it is a credit to every member of this organisation that we have produced such strong results in our first year. Matchtech now provides, what I believe to be, the very best level of service within our Industry. We are committed to proactive development of our IT systems and in particular, our web-based technology. We also have a very clear focus on our marketplace and high calibre staff who are making things happen - there is a great deal of optimism across the business and we are looking forward to achieving even better results in the year ahead".
The Group's performance has placed them in the top 50 UK recruitment companies and the top 10 technical recruitment companies. Net assets rose from £1.7m to £2.55m in their first year as Matchtech Group Plc, providing a strong basis for the company's future growth plans.
Group Chairman George Materna said, " The company is soundly based with a good spread of clients across both private and public sectors and has strong settled management with professional teams in key target markets. As always there is much to do as the company further evolves and thrives. We will continue to concentrate on strategies to deliver value by focusing firmly on what we are good at".