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Matching up well
Recruitment concern Matchtech (MTEC) has reported an increased in net fee income amidst a strong performance in its engineering division.
The AIM-quoted venture declared an increase in its total net fee income from £13.5 million to £16.9 million on results for the six months to January 2012.
The group noted that net fee income (NFI) in the engineering division climbed from £4.7 million to £5.6 million over the period while its 'built environment' division (which specialises in supplying staff to areas such as rail and water) saw NFI rise from £2.4 million to £2.8 million.
Net fee income to Germany doubled from £200,000 to £400,000 while sales in the Matchtech UK division rose 19 per cent from £10.8 million to £12.9 million. Its contract business saw net fee income soar from £9.4 million to £11.4 million with the average weekly fees from contractors increasing from £380,000 to £460,000. Net debt stood at £11 million (2011: £6 million) as a result of increased working capital requirements.
Analysts at Shore Capital are forecasting pre-tax profits of £8.3 million (EPS: 24p) for the year to July 2012 with a dividend of 15.6p also pencilled in. In 2013 profits of £9.9 million (EPS: 28.2p) and a dividend of 15.6p is expected by the broker.
Last November Growth Company Investor rated shares in Matchtech as a hold at 215p noting the appeal of the hefty yield and remarking they make a suitable income play. Currently trading at 211.5p and offering a yield of 7.4 per cent on 2013's dividend we retain our rating.
From a capital growth perspective there is little of interest to investors but the impressive yield in a time of high inflation and low interest rates is its key strength. We retain our hold rating though dividend hunters may wish to snap up shares in the recruitment concern.
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