Are you a Q? If so MatchTech is looking for you. On offer are one or more posts as gadget buyers for MI5. That’s a job and a half and indeed MI5 has lots of job offers on its website - which proves that spying is recession-proof.
Unfortunately, the buoyant spy market is in marked contrast to the general UK recruitment scene: MatchTech reckons the last time it was as bad as now was in 1991-92. That point is illustrated in its these latest results. In the opening half revenues were up 18 per cent and net fee income 8 per cent ahead; in the following six months the comparable figures were -7 per cent and a mighty -23 per cent as recruitment stopped dead after Christmas with demand for permanent staff particularly hard hit. But unlike many businesses, recruiters can react quickly to changing circumstances.
For starters a lot of staff earn most of their income from commission so bad times means quick salary cuts. In December MatchTech employed 330 people, six months later it was around 260. Recession also improves recruiters’ balance sheets because they pay contracts weekly but it takes 40 plus days for clients to pay them. MatchTech keeps costs low by operating from just one base in Fareham and has cut back on capital spending.
Brewin Dolphin forecasts pre-tax profits of just £8m this year, but it's worth noting that employee numbers are now up to over 270.
MATCHTECH (MTEC) | ||||
|---|---|---|---|---|
| ORD PRICE: | 221p | MARKET VALUE: | £51.4m | |
| TOUCH: | 218-224p | 12-MONTH HIGH: | 232.5p | LOW: 121p |
| DIVIDEND YIELD: | 7.1% | PE RATIO: | 6 | |
| NET ASSET VALUE: | 91p | NET DEBT: | 5% | |
| Year to 31 Jul | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2006 | 157 | 7.8 | 26.3 | nil |
| 2007 | 203 | 9.9 | 29.9 | 13.7 |
| 2008 | 259 | 12.8 | 39.3 | 15.6 |
| 2009 | 270 | 11.3 | 34.4 | 15.6 |
| % change | +4 | -12 | -12 | – |
Ex-div: 4 Nov Payment: 4 Dec | ||||
