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Matchtech Group plc Interim Results Presentation April 2009

Matchtech Group plc Interim Results Presentation April 2009. Agenda. Interim Headlines Financial Review Operational Review Strategy & Outlook. Headlines. 8% organic Net Fee Income growth 12% growth in contract NFI 2% growth in permanent NFI

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Matchtech Group plc Interim Results Presentation April 2009

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  1. Matchtech Group plcInterim Results PresentationApril 2009

  2. Agenda • Interim Headlines • Financial Review • Operational Review • Strategy & Outlook

  3. Headlines • 8% organic Net Fee Income growth • 12% growth in contract NFI • 2% growth in permanent NFI • Maintained good net fee income mix – contract 69%, permanent 31% • Headcount reduced by 10% since 31 January 2009 • 9% reduction in sales staff • 11% reduction in non-sales staff • Maintained interim dividend of 5.0 pence per share • Bank facilities extended

  4. 2009 H1 Interim Financial ReviewTony Dyer, Group Finance Director

  5. Income Statement

  6. Income Statement (earnings per share)

  7. Balance Sheet

  8. Cashflow

  9. Banking • Barclays Bank plc • £27.5 funding capacity until March 2011 • Invoice Discounting Facility • Maximum borrowing £20m or 90% debtors • Borrowing Base Rate + 1.9% • Non-utilisation Fee 0.48% • Service Charge £18k pa • Extended until 31 March 2011 • Revolving Credit Facility • £7.5m facility • Borrowing LIBOR + 1.1% • Non-utilisation Fee <50% usage • Facility until 31 May 2011

  10. How FY2008/09 has developed

  11. Permanent Activity

  12. Contract Activity

  13. Managing our cost base • Headcount • Sales staff reduced by 9% from 215 to 197, with further attrition expected • Support staff reduced by 11% from 100 to 89, reviewing levels as market changes • Overheads • Advertising, less candidate driven market, Search Engine Optimisation • Minimal capital purchases • Low interest Costs • Savings in 2010 c£1m

  14. 2009 H1 Operating ReviewAdrian Gunn, Group Managing Director

  15. Sector Headlines

  16. Engineering Sector 2009 H1 (52% of NFI) % of 2008 H1 Total Net Fee Income Oil & Gas 16% Aerospace 9% Defence 8% Automotive 6% Marine 6% Food & Pharmaceutical 4% Telecoms 2% Power & Nuclear 1% Traffic & transportation 9% Highways & Civils 6% Water 6% Property 4% Procurement & Supply Chain 6% IT Private Sector 4% IT Public Sector 3% Education 3% HR & Finance 3% IT Solution Providers2% Sales & Marketing 1% Contractor/Perm split of NFI: 71:29 (2008: 73:27) Gross margin: 11.4% (2008: 11.6%) Net fee income conversion rate: 42.9% (2008: 43.6%) Contractors working (at period end): 2,495 (2008: 2,442) Perm placements: 606 (2008: 537) Average perm fee: £4,068 (2008: £3,905)

  17. Engineering Sector Highlights • Key Client Relationships • BVT Surface Fleet and Babcock Marine • Eaton Aerospace, EADS Astrium • ExxonChemical, JP Kenny and Foster Wheeler • Ricardo & Aston Martin • Developing Client Relationships • Augusta Westland • XChanging • Honeywell • UTC Group • AWE Aldermaston

  18. Built Environment 2009 H1 (25% of NFI) % of 2008 H1 Total Net Fee Income Oil & Gas 16% Aerospace 9% Defence 8% Automotive 6% Marine 6% Food & Pharmaceutical 4% Telecoms 2% Power & Nuclear 1% Traffic & transportation 9% Highways & Civils 6% Water 6% Property 4% Procurement & Supply Chain 6% IT Private Sector 4% IT Public Sector 3% Education 3% HR & Finance 3% IT Solution Providers2% Sales & Marketing 2% Contractor/Perm split of NFI: 80:20 (2008: 71:29) Gross margin: 12.1% (2008: 13.3%) Net fee income conversion rate: 40.7% (2008: 42.9%) Contractors working (at period end): 1,192 (2008: 1,060) Perm placements: 192 (2008: 320) Average perm fee: £4,396 (2008: £3,872)

  19. Built Environment Highlights • Key Client Relationships • Transport for London • Mouchel Group • Arup • Severn Trent • Atkins • Developing Client Relationships • Metronet • Tube Line • Crossrail • Matrix

  20. Professional Services 2009 H1 (23% of NFI) % of 2008 H1 Total Net Fee Income Oil & Gas 16% Aerospace 9% Defence 8% Automotive 6% Marine 6% Food & Pharmaceutical 4% Telecoms 2% Power & Nuclear 1% Traffic & transportation 9% Highways & Civils 6% Water 6% Property 4% Procurement & Supply Chain 6% IT Private Sector 4% IT Public Sector 3% Education 3% HR & Finance 3% IT Solution Providers 2% Sales & Marketing 2% Contractor/Perm split of NFI: 52:48 (2008: 46:54) Gross margin: 16.7% (2008: 18.0%) Net fee income conversion rate: 25.4% (2008: 28.1%) Contractors working (at period end): 830 (2008: 620) Perm placements: 538 (2008: 502) Average perm fee: £3,511 (2008: £3,498)

  21. Key Client Relationships VT Group Arqiva NHS Transport for London Mouchel Group Skandia Developing Client Relationships JHP Xchanging BP Exploration Shell IBM Catalist Professional Services Highlights

  22. Maintaining Strategy for Long Term Growth • Continuing to build on a successful business model with strong defensive characteristics • Trading in a diverse range of technical and professional industry sectors • Keeping a healthy balance of Contingency, Preferred and Managed Service relationships • Maintaining a contract focus that delivers strong net fee income conversion • Developing IT systems that continually improve service delivery and drive efficiencies • Maintaining a low cost base through our ‘single site’ strategy • Increasing our market share within each sector through organic growth • Focusing on long term publicly funded projects • Expanding our geographical reach within the UK • Selectively following key clients overseas • Maximising revenue from existing clients • We still believe our business model is sound across the economic cycle

  23. Appendices

  24. Leading technical recruitment firm, with: Strong track record of organic NFI and profit growth Experienced management team; high staff retention Resilient, contractor-driven business with effective perm strategy Broad spread of clients and sectors, with many long-standing relationships Targeting sectors with long-term investment horizons Efficient systems, covering the UK from a single site with considerable operational flexibility Balance provides stability, growth and cash generation for shareholders Investment Summary

  25. 1997-2008 NFI CAGR of 22.4%

  26. Matchtech • Balanced • Sectors • 1,500 Clients • Master Vendor / PSA / Contingency • Contract / Perm • Efficient • High staff retention • Home grown graduates • Single site communication and control • Advanced, integrated IT systems

  27. Geographical Coverage Head Office 30,000 sq ft The diagram represents the geographical coverage of contractors in 2008

  28. Business Relationships Managed Service Relationship Preferred Supplier Relationship Contingency Recruitment

  29. Permanent Fee Cycle

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