Acquisition
The Group is pleased to announce that on 16 January 2012 it completed the purchase of certain business assets of Xchanging Resourcing Services Limited, the contingent recruitment arm of Xchanging plc, for a total cash consideration of £0.4 million paid at completion.

The Group secured an exclusive two year contract to 16 January 2014 to supply contractors to Xchanging businesses in the UK and the novation of existing XRS client contracts.  On completion, 4 staff transferred to the Group, together with around 80 contractors. No other assets or liabilities will be transferred to the Group.

Outlook
Whilst our trading environment currently remains steady, the Board remains mindful of the impact of uncertainty in the macro-economic environment on business confidence and the effect this may have on Permanent Fees, which were 33% of the Group's NFI in H1 2012.

The Board now expects that the Group's full year performance will be within the range of expectations, albeit towards the lower end of that range, with profits for the financial year again significantly weighted towards H2.

The acquisition of XRS creates an excellent base from which to expand the Group's services into new markets, whilst forging closer links with one of our largest clients, Xchanging.  Alongside this the Group is exploring new overseas opportunities.

The Board remains committed to its strategy and to maintaining its current dividend policy. Our robust business model, ambitious sector diversification and developing international network all continue to give the Board confidence in the medium term prospects for the Group.

The Group will release its Interim Results for the six months ended 31 January 2011 on Wednesday 11 April 2012, at which point it will provide a further update on trading.

Further details about MATCHTECH click here