Gattaca, formerly listed as Matchtech Group, has over 30 years' experience providing niche recruitment services to the engineering, technology, professional staffing and the employability & skills markets. The Group is recognised as the UK's leading specialist recruitment agency providing contract, professional contract and permanent staff.

22 Aug 2022

First corner turned

After a period of sub-optimal performance, Gattaca - the UK's largest specialist engineering/tech recruitment agency - appears to have reached a major inflexion point.

Indeed, the Board last Wednesday said that FY’22 results would be in line with expectations, with adjusted PBT breaking-even (£1.8m LY) on NFI up 4% LFL to £44m (£42.1m LY) and net cash closing Jul’22 at £12m (post IFRS16) after repaying £5.6m of deferred VAT.

CEO Matthew Wragg & CFO Oliver Whittaker were appointed in March 2022 and have grabbed the company by the scruff of the neck. Not only cutting GATC's cloth & remotivating staff, but also lifting productivity and delivering growth (re permanent placements) in double quick time. Matthew reporting: "We are pleased with H2’22 performance and importantly the speed in which the business is embracing our four strategic pillars’’

We have nudged up our valuation from 145p to 160p/share, reflecting the better than expected net funds position and lower debtor days.

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