Spencer Manuel and Jon Plassard, chief executive and chief finance officer of global recruiter Networkers International, are to step down at the end of July.

The departures were announced in engineering and technology recruiter Matchtech’s trading update for the six months to 31 January 2016. Matchtech completed the acquisition of Networkers International in April last year.

In the update, Matchtech CEO Brian Wilkinson said the acquisition of Networkers had delivered a 59% increase in net fee income (NFI) for the period. NFI increased to £35.7m from £22.5m in the same period last year. NFI from engineering increased from £16.7m to £21.7m and from £5.8m to £14m over the period. 

In an update on the integration of Networkers International, Matchtech said it had identified £2m in annualised synergies that will be fully realised in the financial year 2017, with additional cost synergies expected as the integration continues. Some of the money is being reinvested into the business, particularly to improve systems connectivity in Asia & North America, the statement adds.

The group expects to announce its interim results for the six months to 31 January 2016 on 14 April 2016.