RNS Announcements
Half Yearly Report - 2009
The ReThink Group plc
("ReThink Group" or "the Group")
Interim Results for the six months ended 30 June 2009
Solid performance in difficult economic conditions
The Board of The ReThink Group plc, one of the UK's fastest growing recruitment and technology services businesses, announces its unaudited interim results for the six months ended 30 June 2009.
Financial Highlights
- Gross Profit (Net Fee Income) of £5.5m (2008: £6.7m)
- 18% rise in gross revenues to £24.6m (2008: £20.9m)
- Strong growth in contractor revenues up 28% to £21.2m (2008: £16.6m)
- Permanent recruitment revenues fall to £1.4m (2008: £2.5m) reflecting the challenging economic climate
- Profit before taxation of £12k (2008: £80k after exceptional item)
- Growth in IT contractor numbers to 458 at 30 June 2009 (371 at the start of the period)
- Steady performance in Aiimi with an expansion of both services and customer base
- Steps taken to reduce costs in unproductive business units
Commenting on the results, Jon Butterfield, Chief Executive, said:
"The Group has achieved a creditable first half result during a period of continued difficult trading. Our ability to protect and enhance our core operating infrastructure ensures the Group is very well positioned to outperform when the upturn arrives. We are very encouraged that, unlike many in our sector, we have continued to grow contractor numbers during the period and believe that this validates the customer relationship model that we have pursued since the business began. We are focusing hard on recovering the reduction in permanent revenues which has affected the performance in the first half. Aiimi, our Consulting Division, has continued to expand its footprint and progress in this area and is in line with our expectations. At the same time we have reduced the headcount in a number of unproductive business units and we will not expand these until the market conditions improve."
View the full RNS announcement
16 September 2009
