News
Final results for the year ended 31 December 2009
The ReThink Group plc ("ReThink Group" or "the Group")
The Board of The ReThink Group plc, one of the UK's fastest growing recruitment and technology services businesses, is pleased to announce its final results for the year ended 31st December 2009.
Financial highlights
· Revenue growth up to £49.7m (2008: £43.4m), representing a 15% increase on last year.
· Gross profit held up well in a challenging market at £10.9m (2008: £12.1m) especially when taking into consideration the severe impact of the downturn in permanent recruitment.
· Profit from operations of £0.61m (2008: £0.50m, after listing costs of £0.41m).
· Profit before tax of £0.30m, (2008: £0.19m).
· Trade receivables were £9.6m (2008: £10.3m).
· Net debt1 reduced 28% to £4.2m (2008: £5.8m).
· Cash generated from operations was £0.9m (2008: (£0.4m)).
· Shareholders' funds increased to £2.31m (2008: £2.07m)
· Basic earnings per share were 0.24p (2008: 0.09p).
Operational highlights
· Continued growth in IT contractor revenues driven by increased contractor numbers.
· Broadening of our customer base in our Business and IT Consulting division, Aiimi.
· Staff numbers reduced to 129 (2008:149).
Commenting on the outlook, Jon Butterfield, Chief Executive Officer, said:
"We have seen an improved demand for permanent recruitment services which, if sustained for the remainder of 2010, will have a positive effect on our business. Whilst there are signs of a return to more confidence in the market, conditions have some way to go to return to normality. We therefore look forward to 2010 with a positive mindset, but with a considered approach and our eyes wide open to the risks in the market."
Enquiries:
Jon Butterfield, CEO | 07831 593646 |
The ReThink Group plc | |
David Worlidge/Simon Clements Merchant John East Securities Limited | 020 7628 2200 |
David Bick, Mark Longson | 020 7929 5599 |
Square1 Consulting Limited |
1 Net debt of the Group is considered to be cash and cash equivalents less advances on invoice discounting facilities, bank loans and finance leases.
To view the full RNS announcement click the following link:
http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10490386
13 May 2010
