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The ReThink Group plc - AGM Statement

The ReThink Group plc - AGM Statement
The ReThink Group plc, one of the UK's fastest growing recruitment and technology services businesses, is holding its AGM at 11.00 am today at which the following statement will be made.
"The Company announced its full year results for the year to 31 December 2009 on 13 May 2009. Despite difficult trading conditions, revenues grew to 49.7 million, an increase of 15 per cent over the previous year (2008: 43.4 million) and the Company generated a profit before tax of 301,742 (2008: 188,230 after exceptional listing costs).
In the full year results announcement John Sadiq, Chairman, and Jon Butterfield, CEO, noted that there were signs of confidence returning to the market trading in the first four months of 2010 bears this out and is in line with management expectations.
Trading Update 2010Overall Net Fee Income for the first four months of 2010 is in excess of 15 per cent higher than the comparable period in 2009 with the recovery of "Permanent" recruitment income being particularly encouraging with a 44 per cent increase compared to the corresponding period.
Net Fee Income from "Contract" recruitment is up by over 7 per cent compared to the same period to 30 April 2009, and "on billing" contractors are currently at the highest level since the Company's formation in 2005.
We have also been engaged by a major UK retail client to outsource all their contract recruitment needs the Board expects this Recruitment Process Outsourcing (RPO) contract to generate in excess of 3 million in annual revenues. This contract win, together with existing contracts, is expected to increase the number of contracts "on billing" to over 600 in the third quarter of 2010.
The Company is actively pursuing a number of significant opportunities and the Board are hopeful that a number of these will be completed in the current financial year.
The Company's Consulting Division continues to develop both its technical offering and its customer base and this has been augmented by the acquisition of the TrustTech business in March 2010.
The Company renewed its main banking and invoice discounting facilities in March 2010 and the Company's cash resources and headroom continue to strengthen.
The Board anticipates that the profit before tax for the six months to 30 June 2010 will be ahead of the same period in 2009, and continues to believe that the full year result will be in line with market expectations.
Although there is still some level of caution within all the markets the Company services, the Board continues to note some encouraging signs of increased activity and greater commercial visibility. The Board believes that the Company will continue the progress it has made in 2009 and the first half of 2010 and is well positioned to take advantage of any real economic upturn."

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