The ReThink Group plc Final Results
The ReThink Group plc Final Results for the year ended 31 December 2010
The Board of The ReThink Group plc is pleased to announce its final results for the year ended 31 December 2010.
Revenue growth to 56.4m (2009: 49.7m), representing a 13% increase on last year.
Gross profit at 12.8m (2009: 10.9m) boosted by a 46% increase in permanent fees and a 5% growth in contract margin from our recruitment businesses.
Profit from operations of 1.22m (2009: 0.61m).
Profit before tax of 0.92m (2009: 0.30m).
Trade receivables were 14.0m (2009: 9.6m).
Net debt1 rose to 5.2m reflecting the expansion of revenues (2009: 4.2m).
Cash generated from operations was 1.5m (2009: 0.9m).
Shareholders' funds increased to 3.0m (2009: 2.3m).
Basic earnings per share were 0.690 pence (2009: 0.236 pence).
Final recommended dividend (to be reflected in the 2011 financial statements) of 0.134 pence per share (2009: nil) bringing the full year dividend to 0.188 pence per share (2009: nil).
Continued growth in IT contractor revenues driven by increased contractor numbers ending on 560 (2009: 500).
Broadening of our customer base in our Business Transformation and Technology Services division, Aiimi.
Permanent recruitment back to 2008 levels.
Staff numbers increased to 135 (2009: 129).
Acquired TrustTech Limited and successfully merged into Aiimi business.
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.
Commenting on the outlook, Jon Butterfield, Chief Executive Officer, said:
"2010 has been a year of solid progress for the Group on all fronts. An encouraging trading performance, particularly in the second half of the year, has continued into the early part of 2011."