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The ReThink Group plc AGM Statement and Trading Update

The ReThink Group plc AGM Statement and Trading Update

The ReThink Group plc, one of the UK's fastest growing staffing and professional services companies, is holding its AGM at 11.00 am today at which the following statement will be made by John Sadiq, the Chairman of the Company.

"The Company announced its results for the year ended 31 December 2010 on 7 April 2011. In the statement that accompanied the results I highlighted significant turnover and profitability growth was achieved in the period. The results achieved in the last financial year followed a difficult market in the previous year with a 13% increase in revenues and growth in profit before taxation to 0.92m from 0.30m.

During the year, the Company also announced its inaugural dividend payout and the Board are also recommending a final dividend on the back of the performance achieved in 2010.

Trading Update 2011
Revenues for Q1 of the current financial year are 24.5% ahead of the same period last year and Net Fee Income (Gross Profit) is 37.7% ahead.
We are seeing continued demand and growth for our services across the whole business.

The expansion of the Recruitment Process Outsourcing Business continues and is expected to benefit considerably from the addition of a significant retail client gained in the second half of the previous financial year. The Business Technology and Transformation Division is trading in line with the Board's expectations.

The Group is also pleased to announce that it has renewed its main banking facility in the period since the year end.

The Board believes that the profit before taxation for the six months to 30 June 2011 will be ahead of the same period in 2010 and currently anticipates that the full year result at the turnover and profit before and after taxation level will be in line with market expectations.

The Board are committed to a progressive dividend strategy following on from the final dividend of 0.134 pence per share that was declared recently and will be paid on 13 May 2011."

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