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The Rethink Group publishes final year results

Profit from operations increased to &pound1.4m ***(2012: loss of &pound0.5m

Cash at the year-end was &pound1.6m (2012: &pound1.1m)

Net borrowings increased to &pound11.7m*** (2012: &pound11.3m) due to working capital requirements

Cash generated by operations &pound0.8m (2012: absorbed &pound3.1m)

Adjusted basic earnings per share before separately identifiable items 0.742p (2012: loss of 0.678p)

Net Fee Income (NFI) represents gross revenue less direct cost of sales

After deducting separable items which include restructuring costs of &pound0.6m (2012: goodwill impairment of &pound0.4m and reduction of acquisition consideration of &pound0.2m)

Operational highlights      

Talent Management

Won three year Talent Management agreement with Admin Re

Signed a three year extension for a Talent Management agreement with a leading UK high street retailer


Growth in contractor numbers to a record 987 (2012: 894)

Revised Group strategy developed and implementation progressing well

-      Talent Management strategic focus instigated

-      Successful divestment of non-core technology services division to management

Steve Wright, Rethink CEO, commented, "Rethink has made strong progress in 2013, both financially and operationally. During the year the Group added several prestigious clients to its already impressive roster and achieved record levels of contractor numbers and permanent recruitment placements. These achievements led to an increase in revenues, profits and cash for the Group. The refreshed Group strategy, although still in its early stage of implementation, is being executed successfully and delivering results. We look forward to 2014 with increasing confidence."



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