RTC Group PLC Update on the impact of Covid-19
RNS Number : 0319L
RTC Group PLC
28 April 2020
28 April 2020
RTC Group Plc
("RTC", "the Company" or "the Group")
Update on the impact of COVID-19
RTC Group Plc (AIM: RTC.L) is today making a statement to
provide an update on the impact of the COVID-19 pandemic on our
business and the measures we are taking to mitigate the risks
presented by this situation.
The safety of RTC employees is the Company's our highest
priority and the necessary operational changes to ensure their
wellbeing have been made, with the majority working effectively
from home and those who are unable to work from home strictly
adhering to the social distancing measures advised by the
The majority of RTC's activities are in public and regulated
sectors (infrastructure and railway transportation) and provide
contract workers vital to the country. The indications are that
this will continue. Our activities internationally are largely
unaffected. However, general UK recruitment and smart-meter
installation activities have been significantly impacted by the
The Directors believe that the Group has a strong balance sheet
and the Company is taking additional measures to protect this by
reducing the cost base, deferring non-essential capital
expenditure, reducing debt. The Group is making use of the
Government's Coronavirus Job Retention Scheme by furloughing
affected employees and utilising the Government's VAT deferral
scheme. In addition, no dividend payment is proposed for 2020 and
the Board and senior management have all agreed to a temporary 20%
reduction in their salaries.
Trading in Q1 has been largely unaffected by the current
situation, however, the scale and duration of disruption to future
activities is not yet clear. Whilst rail and infrastructure
activities provide comfort for the future it is too early to
quantify the impact of COVID-19 on revenues and operational profits
for the full calendar year 2020. A further update will be given at
our AGM in June.
W J C Douie, Chairman, RTC Group Plc.
RTC Group Plc Tel: 0133 286 1835
Bill Douie, Chairman
Andy Pendlebury, Chief Executive
SPARK Advisory Partners Limited (Nominated Adviser) Tel: 0203
Matt Davis / Mark Brady
Whitman Howard Limited (Broker) Tel: 020 7659 1234
RTC Group Plc is an AIM listed recruitment business that focuses
on white and blue-collar recruitment, providing temporary and
permanent labour to a broad range of industries and customers in
both domestic and international markets through its geographically
defined operating divisions.
Through its Ganymede and ATA Recruitment brands the Group
provides a wide range of recruitment services in the UK.
Ganymede specialise in recruiting the best technical and
engineering talent and providing complete workforce solutions to
help build and maintain infrastructure and transportation for a
wide range of UK and international clients. Ganymede is a market
leader in providing a diverse range of people solutions to the
rail, energy, construction, highways and transportation sectors.
With offices strategically located across the country, Ganymede
provides its clients with the benefit of a national network of
skilled personnel combined with local expertise.
ATA Recruitment provide high-quality technical recruitment
solutions to the manufacturing, engineering and technology sectors.
Working as an engineering recruitment partner supporting businesses
across the UK. ATA Recruitment has a strong track record of
attracting and recruiting the best engineering talent for our
clients. ATA's regional offices which are strategically located in
Leicester and Leeds each have dedicated market-experts to ensure
ATA delivers excellence to both our clients and candidates.
The Group headquarters are located at the Derby Conference
Centre which also provides office accommodation for its operating
divisions in addition to generating rental and conferencing income
from space not utilised by the Group.
Through its GSS brand the Group works with customers across the
globe that are focused on delivering projects in a variety of
engineering sectors. GSS has a track record of delivery in some of
the world's most hostile locations. Working closely with its
customers GSS provides contract and permanent staffing solutions on
an international basis, providing key personnel into new projects
and supporting ongoing large-scale project staffing needs. GSS
typically recruit across a range of disciplines and skills from
operators and supervisors, through to senior management level.
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(END) Dow Jones Newswires
April 28, 2020 02:00 ET (06:00 GMT)
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