TIDMRTC
RNS Number : 1728N
RTC Group PLC
24 July 2014
RTC Group Plc
("RTC", "the Company" or "the Group")
Interim results for the six months ended 30 June 2014
RTC Group Plc,the business services organisation focussing on
white and blue collar recruitment providing temporary, permanent
and contingent staff to a broad range of industries and clients in
both domestic and international markets, is pleased to announce its
interim results for the six months ended 30 June 2014.
Highlights
-- Group revenue from continuing operations GBP25.3m (2013: GBP23.4m)
-- Group operating profit GBP467k (2013: GBP66k)
-- Significantly improved cash flow from operations of GBP1.3m (2013: outflow GBP1.3m)
-- Basic earnings per share of 2.32p (2013: 0.04p)
The directors propose an interim dividend of 0.5p per share
(2013: nil). The Company has a progressive dividend policy. Subject
to approval of the Directors, the interim dividend will be paid on
the 1 October 2014 to shareholders on the register on 5 September
2014.
Commenting on the results Bill Douie, Chairman, said:
"The staffing and structural changes in ATA Recruitment have
settled in well and are continuing to deliver value to the Group.
This coupled with the solid first half performance of all our core
businesses give the Directors confidence that the year as a whole
will meet market expectations."
Copies of the interim report will be available on the Company's
website, www.rtcgroupplc.co.uk.
Enquiries:
RTC Group Plc 01332 861 835
Bill Douie, Chairman
Andy Pendlebury, Chief Executive
Sarah Dye, Group Finance Director
Allenby Capital Limited - Nominated
Adviser & Broker 020 3328 5656
Jeremy Porter, Corporate Finance
Michael McNeilly, Corporate Finance
About RTC
RTC has three principal trading subsidiaries engaged in the
recruitment of human capital resources and the provision of managed
services.
ATA Recruitment is one of the UK's leading engineering and
technical recruitment consultancies, supplying white and blue
collar engineering and technical staff to a broad range of SME
clients and vertical markets.
Ganymede Solutions is focussed on the supply and operation of
blue collar contingent labour into safety critical markets.
Global Staffing Solutions predominantly provides managed service
solutions.
Chairman's statement
Six months ended 30 June 2014
I am pleased to present the interim report of the Company for
the six months to 30 June 2014.
Trading in the first six months of 2014 has exceeded
expectations with pleasing results in all operational areas.
All of our core businesses have at least performed in line with
expectations with Ganymede Solutions continuing to achieve
accelerated growth. During the first half of 2013, we invested
heavily in ATA Recruitment both in consultant headcount and the
management team. The rewards from that investment began to emerge
during the second half of 2013 and I am delighted to report that
this has continued into 2014. Global Staffing Solutions has begun
managing the gradual decline of contractors deployed in Afghanistan
as NATO involvement in the region comes to a close. Whilst we
anticipate some level of activity during 2015, precise numbers are
not yet clear. However the business is continuing to secure other
international opportunities to mitigate the anticipated
reduction.
Given the solid performance in the first half we are now
confident that the year as a whole will meet market
expectations.
Management and Board
During the first half, our Non-Executive Director, John White,
decided he had achieved the objectives he established when making a
substantial and welcome investment in our Group. Accordingly, he
sold his shares and resigned his position. We are happy to have
secured, as a replacement Non-Executive Director, Tim Jackson,
previously Finance Director at Staffline Plc. Tim brings a wealth
of wisdom and experience in our industry which will provide a vital
input to the overall effectiveness of the Group Board team at this
strategically important time.
Dividends
The directors propose an interim dividend of 0.5p per share
(2013: nil). The Company has a progressive dividend policy. Subject
to approval of the Directors, the interim dividend will be paid on
the 1 October 2014 to shareholders on the register on 5 September
2014.
Outlook & Strategy
All of our core businesses support sectors and industries are
showing signs of long term sustainable growth. The United Kingdom's
domestic manufacturing and construction sectors which fuel ATA
Recruitment's branch network growth remain extremely buoyant and we
will therefore continue throughout the year to invest in headcount
and infrastructure to capitalise on the opportunities this optimism
brings. The rail industry is set for another long term investment
programme driven by the Government's continued commitment to invest
in the sector. Both ATA Recruitment and Ganymede Solutions are
becoming increasingly well placed to capture further growth with
their respective clients as this spend emerges. The international
landscape is also promising and whilst contracts are more difficult
to secure and have longer lead times, the volumes and margins offer
significant rewards where successful.
W J C Douie 24 July 2014
Chairman
Finance Director's statement
Six months ended 30 June 2014
Revenue
In the period ended 30 June 2014, Group revenue increased to
GBP25.3m (2013:GBP23.4m) reflecting a solid performance across all
Group companies. Overall gross margin is up slightly to 20% (2013:
19%).
Gross profit
Following a review by the directors of the group's policy for
presenting costs arising within the recruitment segments against
companies within the same industry the group has restated the prior
year consolidated statement of comprehensive income in order to
re-allocate certain expenses within cost of sales to administrative
expenses in order to enhance comparability with those companies
(refer note 1 d).
Profit from operations
Overall group profit from operations was GBP467k (2013:
GBP66k).
ATA Recruitment
In 2013 the Group invested in staffing and structural changes in
ATA Recruitment. Profit from operations of GBP502k (2013: GBP385k)
is testament to the success of those changes. Gross margin is also
showing improvement at 22% (2013: 20%).
Ganymede Solutions
Profit from operations has improved by in excess of 80% at
GBP510k (2013:GBP274k), reflecting a continuation of the increased
levels of activity with existing customers that we saw in the
second half of 2013. Gross margin is also showing improvement at
17% (2013: 16%).
Global Staffing Solutions
Increased profit from operations of GBP463k (2013:364k) reflects
continuing efficiencies in managing the contract in Afghanistan
offsetting a slight decline in number of contractors as the
contract begins to draw down, coupled with an increase in income
from other sources. Those efficiencies reflected in gross margin of
16% (2013:14%).
Taxation
The total tax charge for the period is estimated at GBP92k
(2013: nil).
Earnings per share
The basic earnings per share figure has increased significantly
to 2.32p (2013: 0.04p). The diluted earnings per share also
increased significantly to 2.14p (2013: 0.04p). Profit before tax
is GBP405k (2013: GBP5k).
Dividends
The directors propose an interim dividend of 0.5p per share
(2013: nil). The Company has a progressive dividend policy. Subject
to approval of the Directors, the interim dividend will be paid on
the 1 October 2014 to shareholders on the register on 5 September
2014.
Finance Director's statement
For the year ended 31 December 2014
Statement of financial position
We have worked very closely with key customers during the period
to improve processes and speed up payment and I am very pleased to
report a decrease in trade receivables since 31 December 2013 of
GBP0.9m against a backdrop of increasing turnover.
As a direct consequence, the Group balance sheet strengthened
significantly compared to the same period last year, with net
working capital increasing by GBP1.0m to GBP1.6m (2013: GBP0.6m)
and an increased ratio of current assets to current liabilities of
1.24 (2013: 1.07).
The Group's gearing ratio has fallen to 1.2 times (2013: 4.1
times). Interest cover has increased to 7.5 times (2013: 6.5 times)
further evidence of improvement in the Group's financial
position.
Cash flow
Cash generation over the period has improved significantly as a
result of our work with customers and our pro-active approach to
debtor management. We are now reporting positive cash flows from
operations of GBP1.3m versus a net outflow of GBP1.3m in the
corresponding period in 2013.
Financing
The Group's current bank facilities include an overdraft of
GBP50,000 and a confidential invoice discounting facility of up to
GBP7.0m with HSBC. The Group is currently operating well within its
facility cap.
The Board closely monitors the level of facility utilisation and
availability to ensure that there is sufficient headroom to manage
current operations and support the growth of the business.
The Group continues to be focussed on cash generation and
building a robust balance sheet to support the growth of the
business.
Sarah Dye 24 July 2014
Group Finance Director
Consolidated statement of comprehensive income
Six months ended 30 June 2014
Six month Six month Year ended
period ended period ended 31 December
30 June 30 June 2013 2013
2014
Unaudited Unaudited Audited
Restated Restated
Notes GBP'000 GBP'000
Revenue 2 25,268 23,386 48,817
Cost of sales 2 (20,225) (19,013) (39,552)
------------------------- ------ -------------------------- -------------------------- ------------------------
Gross profit 2 5,043 4,373 9,265
Administrative expenses (4,576) (4,307) (8,394)
Profit from operations 467 66 871
Financing expense (62) (61) (135)
------------------------- ------ -------------------------- -------------------------- ------------------------
Profit before tax 405 5 736
Tax expense 3 (92) - (224)
------------------------- ------ -------------------------- -------------------------- ------------------------
Net profit and total
comprehensive income
for the year 313 5 512
------------------------- ------ -------------------------- -------------------------- ------------------------
Earnings per ordinary
share 6
Basic 2.32p 0.04p 3.79p
------------------------- ------ -------------------------- -------------------------- ------------------------
Diluted 2.14p 0.04p 3.69p
------------------------- ------ -------------------------- -------------------------- ------------------------
Consolidated statement of changes in equity
Six months ended 30 June 2014
Share Share Capital Share Accumulated Total
capital premium redemption based losses equity
reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2014
(audited) 135 2,468 50 18 (970) 1,701
--------------------- --------- --------- ------------ --------- ------------ --------
Profit and total
comprehensive
income for the
period - - - - 313 313
--------------------- --------- --------- ------------ --------- ------------ --------
Share based payment
reserve - - - 8 - 8
--------------------- --------- --------- ------------ --------- ------------ --------
At 30 June 2014
(unaudited) 135 2,468 50 26 (657) 2,022
--------------------- --------- --------- ------------ --------- ------------ --------
Six months ended 30 June 2013
Share Share Capital Share Accumulated Total
capital premium redemption based losses equity
reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2013
(audited) 135 2,468 50 - (1,482) 1,171
--------------------- --------- --------- ------------ --------- ------------ --------
Profit and total
comprehensive
income for the
period - - - - 5 5
--------------------- --------- --------- ------------ --------- ------------ --------
Share based payment
reserve - - - 15 - 15
--------------------- --------- --------- ------------ --------- ------------ --------
At 30 June 2013
(unaudited) 135 2,468 50 15 (1,477) 1,191
--------------------- --------- --------- ------------ --------- ------------ --------
Consolidated statement of changes in equity
Year ended 31 December 2013
Share Share Capital Share Accumulated Total
capital premium redemption based losses equity
reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2013
(audited) 135 2,468 50 - (1,482) 1,171
--------------------- --------- --------- ------------ --------- ------------ --------
Profit and total
comprehensive
income for the
year - - - - 512 512
--------------------- --------- --------- ------------ --------- ------------ --------
Share based payment
reserve - - - 18 - 18
--------------------- --------- --------- ------------ --------- ------------ --------
At 31 December
2013 (audited) 135 2,468 50 18 (970) 1,701
--------------------- --------- --------- ------------ --------- ------------ --------
The share based payment reserve comprises the cumulative share
option charge under IFRS 2 less the value of any share options that
have been exercised or have lapsed.
Consolidated statement of financial position
As at 30 June 2014
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2013 Audited
June 2014 June 2013
Unaudited Unaudited
Note GBP'000 GBP'000 GBP'000
Assets
Non-current
Property, plant and equipment 389 378 431
Deferred tax asset 4 70 238 110
--------------------------------- ----- ----------- ----------- --------------
459 616 541
Current
Cash and cash equivalents 69 232
Inventories 12 10 15
Trade and other receivables 8,193 9,092 9,127
--------------------------------- ----- ----------- ----------- --------------
8,274 9,102 9,374
Total assets 8,733 9,718 9,915
--------------------------------- ----- ----------- ----------- --------------
Liabilities
Current
Trade and other payables (4,141) (3,642) (4,230)
Corporation tax (147) - (95)
Current borrowings (2,406) (4,885) (3,867)
--------------------------------- ----- ----------- ----------- --------------
Total liabilities (6,694) (8,527) (8,192)
Non-current liabilities
Creditors falling due after one year
- finance leases (17) - (22)
---------------------------------------- ----------- ----------- --------------
Net assets 2,022 1,191 1,701
--------------------------------- ----- ----------- ----------- --------------
Equity
Share capital 135 135 135
Share premium 2,468 2,468 2,468
Capital redemption reserve 50 50 50
Share based payment reserve 26 15 18
Accumulated losses (657) (1,477) (970)
Total equity 2,022 1,191 1,701
--------------------------------- ----- ----------- ----------- --------------
Consolidated statement of cash flows
Six months ended 30 June 2014
Six month Six month Year ended
period ended period ended 31 December
30 June 30 June 2013
2014 Unaudited 2013 Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before tax 405 5 736
Adjustments for:
Depreciation, loss on disposal
and amortisation 107 94 181
Profit on sale of property, plant
and equipment - 1 3
Employee equity settled share
options 8 15 18
Change in inventories 3 3 (2)
Change in trade and other receivables 934 (1,036) (1,068)
Change in trade and other payables (94) (382) 245
---------------------------------------- ---------------- ---------------- -------------
Cash generated from operations 1,363 (1,300) 113
Net cash from/(used) in operating
activities 1,363 (1,300) 113
---------------------------------------- ---------------- ---------------- -------------
Cash flows from investing activities
Purchases of property, plant and
equipment (65) (76) (212)
Purchases of shares in subsidiary
companies - - -
---------------------------------------- ---------------- ---------------- -------------
Net cash used in investing activities (65) (76) (212)
---------------------------------------- ---------------- ---------------- -------------
Cash flows from financing activities
Net cash inflow/(outflow) from
financing activities - - (27)
---------------------------------------- ---------------- ---------------- -------------
Net increase/(decrease) in cash
and cash equivalents from operations 1,298 (1,376) (126)
---------------------------------------- ---------------- ---------------- -------------
Total net (decrease) in cash and
cash equivalents 1,298 (1,376) (126)
---------------------------------------- ---------------- ---------------- -------------
Cash and cash equivalents at beginning
of period (3,635) (3,509) (3,509)
---------------------------------------- ---------------- ---------------- -------------
Cash and cash equivalents at end
of period (2,337) (4,885) (3,635)
---------------------------------------- ---------------- ---------------- -------------
Notes to the interim statement
Six months ended 30 June 2014
1. Accounting policies
a) General information
RTC Group PLC incorporated and domiciled in England whose shares
are publicly traded on AIM. The registered office address is The
Derby Conference Centre, London Road, Derby, DE24 8UX. The
company's registered number is 02558971. The principal activities
of the Group are described in note 2.
The Board consider the principal risks and uncertainties
relating to the Group for the next six months to be the same as
detailed in our last Annual Report and Accounts to 31 December
2013. The Group's financial risk management objectives and policies
are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 31 December 2013.
b) Basis of preparation
The unaudited interim group financial statements of RTC Group
PLC are for the six months ended 30 June 2014 and do not comprise
statutory accounts within the meaning of S.435 of the Companies Act
2006. The unaudited interim group financial statements have been
prepared in accordance with the AIM rules. This report should be
read in conjunction with the Group's Annual Report and Accounts for
the year ended 31 December 2013, which have been prepared in
accordance with IFRS's as adopted by the European Union.
These unaudited interim group financial statements were approved
for issue on 24 July 2014. No significant events, other than those
disclosed in this document, have occurred between 30 June 2014 and
this date.
c) Comparatives
The comparative figures for the year ended 31 December 2013 do
not constitute statutory accounts within the meaning of S.435 of
the Companies Act 2006, but they have been derived from the audited
financial statements for that year, which have been filed with the
Registrar of Companies. The report of the auditor was unqualified
and did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006 nor a reference to any matters which the auditor
drew attention by way of emphasis of matter without qualifying
their report.
d) Accounting policies
Other than the reallocation of certain expenses from cost of
sales to administrative expenses, as explained below, the
accounting policies adopted are consistent with those described in
the annual financial statements for the year ended 31 December
2013. There have been no significant changes in the basis upon
which estimates have been determined, compared to those applied at
31 December 2013 and no change in estimate has had a material
effect on the current period. Other than the restatement of gross
profit as explained below.
Restatement of gross profit
Following a review by the directors of the group's policy for
presenting costs arising within the recruitment segments against
companies within the same industry the group has restated the prior
year consolidated statement of comprehensive income in order to
re-allocate certain expenses within cost of sales to administrative
expenses in order to enhance comparability with those companies.
The expenses reallocated to administrative expenses are those not
directly attributable to contractors. The effect of the
re-allocation was to increase administrative expenses for the year
ended 31 December 2013 by GBP3.7m and reduce cost of sales by
GBP3.7m and increasing gross profit by GBP3.7m. There was no change
to reported revenue or profit from operations. Segment reporting in
note 2 has been restated to reflect the change in basis of
allocation.
The following enhancements to the accounting policy on revenue
have also been made and will be reflected in the annual financial
statements for the year ended 31 December 2014:
Cost of sales
Cost of sales consists of the salary cost of temporary staff,
direct costs associated with temporary staff including equipment
and work wear, travel and training costs and direct costs
associated with conferencing revenue.
Gross profit
Gross profit represents revenue less cost of sales and consists
of the total placement fees of permanent candidates, the margin
earned on the placement of temporary candidates and the margin on
conferencing revenue.
This interim announcement has been prepared based on IFRS's
which are in issue that are effective or available for early
adoption at the Group's annual reporting date as at 31 December
2014.
2. Segment analysis
The Group is a provider of recruitment services that is based at
the Derby Conference Centre. The recruitment business comprises
three distinct business units - ATA Recruitment servicing the UK
SME engineering market and a number of vertical markets; Global
Staffing Solutions predominantly providing managed service
solutions and Ganymede Solutions predominantly supplying blue
collar labour into rail.
Segment information is provided below in respect of ATA
Recruitment, Global Staffing Solutions, Ganymede Solutions and
Derby Conference Centre which houses the Group's head office and
also provides hotel and conferencing facilities.
The Group manages the trading performance of each segment by
monitoring operating contribution and centrally manages working
capital, borrowings and equity.
Revenues are generated from permanent and temporary recruitment
in the Recruitment division. Revenue is analysed by origin of
customer/point of invoicing and as such all recruitment division
revenues are supplied in the United Kingdom. Hotel and conferencing
services are wholly provided in the United Kingdom at the Derby
Conference Centre.
All revenues have been invoiced to external customers. During
2014, one customer in the ATA Global Staffing Solutions segment
contributed 10% or more of that segment's revenues being GBP6.9m
(2013: GBP7.3m).
The segmental information for the reporting period is as
follows:
Six months ended 30 June 2014
<--------- Recruitment --------> Conferencing Total
ATA Recruitment Global Ganymede Derby Conference Group
Staffing Solutions Centre
Solutions Limited
Unaudited Unaudited Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales
revenue 11,139 7,040 6,291 798 25,268
Cost of sales (8,683) (5,937) (5,252) (353) (20,225)
------------------- ---------------- ------------ ----------- ----------------- ----------
Segment gross
profit 2,456 1,103 1,039 445 5,043
Administrative
expenses (1,928) (639) (524) (416) (3,507)
Depreciation (26) (1) (5) (39) (71)
Segment operating
profit 502 463 510 (10) 1,465
------------------- ---------------- ------------ ----------- ----------------- ----------
Group costs (998)
----------
Operating profit per statement of comprehensive
income 467
----------
Six months ended 30 June 2013
<--------- Recruitment --------> Conferencing Total
ATA Recruitment Global Ganymede Derby Conference Group
Staffing Solutions Centre
Solutions Limited
Unaudited Unaudited Unaudited Unaudited Unaudited
Restated Restated Restated Restated Restated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales
revenue 10,973 7,377 4,257 779 23,386
Cost of sales (8,735) (6,359) (3,575) (344) (19,013)
------------------- ---------------- ------------ ----------- ----------------- ----------
Segment gross
profit 2,238 1,018 682 435 4,373
Administrative
expenses (1,820) (646) (394) (380) (3,240)
Depreciation (33) (8) (14) (39) (94)
Segment operating
profit 385 364 274 16 1,039
------------------- ---------------- ------------ ----------- ----------------- ----------
Group costs (973)
----------
Operating profit per statement of comprehensive
income 66
----------
Year ended 31 December
2013
<--------- Recruitment --------> Conferencing Total
ATA Recruitment Global Ganymede Derby Conference Group
Staffing Solutions Centre
Solutions Limited
Audited Audited Audited Audited Audited
Restated Restated Restated Restated Restated
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales
revenue 22,500 14,840 9,938 1,539 48,817
Cost of sales (17,875) (12,645) (8,309) (723) (39,552)
---------------------- ---------------- ------------ ----------- ----------------- ---------
Segment gross
profit 4,625 2,195 1,629 816 9,265
Administrative
expenses (3,624) (1,270) (839) (678) (6,411)
Depreciation (27) - (8) (78) (113)
Segment contribution 974 925 782 60 2,741
Group costs (1,870)
---------
Operating profit per statement of comprehensive
income 871
---------
All assets and liabilities are held in the United Kingdom.
3. Income tax
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2013 Audited
June 2014 June 2013
Continuing operations Unaudited Unaudited
GBP'000 GBP'000 GBP'000
Analysis of tax:-
Current tax
UK corporation tax 52 - 95
--------------------------------------- ----------- ----------- --------------
52 - 95
Deferred tax
Origination and reversal of temporary
differences 40 - 129
Tax 92 - 224
--------------------------------------- ----------- ----------- --------------
Factors affecting the tax expense
The tax assessed for the six month period ended 30 June 2014 is
less than would be expected by multiplying profit on ordinary
activities by the standard rate of corporation tax in the UK of
21.5% (2013:23.5%). The differences are explained below:
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2013 Audited
June 2014 June 2013
Factors affecting tax expense Unaudited Unaudited
GBP'000 GBP'000 GBP'000
Result for the year before tax 405 - 736
--------------------------------------- ----------- ----------- --------------
Profit multiplied by standard rate of
tax of 21.5% (2013: 23.5%) 87 - 173
Non-deductible expenses 5 - 17
Utilisation of losses - - 34
--------------------------------------- ----------- ----------- --------------
Tax charge/ (credit) for the year 92 - 224
--------------------------------------- ----------- ----------- --------------
4. Deferred tax
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2013 Audited
June 2014 June 2013
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
At 1 January 2014 110 - 239
(Charge)/ credit to the profit or loss
for the year (40) - (129)
---------------------------------------------- ----------- ----------- --------------
At 30 June 2014 70 - 110
---------------------------------------------- ----------- ----------- --------------
The deferred tax asset is analysed as:
Depreciation in excess of capital allowances 64 - 98
Tax losses carried forward 6 - 11
---------------------------------------------- ----------- ----------- --------------
70 - 109
---------------------------------------------- ----------- ----------- --------------
Unrecognised
Tax losses carried forward 83 - 83
---------------------------------------------- ----------- ----------- --------------
5. Dividends
The directors propose an interim dividend of 0.5p per share
(2013: nil). The Company has a progressive dividend policy. Subject
to approval of the Directors, the interim dividend will be paid on
1 October 2014 to shareholders on the register on 5 September
2014.
6. Earnings per share
The calculation of basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the year.
The calculation of diluted earnings per share is based on the
basic earnings per share adjusted to allow for all dilutive
potential ordinary shares.
<------------- Basic -------------> <------------- Diluted ------------->
Six month Six month Total group Six month Six month Total group
period period year ended period period year ended
ended ended 31 December ended ended 31 December
30 June 30 June 2013 30 June 30 June 2013
2014 2013 2014 2013
Unaudited Unaudited Audited Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Earnings GBP'000 313 5 512 313 5 512
------------------- --------------- ----------- --------------- --------------- ----------- ---------------
Weighted average
number of shares 13,511,626 13,511,626 13,511,626 14,633,961 13,906,286 13,889,918
------------------- --------------- ----------- --------------- --------------- ----------- ---------------
Earnings per
share (pence) 2.32p 0.04p 3.79p 2.14p 0.04p 3.69p
------------------- --------------- ----------- --------------- --------------- ----------- ---------------
7. Analysis of changes in net debt
At Cash Other non- At
Flows cash movements
1 January 30 June
2014
2014
(Audited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
Cash in hand net
of bank overdraft
and invoice discounting
arrangements (3,635) 1,298 - (2,337)
-------------------------- -------------- -------- ---------------- -------------
Net debt (3,635) 1,298 - (2,337)
-------------------------- -------------- -------- ---------------- -------------
The Group has a working capital facility with HSBC PLC that
allows it to borrow up to 90% of the invoiced trade debtors of ATA
Recruitment Limited, Ganymede Solutions Limited and Global Staffing
Solutions Limited up to GBP7.0m and an overdraft facility of
GBP50,000.
8. Contingent liabilities
Included in current borrowings are bank overdrafts and an
invoice discounting facility. During the year the Group has used
its bank overdraft and invoice discounting facility, which is
secured by a cross guarantee and debenture over the Group
companies. There have been no defaults or breaches of interest
payable during the current or prior period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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