TIDMRTC
RNS Number : 3862Q
RTC Group PLC
29 February 2016
29 February 2016
RTC Group Plc
("RTC", "the Company" or "the Group")
Final results for the year ended 31 December 2015
RTC Group Plc (AIM: RTC.L), the support services group which
predominantly provides recruitment services, is pleased to announce
its audited results for the year ended 31 December 2015.
Highlights
-- Group revenue up 27% GBP65m (2014: GBP51m)
-- Gross profit up 25% GBP12.7m (2014: GBP10.2m)
-- Profit before tax up 30% GBP1.3m (2014: GBP1.0m)
-- Earnings per share (basic) 7.85p (2014: 5.92p) up 33%
During the year the Company paid an interim dividend of
GBP136,631 (2014: GBP67,558) to its equity shareholders. This
represents a payment of 1p (2014: 0.5p) per share. A final dividend
of GBP273,263 (2014: GBP135,116) has been proposed but has not been
accrued within these financial statements. This represents a
payment of 2.0p (2014: 1.0p) per share. A resolution regarding this
recommended final dividend is to be considered at the Company's
forthcoming 2016 Annual General Meeting, which is due to be held on
20 April 2016. If shareholders approve the recommended final
dividend, then this will be paid on 1 July 2016 to all holders of
shares who are on the register of members at the close of business
on 3 June 2016, with an ex-dividend date of 2 June 2016.
Commenting on the results Andy Pendlebury, CEO said:
"I am delighted to be able to report that in 2015 we continued
to make significant progress with the strategic direction we set
for the Group culminating in another year of impressive results.
Our strategy has enabled us to dilute our exposure to competitive
market conditions enabling our financial performance to continue to
accelerate at pace".
Our continued success is a direct result of the hard work,
support and unparalleled commitment of everybody employed in our
business and the Group Board is extremely proud of our collective
achievement."
Enquiries:
RTC Group Plc 01332 861 835
Bill Douie, Chairman
Andy Pendlebury, Chief Executive
WH Ireland (Nominated Adviser 0113 394 6600
and Broker)
Katy Mitchell / Liam Gribben
About RTC
RTC has three principal trading subsidiaries engaged in
recruitment services:
-- ATA 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 is focussed on the supply and operation of blue
collar contingent labour into safety critical markets.
-- GSS predominantly provides managed service solutions for international clients.
-- The Derby Conference Centre (DCC) provides accommodation for
the Group and hotel and conferencing facilities for local
businesses.
www.rtcgroupplc.co.uk
Chairman's statement
For the year ended 31 December 2015
I am pleased to present the final report for the year to 31st
December 2015.
Group
2015 has again been a year of growth with turnover up 27% and
profit before tax up 26%, a clear indication of volume growth in
addition to further increases in efficiency. The figures are after
a full year of amortisation charges arising from our acquisition
for cash of RIG Energy in November 2014.
ATA exceeded our expectations and Ganymede mobilised and
delivered the new Network Rail contract as planned. Following the
termination of NATO military action in Afghanistan, the expected
reductions in personnel supplied to that country, which have now
stabilised at lower levels, have reduced revenue at GSS but this
has been more than offset by growth in all our other
businesses.
Cash generated from operations has been used to reduce the debt
arising from the acquisition of RIG Energy, infrastructure and
establishment costs necessary in the build-up of Ganymede fixed and
variable costs in preparation for the commencement of activity
arising from the Network Rail contract and in our return to
dividends.
Capital investment
Our enhanced trading performance has enabled us to continue
carefully focused increases in capital expenditure with particular
emphasis on improvements in IT.
Dividends
As stated in my report for the year to December 2013, we have
established a policy of paying dividends to shareholders. In
pursuance of this policy, an interim dividend of 1.0p has been
paid, (2014: 0.5p). Your Directors are now proposing a final
dividend for the 2015 year of 2.0p per share, (2014: 1.0p), subject
to approval at the Annual General Meeting on 20 April 2016.
The Group Board
During the year, Tim Jackson, who joined us as a non-executive
director, decided to focus more time on his charity interests and
left the Board. We are conscious of the value provided to boards of
smaller listed companies by non-executive directors but are keen to
invite only those who have particular qualities to add to our type
of business. I am happy to announce that we have secured the
services of Brian May, Chief Executive of Renew Holdings plc, who
has an impressive record of steering and driving his company during
a period of development and growth.
Staff
I should like to thank our staff at all levels for their
loyalty, hard work and enthusiasm.
Outlook
As previously announced, Ganymede has been successful in
achieving a further and significantly enhanced contract with
Network Rail for the provision of on track labour over the next
five years and is now their largest supplier of contingent labour.
This contract commenced operation in May and has now stabilised at
monthly activity figures at the top end of the expected range. The
contract is running smoothly and we look forward to a full year's
contribution in 2016. ATA is well placed to continue to grow
throughout 2016 following continued investment in system and
people. GSS is continuing as a supplier of personnel into
Afghanistan at reduced but stable levels and the outlook there is
for greater and longer than expected involvement. Promising
negotiations are taking place to provide similar services in other
geographical locations. The DCC continues to provide our
prestigious head office location and is making steady profits from
conferencing and other business activities. Having completed our
review of the Derby site, we have concluded a new fifteen year
lease on the property and have embarked on a largely self-financing
program of improvements to the buildings at the completion of which
we will have premises which are completely in use and of a quality
to our and our clients' demanding requirements.
The UK economy continues to perform surprisingly well and we are
confident that 2016 will see further growth.
Bill Douie 28 February 2016
Chairman
Chief executive's operational and strategic review
For the year ended 31 December 2015
Overview
In the 2014 annual accounts I outlined the key findings and
recommendations of the strategic review I carried out upon
appointment to office. This review resulted in a wide ranging
reshaping of the Group to create the necessary platform and
environment to ensure the long term viability and future prosperity
of the Group. Our strategy centred on building and investing in
independent subsidiary businesses with strong management, motivated
employees and clearly definable brands capable of competing in a
broad range of highly competitive industry sectors. Additionally by
leveraging the combined and complementary capabilities of the
individual businesses, the Group would establish a firm footing in
a range of markets capturing significant value for shareholders
through providing a highly competitive and unique range of
solutions to a broad range of clients seeking a single point
recruitment solution.
I am delighted to be able to report that in 2015 we continued to
make significant progress with the strategic direction we set for
the Group culminating in another year of impressive results. Our
strategy has enabled us to dilute our exposure to competitive
market conditions enabling our financial performance to continue to
accelerate at pace with revenue up 27%, gross profit up 25% and
gross profit conversion unchanged, profit before tax up 26% and
earnings per share up 33%. These results have contributed to a
further strengthening of the Group's balance sheet enabling the
Board to recommend a 2p final dividend representing a 100% increase
on 2014 whilst at the same time providing valuable investment
capital for the Board to pursue its ambitious growth plans.
Furthermore, we believe our results provide valuable reassurance to
the Board and its shareholders that the strategic path being
followed is underpinned by sound commercial, operational and
financial management.
Subsidiary company review
ATA
ATA has had another excellent year of growth. The investments
made in headcount and management/consultant development has
continued to expand the depth and breadth of experience in the
business resulting in increased sales, gross profit, and gross
profit conversion. The business comprises two distinctly separate
yet complementary income streams. Key accounts typically supports
large corporate clients with a range of individually tailored
solutions to support their unique needs and the ATA branch network
which services a broad range of SME businesses predominately
focused around the engineering and manufacturing sectors.
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Whilst both divisions have their own uniquely successful
business models they share common systems, procedures and training
and development strategies enabling ATA to share industry knowledge
and the business to leverage shared capabilities and opportunities.
This offers a significant source of competitive advantage to ATA as
many of its clients, especially multi-national and subsidiary based
groups are able to access corporately tailored solutions with
regionally managed relationships through a single point
relationship with ATA. This provides the opportunity for ATA to
offer attractive commercial terms for clients whilst maintaining
its solid margin performance through reducing transaction time and
associated overhead costs.
Ganymede
2015 was a hugely important year for Ganymede. Having been
awarded the highest possible volume for contingent labour by
Network Rail in its five year GBP30bn CP5 Rail Enhancement
Programme, the business was under significant pressure to integrate
the additional personnel the increased volume had demanded. I am
delighted to report that Ganymede successfully achieved all
regional integration plans and manpower deployment expectations and
it is operating at the top end of the estimated five year GBP100m
run rate. Furthermore, all additional and exceptional investment
costs to facilitate the enlarged contract value were successfully
absorbed in the initial ramp up period. Ganymede's 2015 financial
performance reflects this huge achievement with the business
doubling its 2014 revenue, delivering significantly enhanced
contribution to the Group and becoming the biggest of RTC's
subsidiary businesses having grown revenue 60 fold since the
implementation of the Group's strategic change programme in 2008. A
remarkable achievement which would qualify for recognition in all
the major UK fast track award programmes.
In addition to the CP5 programme that Ganymede operates directly
with Network Rail the business supports a range of other major rail
clients working on infrastructure, electrification and maintenance
enhancement programmes for Network Rail and the business is
optimistic about its long term growth plans within the rail
sector.
Towards the end of 2014 Ganymede acquired RIG Energy providing
the opportunity to diversify into the energy sector with the
specific long term objective of supporting the Government's smart
meter roll out programme. I am delighted to say that the business
has been successfully integrated into the core operation and has
already proved value enhancing. Again we remain extremely
optimistic about the long term prospects for Ganymede's Energy
division and we believe the acquisition will deliver Ganymede the
expected additional long term value ahead of expectations.
GSS
Whilst GSS has seen reduced revenue through the anticipated
decline in personnel deployed in Afghanistan, the extent of the
decline has not been as severe as expected and the business
continues to generate a positive contribution to the Group.
Furthermore, and given the rising tension in the region, we are
becoming increasingly confident that the headcount and resultant
revenue will be maintained for longer than was originally
anticipated. In addition to the core business and clients that GSS
supports, considerable investment has been made to explore wider
international opportunities predominately centred around the Middle
East and in particular Qatar where the Qatari government is under
increasing pressure to implement more ethical recruitment solutions
as it deploys hundreds of thousands of migrant workers to support
its 2022 FIFA World Cup infrastructure programme and its broader
2030 national vision strategy. On this I am delighted to report
that following a lengthy period of exploratory discussions GSS has
recently formed Qatar based company, GSS Qatar LLC. Over the next
six months we will be exploring the scale of the opportunity for
GSS to provide large volume migrant workers on a variety of long
term infrastructure projects in Qatar.
DCC
As well as providing the corporate headquarters for the Group,
its internal management services division and regional offices for
ATA and Ganymede, the DCC had another very successful year
competing in the highly populated conferencing, events and
accommodation sector in the East Midlands. Many of the large
national and international hotel chains are located in Derby
providing a highly crowded market place with discounting a key
feature of the competitive strategy of the DCC's prime competition.
The DCC has focused its client strategy around service,
exceptionally high product quality and a value for money
proposition. This has proved highly successful with both repeat
business and new business capture steadily increasing.
During 2015 DCC negotiated a new long term lease with its
landlord which will guarantee the Group a further 15 years at the
DCC and enable the DCC to invest in a range of new business
services to capture a larger share of the region's growing
entrepreneurial business community. A major refurbishment programme
has recently commenced and the Board believe once completed the DCC
will be one of the prime business locations in the region offering
a broad range of business services providing long term sustainable
revenue for the Group.
Risk
The Board believe the Group has a sensible balance of risk
across its client portfolio with the majority of revenue generated
through long term contracts with blue chip businesses. This
classification of client is seen as low risk by the Board and
represents a substantial part of future long term income
generation. In addition to providing business services to blue chip
organisations our subsidiary businesses support many national SME
companies across a broad range of sectors. Whilst this client
grouping exposes the Group to a higher risk profile this is
mitigated by a range of pre-business assessment criteria including
company and bank searches and attracts both higher margins and
shorter payment terms. Our final client category relates to
international business. This client base represents the highest
level of risk to the Group and is therefore subject to the highest
level of internal approval. Approval to accept international
business includes minimal margin requirement, a down payment
deposit for recruitment activity and given the speed and value of
debt acceleration on large volume contracts up-front payment of
contractor salaries, only risking our profit against performance
management. Finally regular debt management meetings are held with
all subsidiary businesses on a monthly basis to discuss individual
client debt management.
Our people
I would like to finish this strategic review by thanking
everybody in our subsidiary businesses and Group headquarters for
the contribution they have made both individually and collectively.
We have grown substantially in recent years and this has brought
many challenges to all corners of our Group. We have a team ethic
which transcends all our businesses and departments and the
collective belief in our Group is a major source of our competitive
advantage which should not be undervalued. We are capable of
growing far beyond our current position in the sectors and markets
we operate in and the Board are extremely proud of everybody who
has helped create this unique culture.
Future growth strategy
The Board remains confident that its strategy of growing the
Group through a combination of organic investment in existing
subsidiary businesses coupled with strategic acquisition of
complementary and value add businesses offers the most attractive
long term opportunity to create value for its shareholders. Our
subsidiary businesses are all well placed in growing markets and
have demonstrated their ability to differentiate their core
offering from other main stream competitors. This will become
increasingly vital as markets tighten and pressures intensify in
the battle for revenues and margin retention. We will not overpay
for targeted acquisitions as synergy savings rarely deliver the
levels of perceived benefit promoted by sellers' agents. Our track
record on this is good and we will continue to patiently seek out
targeted opportunities that provide immediate value enhancing
returns to our shareholders.
Andy Pendlebury
Group Chief Executive 28 February 2016
Finance Director's statement
For the year ended 31 December 2015
Financial highlights
In the year ended 31 December 2015, Group revenue increased by
27% to GBP65m (2014: GBP51m) reflecting good performances in all
Group businesses.
Revenue growth has flowed directly through to profit from
operations of GBP1.4m also an increase of 27% on 2014. Gross margin
was maintained at 20% (2014: 20%). Overall administrative expenses
increased in line with revenue.
Acquisitions
The Group continues to monitor and research good acquisition
opportunities that meet our strategic requirements.
Taxation
The total tax charge for the year was GBP0.2m (2014: GBP0.2m).
The small variance between this and the expected charge if a 20.25%
corporation tax rate was applied to the profit for the year is
explained in note 3.
Earnings per share
The basic earnings per share figure is 7.85p (2014: 5.92p) an
increase of 33% on 2014.
Dividends
During the year the company paid an interim dividend of
GBP136,631 (2014: GBP67,558) to its equity shareholders. This
represents a payment of 1.0p (2014: 0.5p) per share.
Purchase of own shares and formation of EBT
(MORE TO FOLLOW) Dow Jones Newswires
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During the period the Company purchased 675,581 Ordinary Shares
at 70p per share to implement a long term strategic reward
programme to incentivise key employees as the Group enters the next
phase of its exciting growth plan. The Company established an EBT
to hold the shares. The EBT is considered an extension of the
Company's activities and therefore assets (except investments in
the Company's shares) and liabilities which are the subject of the
trust are included in the consolidated accounts on a line-by-line
basis. The cost of shares held by the EBT is presented as a
separate debit reserve within equity named 'Own Shares Held'.
Lease of the Derby site
A new 15 year lease was entered into in respect of the Group's
Derby site. Thus securing the future headquarters for the Group and
enabling us to implement our growth strategy for The Derby
Conference Centre.
Statement of financial position, cash generation and
financing
The Group balance sheet has strengthened during the year. Net
working capital has increased to GBP1.8m (2014: GBP1.2m) largely
reflecting the increased activity relating to the new Network Rail
contract in Ganymede. The ratio of current assets to current
liabilities has been maintained at 1.2 (2014: 1.2). The Group's
gearing ratio, which is calculated as total borrowings over net
assets, has increased slightly to 1.4 (2014: 1.3) and interest
cover has increased to 14.1 (2014: 12.1) which is further evidence
of improvement in the Group's financial position and effective cash
control and proactive management of the Group's cost of
borrowing.
Cash generated from operations was GBP0.5m (2014: GBP2.3m) with
operating cash conversion 17% (2014: 198%). As promised in our 2014
annual report, we invested in our continued growth through
supporting infrastructure during 2015 and the purchase of own
shares.
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. Both are renewable annually. The next review is
due in February 2017. The Group is currently operating well within
its facility.
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.
Sarah Dye 28 February 2016
Group Finance Director
Consolidated statement of comprehensive income
For the year ended 31 December 2015
2015 2014
Notes GBP'000 GBP'000
--------------------------------- ------- ---------- ----------
Revenue 2 64,899 50,932
Cost of sales (52,198) (40,756)
---------------------------------- ------- ---------- ----------
Gross profit 12,701 10,176
Administrative expenses (11,321) (9,067)
---------------------------------- ------- ---------- ----------
Profit from operations 1,380 1,109
Finance expense (98) (91)
---------------------------------- ------- ---------- ----------
Profit before tax 1,282 1,018
Tax expense 3 (172) (218)
---------------------------------- ------- ---------- ----------
Profit and total comprehensive
income for the year 1,110 800
---------------------------------- ------- ---------- ----------
Earnings per ordinary share
Basic 4 7.85p 5.92p
---------------------------------- ------- ---------- ----------
Fully diluted 4 7.49p 5.42p
---------------------------------- ------- ---------- ----------
Consolidated statement of changes in equity
For the year ended 31 December 2015
Share Share Own Capital Share Profit Total
capital premium shares redemption based and equity
held reserve payment loss
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2015 135 - - 50 26 2,230 2,441
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Profit and
total comprehensive
income for
the period - - - - - 1,110 1,110
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Dividends - - - - - (272) (272)
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Own shares
purchased - - (473) - - - (473)
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Share options
exercised 8 66 - - (12) 12 74
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Share based
payment
reserve - - - - 40 - 40
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
At 31 December
2015 143 66 (473) 50 54 3,080 2,920
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
The information for the prior reporting period is as
follows:
Share Share Capital Share Profit Total
capital premium redemption based and loss equity
reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2014 135 2,468 50 18 (970) 1,701
----------------------- ---------- ---------- ------------- ---------- ----------- ---------
Profit and
total comprehensive
income for
the year - - - - 800 800
----------------------- ---------- ---------- ------------- ---------- ----------- ---------
Dividends - - - - (68) (68)
----------------------- ---------- ---------- ------------- ---------- ----------- ---------
Share premium
cancellation - (2,468) - - 2,468 -
----------------------- ---------- ---------- ------------- ---------- ----------- ---------
Share based
payment reserve - - - 8 - 18
----------------------- ---------- ---------- ------------- ---------- ----------- ---------
At 31 December
2014 135 - 50 26 2,230 2,441
----------------------- ---------- ---------- ------------- ---------- ----------- ---------
Consolidated statement of financial position
As at 31 December 2015
2015 2014
GBP'000 GBP'000
-------------------------------- ---------- ---------
Assets
Non-current
Goodwill 132 132
Other intangible assets 736 662
Property, plant and equipment 345 466
Deferred tax asset 40 62
--------------------------------- ---------- ---------
1,253 1,322
Current
Cash and cash equivalents 58 41
Inventories 13 19
Trade and other receivables 11,743 9,267
--------------------------------- ---------- ---------
11,814 9,327
Total assets 13,067 10,649
--------------------------------- ---------- ---------
Liabilities
Current
Trade and other payables (5,925) (4,713)
Corporation tax (132) (186)
Current borrowings (3,982) (3,166)
(10,039) (8,065)
Non-current liabilities
Creditors falling due after
one year - finance leases - (11)
Deferred tax liabilities (108) (132)
--------------------------------- ---------- ---------
Net assets 2,920 2,441
--------------------------------- ---------- ---------
Equity
Share capital 143 135
Share premium 66 -
Capital redemption reserve 50 50
(MORE TO FOLLOW) Dow Jones Newswires
February 29, 2016 02:00 ET (07:00 GMT)
Own shares held (473)
Share based payment reserve 54 26
Retained earnings 3,080 2,230
Total equity 2,920 2,441
--------------------------------- ---------- ---------
The financial statements were approved and authorised for issue
by the Board and were signed on its behalf on 28 February 2016
by:
A M Pendlebury S Dye
Director Director
Consolidated statement of cash flows
For the year ended 31 December 2015
2015 2014
GBP'000 GBP'000
Cash flows from operating
activities
Profit from operations 1,380 1,109
Adjustments for:
Depreciation, loss on disposal
and amortisation 305 217
Employee equity settled
share options 40 8
Change in inventories 6 (4)
Change in trade and other
receivables (2,476) 734
Change in trade and other
payables 1,212 207
----------------------------------- --------- ---------
Cash inflow from operations 467 2,271
Income tax paid (226) (80)
Net cash inflow from operating
activities 241 2,191
----------------------------------- --------- ---------
Cash flows from investing
activities
Purchases of property,
plant and equipment (260) (245)
Acquisition of business
- cash paid - (875)
----------------------------------- --------- ---------
Net cash used in investing
activities (260) (1,120)
Cash flows from financing
activities
Interest payments (98) (91)
Lease purchase payments (11) (11)
Dividends paid (272) (68)
Debt acquired on acquisition - (391)
Proceeds from exercise
of share options 74 -
Purchase of own shares (473) -
---------------------------------- --------- ---------
Net cash outflow from financing
activities (780) (561)
----------------------------------- --------- ---------
Net (decrease)/increase
in cash and cash equivalents
from operations (799) 510
----------------------------------- --------- ---------
Total net (decrease) /
increase in cash and cash
equivalents (799) 510
----------------------------------- --------- ---------
Cash and cash equivalents
at beginning of period (3,125) (3,635)
----------------------------------- --------- ---------
Cash and cash equivalents
at end of period (3,924) (3,125)
----------------------------------- --------- ---------
1. Corporate information and basis of preparation
RTC Group Plc is a public limited company incorporated and
domiciled in England whose shares are publicly traded.
The announcement of results of the Group for the year ended 31
December 2015 was authorised for issue in accordance with a
resolution of the directors on 28 February 2016.
The financial information included in this announcement has been
compiled in accordance with the recognition and measurement
criteria of International Financial Reporting Standards ("IFRS"),
including International Accounting Standards ("IAS") and
interpretations issued by the International Accounting Standards
Board ("IASB") and its committees, and as adopted by the EU. This
announcement does not itself however contain sufficient information
to comply with IFRS.
The accounting policies adopted are consistent with those
described in the annual financial statements for the year ended 31
December 2015. There have been no significant changes in the basis
upon which estimates have been determined, compared to those
applied at 31 December 2014 and no change in estimate has had a
material effect on the current period.
2. Segment analysis
The Group is a provider of recruitment services and conferencing
services that is based at the Derby Conference Centre. The
recruitment business comprises three distinct business units - ATA
predominantly servicing the UK SME engineering market and a number
of vertical markets; GSS servicing the international market and
Ganymede supplying labour into safety critical environments, mainly
rail.
Segment information is provided below in respect of ATA,
Ganymede, GSS and the DCC which, as well as being the head office
for the Group, 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 UK at the DCC.
During 2015, one customer in GSS contributed 10% or more of that
segment's revenues being GBP9.6m (2014: GBP12.2m) and one customer
in Ganymede also contributed 10% or more of that segment's revenues
being GBP15.5m (2014: GBP6.1m).
The segmental information for the current reporting period is as
follows:
Recruitment Conferencing Total
ATA GSS Ganymede DCC Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ---------- ------------- ---------- -------------- ----------
External sales
revenue 26,676 9,693 26,682 1,848 64,899
Cost of sales (20,591) (8,205) (22,621) (781) (52,198)
------------------- ---------- ------------- ---------- -------------- ----------
Gross profit 6,085 1,488 4,061 1,067 12,701
Administrative
expenses (4,446) (1,016) (2,448) (826) (8,736)
Depreciation (113) (1) (8) (52) (174)
-------------------
Segment profit
from operations 1,526 471 1,605 189 3,791
Amortisation
of intangibles (132)
Group costs (2,279)
------------------- ---------- ------------- ---------- -------------- ----------
Profit from operations per statement
of comprehensive income 1,380
---------------------------------------------------------- -------------- ----------
The information for the prior reporting period is as
follows:
Recruitment Conferencing
ATA GSS Ganymede DCC Total
Group
2014 2014 2014 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ---------- ---------- ---------- -------------- ----------
External
sales revenue 23,867 12,772 12,534 1,759 50,932
Cost of
sales (18,703) (10,815) (10,446) (792) (40,756)
----------------- ---------- ---------- ---------- -------------- ----------
Gross profit 5,164 1,957 2,088 967 10,176
Administrative
expenses (3,858) (1,064) (1,130) (802) (6,854)
Depreciation (128) - (9) (69) (206)
Segment
contribution 1,178 893 949 96 3,116
Group costs (2,007)
----------------- ---------- ---------- ---------- -------------- ----------
Profit from operations per statement
of comprehensive income 1,109
----------------------------------------------------- -------------- ----------
3. Tax expense
2015 2014
Continuing operations GBP'000 GBP'000
---------------------------------------- --------- ---------
Analysis of tax:
Current tax
UK corporation tax 172 185
Adjustment in respect of previous
period 2 (15)
---------------------------------------- --------- ---------
174 170
Deferred tax
Origination and reversal of temporary
differences (2) 48
Tax 172 218
---------------------------------------- --------- ---------
Factors affecting the tax expense
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