TIDMRTC
RNS Number : 7182G
RTC Group PLC
10 August 2016
RTC Group Plc
("RTC", "the Company" or "the Group")
Interim Results for the Six Months Ended 30 June 2016
RTC Group Plc is pleased to announce its interim results for the
six months ended 30 June 2016.
Highlights:
-- Group revenue from continuing operations GBP34.1m (2015: GBP29.5m) up 16%
-- Group profit from operations (before amortisation of intangibles) GBP0.6m (2015: GBP0.5m)
-- Cash inflow from operations GBP1m (2015: GBP0.8m outflow)
-- Basic earnings per share 2.83p (2015: 2.47p)
The Directors propose an interim dividend of 1.1p per share
(2015: 1.0p). The Company has a progressive dividend policy.
Subject to approval of the Directors, the interim dividend will be
paid on the 30 November 2016 to shareholders on the register on 4
November 2016.
Commenting on the results Bill Douie, Chairman, said:
"I am pleased to be able to present another successful half year
for the Group.
During the second half of the year we expect Ganymede to perform
in a consistent manner to the first half and whilst unsettled
political and economic conditions may impact on certain sectors of
the recruitment industry, we remain optimistic of the long-term
opportunities in the infrastructure sectors we support."
The interim report is available on the Company's website
www.rtcgroupplc.co.uk.
S
Enquiries:
RTC Group plc
Bill Douie, Executive Chairman Tel: 01332 861
Andy Pendlebury, CEO 844
Sarah Dye, Group Finance Director
WH Ireland (Nominated Adviser and Broker) Tel: 0113 394
Katy Mitchell / Liam Gribben 6600
About RTC
RTC has three principal trading subsidiaries engaged in the
recruitment of human capital resources and the provision of managed
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.
Global Staffing Solutions (GSS) predominantly provides managed
service solutions for international clients.
RTC also has a hotel and conference centre, the Derby Conference
Centre, that also houses the Group's headquarters.
Chairman's statement
Six months ended 30 June 2016
I am pleased to present the interim report of the Company for
the six months to 30 June 2016 and to report on another successful
half year for the Group.
Ganymede has continued to capture solid growth through its five
year Network Rail contract which commenced in May 2015. ATA has
successfully navigated through the period of market anxiety leading
up to the EU referendum. Our international activities through GSS
in Afghanistan continue to trade as expected and the bulk of the
project to revitalise the Derby Conference Centre (DCC) and our
head office has been completed.
Dividends
The Directors propose an interim dividend of 1.1p per share
(2015: 1.0p). The Company has a progressive dividend policy.
Subject to approval of the Directors, the interim dividend will be
paid on the 30 November 2016 to shareholders on the register on 4
November 2016.
Outlook
During the second half of the year we expect Ganymede to perform
in a consistent manner to the first half and whilst unsettled
political and economic conditions may impact on certain sectors of
the recruitment industry, we remain optimistic of the long-term
opportunities in the infrastructure sectors we support.
W J C Douie 10 August 2016
Chairman
Finance Director's statement
Six months ended 30 June 2016
Revenue and gross margin
In the period ended 30 June 2016, Group revenue increased by 16%
to GBP34.1m (2015: GBP29.5m). Gross profits delivered were similar
to the same period in 2015 with a gross margin of 18% (2015: 21%),
reflecting more emphasis on contract than permanent recruitment in
ATA and price pressure from our main client in GSS as NATO require
elements of our contract with KBR in Afghanistan to be rebid.
Ganymede
Profit from operations were GBP1.1m (2015: GBP0.6m) reflecting a
full half year of the five year contract to supply Network Rail
with contingent labour for maintenance. The gross margin has been
maintained at 16% (2015: 16%) even with ongoing increased
investment in areas such as training and health and safety required
under the contract. Ganymede Energy also continues to perform at
expected levels.
ATA
Profit from operations were GBP0.6m (2015: GBP0.7m). A change of
mix between contract and permanent recruitment has led to a
reduction in gross profit and net margin compared to 2015 with
contract representing 44% of gross profit in 2016 versus 40% in
2015. ATA is intent on building its contract business and this
strategy is on track with contract gross profit increasing year on
year. A slow down in permanent recruitment is predominantly driving
the absolute reduction in gross profit compared to 2015 and this
reflects market conditions and lower than anticipated headcount in
the first half of 2016.
GSS
Profit from operations of GBP0.3m (2015: GBP0.3m) reflects the
fact that contractor numbers are being maintained at similar levels
as last year with overheads carefully managed to offset the
tightening of gross margins resulting from rebidding elements of
our contract in Afghanistan (an ongoing process).
DCC
The results of the first half of 2016 were hit heavily as a
result of a major tenant leaving the site. Following refurbishment,
involving capital expenditure of GBP1m, RTC Group has now occupied
the main building that was vacated. New tenants have been secured
for other buildings on the Derby site and the Business Lounge at
the DCC has been opened.
Taxation
The total tax charge for the period is estimated at GBP60k
(2015: GBP75k). This is lower than would be expected if the
standard tax rate was applied to the profits for the period and the
reasons for this are explained in note 3.
Finance Director's statement
Six months ended 30 June 2016
Earnings per share
The basic earnings per share figure is 2.83p (2015: 2.47p). The
diluted earnings per share 2.71p (2015: 2.35p). Profit before tax
is GBP447k (2015: GBP398k), an increase of 12% on 2015.
Dividends
The Directors propose an interim dividend of 1.1p per share
(2015: 1.0p). The Company has a progressive dividend policy.
Subject to approval of the Directors, the interim dividend will be
paid on the 30 November 2016 to shareholders on the register on 3
November 2016 (ex Div.).
Statement of financial position
The Group statement of financial position has further
strengthened compared to the same point last year with net working
capital increasing to GBP1.4m (2015: GBP1.1m). The ratio of current
assets to current liabilities has improved slightly at 1.2 (2015:
1.1) and the gearing ratio reduced to 1.2 times (2015: 2.1 times).
The gearing ratio in 2015 largely reflecting the timing of GBP2.2m
of customer receipts relating to three key clients that were
overdue at the end of June but received in July. Interest cover is
8.6 times (2015: 10.3 times)
Cash flow
There was a cash inflow from operations of GBP1m (2015: GBP0.8m
outflow) which has been applied to investment in the Derby
site.
Financing
The Group's current bank facilities include an overdraft of
GBP50,000 and a confidential invoice discounting facility of up to
GBP9.0m 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 statement of financial position to support the
growth of the business.
Sarah Dye 10 August 2016
Group Finance Director
Consolidated statement of comprehensive income
Six months ended 30 June 2016
Six month Six month Year ended
period ended period ended 31 December
30 June 30 June 2015 2015
2016
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
-------------------------- ------- --------------- ---------------------- --------------
Revenue 2 34,062 29,475 64,899
Cost of sales 2 (28,082) (23,442) (52,198)
-------------------------- ------- --------------- ---------------------- --------------
Gross profit 2 5,980 6,033 12,701
Administrative expenses (5,474) (5,592) (11,321)
-------------------------- ------- --------------- ---------------------- --------------
Profit from operations 506 441 1,380
Financing expense (59) (43) (98)
-------------------------- ------- --------------- ---------------------- --------------
Profit before tax 447 398 1,282
Tax expense 3 (60) (75) (172)
-------------------------- ------- --------------- ---------------------- --------------
Net profit and total
comprehensive income
for the year 387 323 1,110
-------------------------- ------- --------------- ---------------------- --------------
Earnings per ordinary
share 5
Basic 2.83p 2.47p 7.85p
-------------------------- ------- --------------- ---------------------- --------------
Diluted 2.71p 2.35p 7.49p
-------------------------- ------- --------------- ---------------------- --------------
Consolidated statement of changes in equity
Six months ended 30 June 2016
Six months ended 30 June 2016
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
2016 (audited) 143 66 (473) 50 54 3,080 2,920
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Profit and
total comprehensive
income for
the period - - - - - 387 387
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Share options
exercised 2 31 - - (4) 4 33
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Share based
payment reserve - - - - 15 - 15
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
At 30 June
2016 (unaudited) 145 97 (473) 50 65 3,471 3,355
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
The following describes the nature and purpose of each reserve
within equity:
Reserve description and purpose
Share capital
Nominal value of share capital subscribed for.
Share premium account
Amount subscribed for share capital in excess of nominal
value.
Capital Redemption Reserve
An amount of money that a company in the UK must keep when it
buys back shares, and which it cannot pay to shareholders as
dividends.
Own shares held
Cost of company's own shares purchased through the EBT Trust
shown as a deduction from equity.
Share based payment reserve
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.
Retained earnings
All other net gains and losses and transactions with owners
(e.g. dividends) not recognised elsewhere.
Consolidated statement of changes in equity
Six months ended 30 June 2016
Six months ended 30 June 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 (audited) 135 - - 50 26 2,230 2,441
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Profit and
total comprehensive
income for
the period - - - - - 323 323
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Dividends - - - - - (135) (135)
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Own shares
purchased in
EBT - - (473) - - - (473)
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Share options
exercised 8 66 - - - - 74
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Share based
payment reserve - - - - - - -
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
At 30 June
2015 (unaudited) 143 66 (473) 50 26 2,418 2,230
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Consolidated statement of changes in equity
Six months ended 30 June 2016
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
----------------------- ---------- ---------- --------- ------------- ---------- --------- ---------
Consolidated statement of financial position
As at 30 June 2016
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2015 Audited
June 2016 June 2015
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ ---------------
Assets
Non-current
Goodwill 132 132 132
Other intangible assets 670 596 736
Property, plant and equipment 1,274 459 345
Deferred tax asset 16 40 40
---------------------------------------- ------------ ------------ ---------------
2,092 1,227 1,253
Current
Cash and cash equivalents - 158 58
Inventories 11 14 13
Trade and other receivables 10,217 11,212 11,743
---------------------------------------- ------------ ------------ ---------------
Total current assets 10,228 11,384 11,814
Total assets 12,320 12,611 13,067
---------------------------------------- ------------ ------------ ---------------
Liabilities
Current
Trade and other payables (4,758) (5,263) (5,925)
Corporation tax (180) (251) (132)
Current borrowings (3,931) (4,742) (3,982)
---------------------------------------- ------------ ------------ ---------------
Total current liabilities (8,869) (10,256) (10,039)
Non-current liabilities
Creditors falling due after one year
- finance leases - (5) -
Deferred tax liabilities (96) (120) (108)
---------------------------------------- ------------ ------------ ---------------
Net assets 3,355 2,230 2,920
---------------------------------------- ------------ ------------ ---------------
Equity
Share capital 145 143 143
Share premium 97 66 66
Capital redemption reserve 50 50 50
Own shares held (473) (473) (473)
Share based payment reserve 65 26 54
Profit and loss account 3,471 2,418 3,080
Total equity 3,355 2,230 2,920
---------------------------------------- ------------ ------------ ---------------
Consolidated statement of cash flows
Six months ended 30 June 2016
Six month Six month Year ended
period ended period ended 31 December
30 June 30 June 2015 Audited
2016 Unaudited 2015 Unaudited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit from operations 506 441 1,380
Adjustments for:
Depreciation, loss on disposal
and amortisation 150 150 305
Employee equity settled share
options 15 - 40
Change in inventories 2 4 6
Change in trade and other receivables 1,510 (1,944) (2,476)
Change in trade and other payables (1,151) 550 1,212
----------------------------------------- ----------------- ----------------- ---------------
Cash inflow/(outflow) from operations 1,032 (799) 467
Income tax paid - - (226)
Net cash inflow/(outflow) from
operating activities 1,032 (799) 241
----------------------------------------- ----------------- ----------------- ---------------
Cash flows from investing activities
Purchases of property, plant and
equipment (1,013) (77) (260)
Net cash used in investing activities (1,013) (77) (260)
Cash flows from financing activities
Interest payments (59) (43) (98)
Lease purchase payments - (6) (11)
Dividends paid - (135) (272)
Proceeds from exercise of share
options 33 74 74
Purchase of own shares - (473) (473)
----------------------------------------- ----------------- ----------------- ---------------
Net cash outflow from financing
activities (26) (583) (780)
----------------------------------------- ----------------- ----------------- ---------------
Net (decrease) in cash and cash
equivalents from operations (7) (1,459) (799)
----------------------------------------- ----------------- ----------------- ---------------
Total net (decrease) in cash and
cash equivalents (7) (1,459) (799)
----------------------------------------- ----------------- ----------------- ---------------
Cash and cash equivalents at beginning
of period (3,924) (3,125) (3,125)
----------------------------------------- ----------------- ----------------- ---------------
Cash and cash equivalents at end
of period (3,931) (4,584) (3,924)
----------------------------------------- ----------------- ----------------- ---------------
Notes to the interim statement
Six months ended 30 June 2016
1. Accounting policies
a) General information
RTC Group PLC is incorporated and domiciled in England and its
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
2015. 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 2015.
b) Basis of preparation
The unaudited interim group financial information of RTC Group
PLC is for the six months ended 30 June 2016 and does 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 and have not been
reviewed by the Group's auditors. This report should be read in
conjunction with the Group's Annual Report and Accounts for the
year ended 31 December 2015, 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 10 August 2016. No significant events, other than
those disclosed in this document, have occurred between 30 June
2016 and this date.
c) Comparatives
The comparative figures for the year ended 31 December 2015 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
There have been no significant changes in the basis upon which
policies and estimates have been applied, compared to those applied
at 31 December 2015. A full description of our accounting policies
are contained with our 2015 Annual Report available on our
website.
This interim announcement has been prepared in accordance with
the recognition and measurement requirements of International
Financial Reporting Standards issued by the International
Accounting Standards Board, as adopted by the European Union as
effective for periods beginning on or after 1 January 2016.
Notes to the interim statement
Six months ended 30 June 2016
EBT
During the year the company set up an EBT. 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 entitled
'own shares held'.
2. Segment analysis
The Group is a provider of recruitment services and conferencing
services that is based at the DCC. 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, GSS,
Ganymede 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.
All revenues have been invoiced to external customers. During
2015, one customer in GSS contributed 10% or more of that segment's
revenues being GBP5.1m (2015: GBP5.0m) and one customer in Ganymede
also contributed 10% or more of that segment's revenues being
GBP10.3m (2015: GBP5.4m).
Notes to the interim statement
Six months ended 30 June 2016
The segment information for the reporting period is as
follows:
Six months ended 30 June 2016:
Recruitment Conferencing Total
ATA GSS Ganymede DCC Group
Unaudited Unaudited Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ----------- ------------- ----------- -------------- -----------
External sales
revenue 12,837 5,147 15,486 592 34,062
Cost of sales (10,206) (4,458) (13,063) (355) (28,082)
------------------- ----------- ------------- ----------- -------------- -----------
Gross profit 2,631 689 2,423 237 5,980
Administrative
expenses (1,979) (439) (1,350) (408) (4,176)
Depreciation (36) - (2) (28) (66)
-------------------
Segment profit
from operations 616 250 1,071 (199) 1,738
Amortisation
of intangibles (66)
Central support
and Group costs (1,166)
------------------- ----------- ------------- ----------- -------------- -----------
Profit from operations per statement of
comprehensive income 506
------------------------------------------------------------ -------------- -----------
All assets and liabilities are held in the United Kingdom.
Notes to the interim statement
Six months ended 30 June 2016
Six months ended 30 June 2015:
Recruitment Conferencing Total
ATA GSS Ganymede DCC Group
Unaudited Unaudited Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ----------- ------------- ----------- -------------- -----------
External sales
revenue 12,625 5,079 10,982 789 29,475
Cost of sales (9,606) (4,244) (9,223) (369) (23,442)
------------------- ----------- ------------- ----------- -------------- -----------
Gross profit 3,019 835 1,759 420 6,033
Administrative
expenses (2,258) (560) (1,116) (412) (4,346)
Depreciation (27) - (4) (24) (55)
-------------------
Segment profit
from operations 734 275 639 (16) 1,632
Amortisation
of intangibles (66)
Central support
and Group costs (1,125)
------------------- ----------- ------------- ----------- -------------- -----------
Profit from operations per statement of
comprehensive income 441
------------------------------------------------------------ -------------- -----------
Year ended 31 December 2015:
Recruitment Conferencing Total
ATA GSS Ganymede DCC Group
Audited Audited Audited Audited Audited
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)
Central support
and Group costs (2,279)
------------------- ---------- ------------- ---------- -------------- ----------
Profit from operations per statement of
comprehensive income 1,380
---------------------------------------------------------- -------------- ----------
All assets and liabilities are held in the United Kingdom.
Notes to the interim statement
Six months ended 30 June 2016
3. Income tax
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2015 Audited
June 2016 June 2015
Continuing operations Unaudited Unaudited
GBP'000 GBP'000 GBP'000
------------------------------------------- ------------ ------------ ---------------
Analysis of tax:-
Current tax
UK corporation tax 73 81 172
Adjustment in respect of previous period - (16) 2
------------------------------------------- ------------ ------------ ---------------
73 65 174
Deferred tax (13) 10 (2)
Tax 60 75 172
------------------------------------------- ------------ ------------ ---------------
Factors affecting the tax expense
The tax assessed for the six-month period ended 30 June 2016 is
less than would be expected by multiplying profit on ordinary
activities by the standard rate of corporation tax in the UK of 20%
(2015:20.5%). The differences are explained below:
Six month Six month Year ended
period period 31 December
ended 30 ended 30 2015 Audited
June 2016 June 2015
Unaudited Unaudited
Factors affecting tax expense GBP'000 GBP'000 GBP'000
------------------------------------------- ------------ ------------ ---------------
Result for the year before tax 447 398 1,282
------------------------------------------- ------------ ------------ ---------------
Profit multiplied by standard rate of
tax of 20% (2015: 20.5%) 89 82 260
Non-deductible expenses 4 9 11
Tax credit on exercise of options (23) - (101)
Corporation tax rate change (10) - -
Adjustment in respect of previous period - (16) 2
------------------------------------------- ------------ ------------ ---------------
Tax charge for the year 60 75 172
------------------------------------------- ------------ ------------ ---------------
Notes to the interim statement
Six months ended 30 June 2016
4. Dividends
During the period the company made no dividend payments (2015:
GBP67,558) to its equity shareholders. This represents a payment of
0.0p (2015: 1.0p) per share.
The Directors propose an interim dividend of 1.1p per share
(2015: 1.0p). Subject to approval of the Directors, the interim
dividend will be paid on 30 November 2016 to shareholders on the
register on 4 November 2016.
5. 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 Six month Six month
period ended period ended period ended period ended
30 June 2016 30 June 2015 30 June 2016 30 June 2015
Unaudited Unaudited Unaudited Unaudited
Earnings
GBP'000 387 323 387 323
------------------ --------------- --------------- --------------- ---------------
Basic weighted
average number
of shares 13,679,975 13,053,231 13,679,975 13,053,231
------------------ --------------- --------------- --------------- ---------------
Dilutive
effect of
share options 582,545 665,203
------------------ --------------- --------------- --------------- ---------------
Fully diluted
weighted
average number
of shares 14,262,920 13,718,434
------------------ --------------- --------------- --------------- ---------------
Earnings
per share
(pence) 2.83p 2.47p 2.71p 2.35p
------------------ --------------- --------------- --------------- ---------------
The basic earnings per share at 31 December 2015 was 7.85p and
diluted earnings per share was 7.49p.
Notes to the interim statement
Six months ended 30 June 2016
6. Analysis of changes in net debt
At Cash Other non- At
1 January Flows cash movements 30 June
2016 2016
Audited
Unaudited
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ------------ --------- ----------------- ------------
Overdraft and invoice
discounting arrangements (3,982) 51 - (3,931)
Cash 58 (58) - -
----------------------------- ------------ --------- ----------------- ------------
Net debt (3,924) (7) - (3,931)
----------------------------- ------------ --------- ----------------- ------------
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,
GSS and Ganymede up to GBP9.0m and an overdraft facility of
GBP50,000.
7. 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.
8. Related party transactions
RTC Group Plc is the parent company of the Group that includes
the following trading entities that have been consolidated:
ATA Recruitment Limited
The Derby Conference Centre Limited
Ganymede Solutions Limited
ATA Global Staffing Solutions Limited
The Group, as permitted by the scope paragraph of IAS 24,
Related Party Disclosures, has not disclosed transactions with
other group companies that are eliminated on consolidation in the
Group financial statements.
Transactions with related parties not consolidated
The accounts of Accurate Recruitment and Training Services PBT
Limited (ATA India), a 90% owned subsidiary of the Group, have not
been consolidated as the Directors consider the amounts involved
are not material.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EASPNEAKKEFF
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August 10, 2016 02:00 ET (06:00 GMT)
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