TIDMITQ
RNS Number : 0155J
InterQuest Group PLC
06 September 2016
InterQuest Group plc
("InterQuest" or "the Group")
Interim Results
InterQuest Group plc (AIM: ITQ), the specialist recruitment
business operating in the 'new digital economy', is pleased to
announce its unaudited interim results for the six months ended 30
June 2016.
Financial highlights
-- Revenue down 9% to GBP73.8m (2015: GBP81.2m)
-- Net Fee Income ("NFI") down 10% to GBP11.0m (2015:
GBP12.1m)
-- Adjusted PBT* down 44% to GBP1.4m (2015: GBP2.5m)
-- Net loss (after goodwill impairment of GBP3.2m) of GBP2.4m
(2015: GBP1.6m profit)
-- Diluted adjusted earnings per share down 46% to 3.0 pence
(2015: 5.5 pence)
-- Basic loss per share of 6.7 pence (2015: 4.7 pence
earnings)
-- Net cash used in operating activities GBP2.9m (2015: net cash
generated GBP2.8m)
-- Net debt, consisting of our working capital facility which we
use to finance fluctuations in contractor levels, and cash
increased during the period to GBP9.9m (2015: GBP6.9m)
-- Interim dividend of 0.5 pence per share to be paid on 16
November 2016 (2015: 1.0 pence)
-- Professional contract recruitment margins were up 90 bps to
17.6% (2015: 16.7%).
-- Contract recruitment margins on all deals (excluding payroll)
increased 90 bps to 13.2% (2015: 12.3%)
*Adjusted for share based payment charge, amortisation,
impairment and non-recurring items
Operational highlights
-- The average permanent fee per placement has increased by 4%
to GBP6.8k (GBP2015: GBP6.5k) through developing a focus on senior
roles and supporting our clients at the management and leadership
level.
-- The Group has grown the Net Fee Income earned across the
divisions through its Solutions clients by 42% to GBP1.6m (2015:
GBP1.1m) through expanding on the previous services offered to our
managed service clients and adding a further client taking the
total to six.
-- The Group continues to focus on supporting our clients to
overcome the staffing challenges presented by the digital economy
and has made significant progress in developing innovative
solutions for our clients.
Chris Eldridge, Chief Executive Officer, commented: "A root and
branch reform has been necessary at our ECOM digital recruitment
subsidiary which was acquired three years ago, requiring a non-cash
impairment charge of GBP3.2m resulting in a total loss of GBP2.4m
for the Group although before exceptional items the Group reported
Adjusted PBT of GBP1.4m. We have now put the ECOM business on a
firmer footing and I am confident it will make a significant
contribution to the Group in the future. We are also encouraged by
the progress we have made in our Solutions business and can take
satisfaction from the fact that our contract recruitment margins
and average permanent placement fees have increased which is
evidence of the new initiatives we have been putting in place
during the period.
Gary Ashworth, Chairman, commented: "The Group's results for the
first half of 2016 are below our expectations at the start of the
year, particularly in the ECOM brand and the Public Sector
division, and were impacted by uncertainty in the UK market leading
up to the EU referendum. Following a period of change, the new
management team is in place and focused on progressing the Group
strategy of expanding our reach in the digital economy and the
further development of the Group's Solutions business. We have
refocused or removed non profitable elements of the business which
we believe will help profits in the medium / long term.
The recent acquisition of Rees Draper Wright on 3 August 2016
will also extend our geographic reach further into the strong
markets of the US and Europe. On behalf of the Board I would like
to thank all of my colleagues across the Group for their hard work
and commitment through these times of change."
This announcement contains inside information for the purposes
of Regulation (EU) No 596/2014.
Enquiries:
InterQuest Group plc
Chris Eldridge, Chief Executive Officer
David Bygrave, Chief Financial Officer
+44 (0)20 7025 0100
Panmure Gordon (UK) Limited (Nomad and Broker) +44 (0)20 7025 0100
Karri Vuori or Dominic Morley +44 (0)20 7886 2500
Chief Executive's Review
The challenges that digitisation cause industry show no signs of
abating; in fact they are becoming progressively more challenging
to overcome. InterQuest is uniquely positioned to support the
recruitment demands of all businesses seeking to re-define their
business model and how they take their services to a global
market.
Through our ability to identify and build networks with
professionals who possess scarce technical and leadership skills,
InterQuest is able to provide a solution to our customers' most
pressing issues.
During the first half of 2016 the Group's contractor numbers
were affected at ECOM by a reduction in demand resulting from
changes in buying behaviour and sector. Action has been taken to
refocus the business and reverse the decline. In early 2015 the
Group also benefited from a spike in demand from the Public Sector
which, following the General Election, was not replicated in the
first half of 2016.
During the first half of the year the business implemented a
number of initiatives to drive the business further into the
digital market and ensure that our clients are being offered a
collaborative recruitment solution encompassing the breadth of the
Group's specialisations. As part of this process the Group reviewed
the markets being addressed and as a result focused on the sectors
and disciplines that are seeing wage inflation and increasing
levels of demand. The Group has looked to reduce levels of lower
value business and aspire to move further up the value chain.
The Group continues to invest in market leading learning and
development and has seen improvements across the business as a
result.
On entering the second half of 2016 the business is well set for
growth, and to capitalise on the opportunities in the Digital
markets.
Average permanent recruitment fees were 4% higher in the first
half of 2016 whilst contract recruitment margins on professional
recruitment deals (those at margins over 12%) increased from 16.7%
in 2015 to 17.6% in 2016. Contract recruitment margins on all deals
(excluding payroll) increased to 13.2% from 12.3%.
The trading performance at ECOM, the Group's digital recruitment
division, has been below expectations and has led to an impairment
in goodwill for the Group amounting to GBP3.2m, set against the
original investment in the acquisition of ECOM.
We are declaring an interim dividend of 0.5 pence (2015: 1.0
pence) and this will be paid on 16 November 2016 to shareholders on
the register on 21 October 2016.
Although the first half of 2016 was challenging financially,
this masks the significant operational progress we have made across
a number of our key developmental objectives including growing our
managed service business, enhancing the Group's learning and
development capability, improving retention and enabling increased
levels of cross selling. The leadership team looks forward to
integrating the recent acquisition of Rees Draper Wright,
benefiting from joint client development and building upon the
platform in the US. We remain mindful of ongoing economic
uncertainty and are taking steps to ensure that the Group is agile
enough to respond to any changes that we may see in market
conditions.
I would like to take the opportunity to thank all of our
colleagues across InterQuest on the support they have given the new
leadership team and commend them on their focus and commitment to
delivering excellence for our clients and candidates.
Chris Eldridge
Chief Executive Officer
6 September 2016
Unaudited condensed consolidated interim statement of
comprehensive income
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2016 2015 2015
Note GBP'000 GBP'000 GBP'000
Revenue 73,770 81,196 158,613
Cost of sales (62,816) (69,091) (134,800)
---------- ---------- --------------
Gross profit 10,954 12,105 23,813
Amortisation (172) (172) (345)
Other administration
costs (9,613) (9,567) (18,554)
---------- ---------- --------------
Total administrative
expenses (9,785) (9,739) (18,899)
---------- ---------- --------------
Operating profit before
non-recurring items 1,169 2,366 4,914
Impairment (3,152) - -
Other non-recurring
items (34) (174) (337)
---------- ---------- --------------
Operating (loss)/profit (2,017) 2,192 4,577
Acquisition costs - - (21)
Finance costs (178) (172) (444)
---------- ---------- --------------
(Loss)/profit before
tax (2,195) 2,020 4,112
Income tax expense 5 (214) (396) (1,027)
---------- ---------- --------------
(Loss)/profit for the
period/year (2,409) 1,624 3,085
(Loss)/profit and total
comprehensive (expense)/income
for the period/year (2,409) 1,624 3,085
========== ========== ==============
Attributable to:
Owners of the parent (2,436) 1,617 3,020
Non-controlling interests 27 7 65
---------- ---------- --------------
Total comprehensive
(expense)/income for
the period/year (2,409) 1,624 3,085
========== ========== ==============
Earnings per share
from both total and
continuing operations:
Pence Pence Pence
Basic (loss)/earnings
per share 6 (6.7) 4.7 8.5
========== ========== ==============
Diluted (loss)/earnings
per share 6 (6.5) 4.4 8.2
========== ========== ==============
All results for the Group are derived from continuing operations
in the current period.
The accompanying notes form an integral part of this unaudited
condensed consolidated interim report.
Unaudited condensed consolidated interim statement of financial
position
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and
equipment 533 777 611
Goodwill 15,715 18,867 18,867
Other intangible
assets 827 1,173 1,000
Deferred income tax
assets - 149 -
Total non-current
assets 17,075 20,966 20,478
-------- -------- -----------
Current assets
Trade and other receivables 31,967 28,621 27,417
Cash and cash equivalents 807 1,444 1,181
-------- -------- -----------
Total current assets 32,774 30,065 28,598
-------- -------- -----------
Total assets 49,849 51,031 49,076
-------- -------- -----------
LIABILITIES
Current liabilities
Trade and other payables (17,293) (18,972) (16,698)
Borrowings (10,752) (8,302) (7,180)
Current tax payable (1,030) (1,142) (1,571)
-------- -------- -----------
Total current liabilities (29,075) (28,416) (25,449)
-------- -------- -----------
Non-current liabilities
Deferred income tax
liability (205) - (212)
-------- -------- -----------
Total non-current
liabilities (205) - (212)
Total liabilities (29,280) (28,416) (25,661)
-------- -------- -----------
Net assets 20,569 22,615 23,415
======== ======== ===========
EQUITY
Share capital 363 353 359
Share premium account 10,646 10,592 10,632
Capital redemption
reserve 12 12 12
Retained earnings 7,666 10,067 10,829
Share based payment
reserve 2,471 2,150 2,199
Share buy back reserve (666) (666) (666)
-------- -------- -----------
Total issued share
capital and reserves
attributable to the
owners of the parent 20,492 22,508 23,365
Non-controlling interests 77 107 50
-------- -------- -----------
Total equity 20,569 22,615 23,415
======== ======== ===========
The accompanying notes form an integral part of this unaudited
condensed consolidated interim report.
Unaudited condensed interim statement of changes in equity
Share Share
Share Capital based buy Non
Share premium redemption Retained payment back controlling Total
capital account reserve earnings reserve reserve interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2015 344 10,468 12 10,322 2,006 (666) 288 22,774
-------- -------- ------------ --------- -------- --------- ------------ --------
Comprehensive
income
Profit for the
period - - - 1,617 - - 7 1,624
Total comprehensive
income for the
period - - - 1,617 - - 7 1,624
Transactions
with owners
Movement in share
based payment
reserve - - - - 144 - - 144
Issue of share
capital 9 124 - - - - - 133
Dividends - - - (515) - - - (515)
Elimination of
reserves on acquisition
of IQ Telecom
NCI - - - - - - (242) (242)
Elimination of
deficit on acquisition
of Korus Group
NCI - - - - - - 70 70
Adjustment to
IQ Telecom NCI - - - (1,037) - - (16) (1,053)
Adjustment to
Korus Group NCI - - - (320) - - - (320)
-------- -------- ------------ --------- -------- --------- ------------ --------
Total contributions
by and distributions
to owners 9 124 - (1,872) 144 - (188) (1,783)
-------- -------- ------------ --------- -------- --------- ------------ --------
Balance at 30
June 2015 353 10,592 12 10,067 2,150 (666) 107 22,615
Balance at 1
July 2015 353 10,592 12 10,067 2,150 (666) 107 22,615
-------- -------- ------------ --------- -------- --------- ------------ --------
Comprehensive
income
Profit for the
period - - - 1,403 - - 58 1,461
Total comprehensive
expense for the
period - - - 1,403 - - 58 1,461
Transactions
with owners
Movement in share
based payment
reserve - - - - 49 - - 49
Issue of share
capital 6 40 - - - - - 46
Current tax credit
on share based
payments - - - (191) - - - (191)
Deferred tax
credit - - - 39 - - - 39
Dividends relating
to 2015 - - - (574) - - - (574)
Elimination of
reserves on acquisition
of IQ Telecom
NCI - - - - - - (65) (65)
Elimination of
deficit on acquisition
of Korus Group
NCI - - - - - - (66) (66)
Adjustment to
IQ Telecom NCI - - - 24 - - 16 40
Adjustment to
Korus Group NCI - - - 61 - - - 61
Total contributions
by and distributions
to owners 6 40 - (641) 49 - (115) (661)
Balance at 31
December 2015 359 10,632 12 10,829 2,199 (666) 50 23,415
======== ======== ============ ========= ======== ========= ============ ========
Unaudited condensed interim statement of changes
in equity (continued)
Share Share
Share Capital based buy Non
Share premium redemption Retained payment back controlling Total
capital account reserve earnings reserve reserve interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2016 359 10,632 12 10,829 2,199 (666) 50 23,415
-------- -------- ------------ --------- -------- --------- ------------ -------
Comprehensive
income
Profit for the
period - - - (2,436) - - 27 (2,409)
Total comprehensive
income for the
period - - - (2,436) - - 27 (2,409)
Transactions
with owners
Movement in share
based payment
reserve - - - - 272 - - 272
Issue of share
capital 4 14 - - - - - 18
Dividends - - - (727) - - - (727)
Total contributions
by and distributions
to owners 4 14 - (727) 272 - - (437)
Balance at 30
June 2016 363 10,646 12 7,666 2,471 (666) 77 20,569
======== ======== ============ ========= ======== ========= ============ =======
Unaudited condensed consolidated interim statement of cash
flows
6 months 6 months 12 months
to to to 31
30 June 30 June December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
(Loss)/profit after taxation (2,409) 1,624 3,085
Adjustments for:
Depreciation 221 232 441
Disposal of assets - - (10)
Share-based payment charge 272 144 193
Finance costs 178 240 444
Amortisation 172 172 345
Impairment 3,152 - -
Income tax expense 214 396 1,027
Increase in trade and other
receivables (4,550) (2,252) (1,052)
Increase in trade and other
payables 594 2,690 2,019
-------- -------- ---------
Cash (used in)/generated
from operations (2,156) 3,246 6,492
Income taxes paid (759) (488) (688)
-------- -------- ---------
Net cash (used in) / generated
from operating activities (2,915) 2,758 5,804
-------- -------- ---------
Cash flows from investing
activities
Purchase of property, plant
and equipment (144) (76) (138)
Acquisition of subsidiaries,
net of cash acquired - - (1,560)
Acquisition of non-controlling
interest in subsidiaries - (563) -
Loan notes paid - - (443)
Net cash used in from investing
activities (144) (639) (2,141)
-------- -------- ---------
Cash flows from financing
activities
Proceeds from issue of share
capital 18 111 179
Proceeds from sale of shares
in subsidiary - - 25
Net (decrease) / increase
in discounting facility 3,572 (1,310) (2,432)
Interest paid (178) (172) (444)
Dividends paid (727) (515) (1,089)
-------- -------- ---------
Net cash (used in) / received
from financing activities 2,685 (1,886) (3,761)
-------- -------- ---------
Net increase in cash and
cash equivalents (374) 233 (98)
Effects of currency translation
on cash and cash equivalents - (68) -
Cash, cash equivalents and
overdrafts at beginning of
period/year 1,181 1,279 1,279
Cash, cash equivalents and
overdrafts at end of period/year 807 1,444 1,181
-------- -------- ---------
The accompanying notes form an integral part of this unaudited
condensed consolidated interim report.
Notes to the unaudited condensed consolidated interim report
1 Nature of operations and general information
The InterQuest Group is a specialist technology recruitment
business. The Group focuses on both permanent and contract
recruitment across a range of sectors, specifically in high growth
functions including digital, information security, analytics,
telecommunications, change management and other high value niche
markets. This is underpinned by an expanding capability in
recruitment process outsourcing, helping our clients procure
resources in a highly effective manner.
The Group's strategy is to continue to focus on those markets
that are experiencing growth due to high demand for
transformational technologies. We are witnessing acute skill
shortages for technologies that will enable our clients to either
augment or transform their operating model to capitalise on the new
digital economy. This demand is having an upward impact on salaries
as well as permanent and contract recruitment margins.
The Group's unaudited condensed consolidated interim report is
presented in Pounds Sterling (GBP'000).
The unaudited condensed consolidated interim report has been
approved for issue by the Board of Directors on 5 September
2016.
The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2015 have been filed with the Registrar
of Companies. The auditor's report on those financial statements
was unqualified and did not contain a statement under Section 498
of the Companies Act 2006.
2 Basis of preparation
The unaudited condensed consolidated interim report is for the
six months ended 30 June 2016 and has been prepared in accordance
with the accounting policies as set out in the annual financial
statements for the year ended 31 December 2015. The unaudited
condensed consolidated interim report should be read in conjunction
with the Group's annual financial statements for the year ended 31
December 2015, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union (EU).
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of the
unaudited condensed consolidated interim report.
3 Summary of significant accounting policies
The same accounting policies, presentation and methods of
computation are followed in this unaudited condensed consolidated
interim report as were applied in the preparation of the Group's
annual financial statements for the year ended 31 December
2015.
Notes to the unaudited condensed consolidated interim report
4 Revenue and segmental reporting
For management reporting purposes the Group is organised into
the following five divisions:-
1. Niche - comprising specialist recruitment practices focused
on Analytics, Business Intelligence, Cyber Security, Internet of
Things, Telecommunications, Business Change, Risk and Compliance
which provide access to talent in some of the most critical areas
of demand in the modern economy;
2. ECOM Recruitment Limited - the UK's leading recruiter in the
digital market space which the Group acquired in November 2013;
3. Enterprise - comprising our Recruitment Process Outsourcing
services together with legacy client relationships with significant
customers in the financial services and retail sectors;
4. Public sector - focussed on the public sector and not for profit markets; and
5. Other - including the group sales function.
On 1 January 2016 the trade and assets of Mint Recruitment
Solutions Limited were transferred to InterQuest Group (UK)
Limited. Subsequent to the transfer the business is now continuing
to trade under two trading divisions of InterQuest Group (UK)
Limited; IQ Change, based in London, and IQ Digital, based in
Manchester. In order that the 2015 segmental analysis may be
comparable to the 2016 performance the Business Change division is
now shown under the new 2016 structure in Niche.
All business units provide contract and permanent recruitment
services and have similar economic characteristics and are
considered to meet the aggregation criteria of IFRS.
Information regarding segment assets is not provided to the
Group's chief operating decision maker. This is because the Group
considers net fee income (gross profit) and profitability for the
purpose of making decisions about allocation of resources.
Six month period to 30 June 2016
Public
Niche ECOM Enterprise Sector Other Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 27,675 6,137 25,749 12,434 1,775 73,770
Gross profit 5,374 1,621 2,292 1,041 626 10,954
Divisional EBITA 1,713 153 794 517 81 3,258
Unallocated central
overheads (1,645)
----------------
EBITA per
management
accounts 1,613
Reconciling items to amounts reported in the interim statement of comprehensive income:
Share based
payment (272)
Amortisation (172)
Impairment (3,152)
Non-recurring
items (34)
IFRS operating
profit (2,017)
Finance costs (178)
Profit before tax (2,195)
=======
Notes to the unaudited condensed consolidated interim report
4 Revenue and segmental reporting (continued)
Six months to 30 June 2015
Public
Niche ECOM Enterprise Sector Other Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 29,064 8,898 24,324 17,824 1,086 81,196
Gross profit 6,040 2,153 1,796 1,763 353 12,105
Divisional EBITA 2,255 587 717 988 46 4,593
Unallocated central
overheads (1,911)
--------------
EBITA per management
accounts 2,682
Reconciling items to amounts reported in the interim statement of comprehensive income:
Share based
payment (144)
Amortisation (172)
Non-recurring
items (174)
IFRS operating
profit 2,192
Finance costs (172)
Profit before tax 2,020
=====
There are no external customers who individually represent more
than 10% of the entity's external revenues during the six month
period ended 30 June 2016 and 30 June 2015.
Revenue Gross profit
Six month period to 30 Six month period to 30 Six month period to 30 Six month period to 30
June 2016 June 2015 June 2016 June 2015
GBP'000 GBP'000 GBP'000 GBP'000
Permanent 3,833 3,993 3,833 3,993
Contract 69,937 77,203 7,121 8,112
------------------------- ------------------------- ------------------------- -------------------------
73,770 81,196 10,954 12,105
========================= ========================= ========================= =========================
The Group does not report items below EBITA by segment in its
internal management reporting.
Notes to the unaudited condensed consolidated interim report
5 Income tax expense
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Current tax
Corporation tax on
profits for the period/year 222 433 975
Adjustment in respect
of prior periods - - (50)
Adjustment in respect
of non-recurring items - (37) (68)
-------- -------- ------------
Total current tax 222 396 857
Deferred tax
Origination and reversal
of temporary difference (8) - (37)
Adjustment in respect
of prior periods - - 207
Total deferred tax (8) - -
Total income tax expense 214 396 1,027
-------- -------- ------------
Notes to the unaudited condensed consolidated interim report
6 Earnings per share
The calculation of the 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
period/year.
The calculation of diluted earnings per share is based on the
basic earnings per share, adjusted to allow for the issue of shares
and the post-tax effect of dividends and/or interest, on the
assumed conversion of all dilutive options and other dilutive
potential ordinary shares.
Reconciliations of the earnings and weighted average number of
shares used in the calculations are set out below.
12 months
6 months 6 months to ended
ended ended 31
30 June 30 December
2016 June 2015 2015
GBP'000 GBP'000 GBP'000
(Loss)/profit for the year
attributable to the owners
of the company (2,436) 1,617 3,020
Adjustments to basic earnings
Intangible assets amortisation 172 172 345
Tax on intangible asset
amortisation (34) (36) (69)
Impairment 3,152 - -
Share based payment charge 272 144 193
Deferred tax (credit) on
share based payment (54) (30) (39)
Restructuring items - 153 118
Tax on restructuring items - (32) (24)
Fees related to acquisition
of ECOM Recruitment Limited - - 21
Redundancy and loss of
office costs 34 - 219
Tax on loss of office costs (7) - (44)
Fees related to acquisition
of non-controlling interest
in subsidiary - 20 -
Tax on acquisition fees - (4) -
Adjusted earnings 1,099 2,004 3,740
Notes to the unaudited condensed consolidated
interim report
6 Earnings per share (continued)
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic earnings
per share 36,204,457 34,732,097 35,635,968
Weighted average number
of ordinary shares for
the purposes of diluted
earnings per share 37,213,139 36,410,815 36,995,389
Earnings per share Pence Pence Pence
Basic (loss)/earnings per
share (6.7) 4.7 8.5
Diluted earnings per share (6.5) 4.4 8.2
Adjusted earnings per share
Basic (loss)/earnings per
share 3.0 5.7 10.5
Diluted earnings per share 3.0 5.5 10.1
7 Impairment of goodwill
On 26 November 2013, the Group acquired 100% of the share
capital of ECOM Recruitment Limited ("ECOM"), the UK's leading
digital technology recruitment business for a total consideration
of up to GBP7.04 million.
At 30 June 2016 the Board conducted a review of the carrying
value of the intangibles and goodwill associated with the business
of ECOM and as a result of that review the goodwill has been
impaired by GBP3,152k which has been treated as a non-recurring
item in the period. The carrying value of the goodwill at 30 June
2016 is GBP1,710k.
8 Subsequent events
On 3 August the Group acquired 78% of the share capital of
RDW-RD Limited ("RDW"), a boutique executive search firm for blue
chip clients, with the right to acquire the remainder of the shares
in RDW.
The wholly owned subsidiaries of RDW, Rees Draper Wright Limited
and Rees Draper Wright Inc operate from offices in London and New
York.
The total consideration agreed was:
GBP'000
Cash 1,273
Issue of new shares in
InterQuest Group Plc 546
Deferred consideration 381
Total 2,200
As part of the total consideration, InterQuest issued 728,000
new ordinary shares to the vendors on completion. The outstanding
interests in RDW are subject to put and call arrangements with the
vendors, which can be exercised up to 18 October 2016 on the same
terms. Assuming that this option is exercised, a further 205,333
new ordinary shares will be issued in due course.
9 Interim report
This report will also be available from the Company's registered
office and on Company's website www.interquestgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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