Source - LSE Regulatory
RNS Number : 3578G
RTC Group PLC
26 July 2021
 

This announcement contains inside information as stipulated under The Market Abuse Regulation (EU No. 596/2014).

 

26 July 2021

 

RTC Group Plc

("RTC", "the Company" or "the Group")

 

Interim Results for the Six Months Ended 30 June 2021

 

RTC Group Plc (AIM: RTC.L), the engineering and technical recruitment Group, is pleased to announce its unaudited results for the six months ended 30 June 2021.

 

Summary:

 

·           Group revenue from continuing operations was £40.5m (2020: £39.9m);

·           Profit before tax was £0.2m (2020: £0.2m);

·           Net assets £6.7m (2020: £6.5m);

·           Net cash outflow from operating activities £2.1m (2020: £4.3m inflow); and

·           Basic earnings per share 0.76p (2020: 1.20p).

 

No dividends were paid in the period (2020:  Nil).  At this time, no interim dividend is proposed for the year ended 31 December 2021 (2020: Nil).

 

Commenting on the results, Bill Douie, Chairman, said:

 

"The first half of 2021 has been navigated satisfactorily in the continuing environment of the current pandemic.  Although the wave which commenced in September/October 2020 did not reach a peak until part way through the first quarter, the general economic environment remained very constrained and much of our business continued to be materially adversely affected.  Happily, our strong emphasis on infrastructure generally, and railway, which has continued to perform at levels much as in 2020, was aided by early signs of recovery in branch UK recruitment and has made the profitable result for the period possible.  Although there is still not a positive environment for the Derby Conference Centre and Hotel, our International Staffing Solutions business has continued at profitable levels.

 

During the first six months more positive news on the vaccine roll-out has raised hopes of a period of recovery with a slow and bumpy return to improved profitability.  However, there are additional head winds which present challenges for the immediate future and beyond.

Shareholders will be aware that all NATO forces have now been withdrawn from Afghanistan, which will, to all intents and purposes, herald the end of our main business in that country which has served us well for many years.  Replacing that revenue is a high priority and whilst the Group continues to service other existing overseas contracts and secure replacement business, we must expect a period of lag in replacing this revenue.

Shareholders will also be aware that this year we are in the position of having to renew our contract with Network Rail.  The tender process has now been completed and we should know the outcome of Network Rails decision in the second half of the year.

As was explained at the time of our Annual General Meeting in April, your Board is fully aware that the market in our shares is very limited.  Accordingly, at these uncertain times, we have responded by renewing our authority to purchase our shares in the market up to 2,195,091 shares an amount equivalent to 14.99% of our outstanding capital at the time of the last Annual General Meeting.

Other than the two factors mentioned above, the outcome for the remainder of 2021 depends on whether the present optimism over the vaccine roll-out and the consequential economic forecast plays out as the Government hopes.  We will continue to manage the Group with caution and determination."

The interim report is available on the Company's website www.rtcgroupplc.co.uk.

 

ENDS

 

Enquiries:

RTC Group Plc

                           Tel: 0133 286 1835

Bill Douie, Chairman

Andy Pendlebury, Chief Executive


www.rtcgroupplc.co.uk

 


SPARK Advisory Partners Limited (Nominated Adviser)

Matt Davis / James Keeshan

www.Sparkadvisorypartners.com

 

                           Tel: 0203 368 3550

Panmure Gordon (Broker)

Nick Lovering

www.panmure.com

                          Tel: 020 7886 2500



About RTC

RTC Group Plc is an AIM listed business that focuses on white and blue-collar recruitment, providing temporary and permanent labour to a broad range of industries and customers in both domestic and international markets through its geographically defined operating divisions.

 

UK division

Through its Ganymede and ATA Recruitment brands the Group provides a wide range of recruitment services in the UK.

Ganymede specialise in recruiting technical and engineering talent and providing complete workforce solutions to help build and maintain infrastructure and transportation for a wide range of clients. Ganymede is a market leader in providing a diverse range of people solutions to the rail, energy, construction, highways, and transportation sectors. With offices strategically located across the country, Ganymede provides its clients with the benefit of a national network of skilled personnel combined with local expertise.

ATA Recruitment provide technical recruitment solutions to the manufacturing, engineering, and technology sectors. Working as an engineering recruitment partner supporting businesses across the UK. ATA Recruitment has a strong track record of attracting and recruiting engineering talent for our clients. ATA's regional offices which are strategically located in Leicester and Leeds each have dedicated market-experts to ensure ATA delivers excellence to both our clients and candidates. 

 

International division

Through its GSS brand the Group works with customers across the globe that are focused on delivering projects in a variety of engineering sectors. GSS has a track record of delivery in some of the world's most hostile locations. Working closely with its customers GSS provides contract and permanent staffing solutions on an international basis, providing key personnel into new projects and supporting ongoing large-scale project staffing needs. GSS typically recruit across a range of disciplines and skills from operators and supervisors, through to senior management level.

The Group headquarters are located at the Derby Conference Centre which also provides office accommodation for its operating divisions in addition to generating rental and conferencing income from space not utilised by the Group.



Chairman's statement

Six months ended 30 June 2021

 

The first half of 2021 has been navigated satisfactorily in the continuing environment of the current pandemic.  Although the wave which commenced in September/October 2020 did not reach a peak until part way through the first quarter, the general economic environment remained very constrained and much of our business continued to be materially adversely affected.  Happily, our strong emphasis on infrastructure generally, and railway, which has continued to perform at levels much as in 2020, was aided by early signs of recovery in branch UK recruitment and has made the profitable result for the period possible.  Although there is still not a positive environment for the Derby Conference Centre and Hotel, our International Staffing Solutions business has continued at profitable levels.

 

During the first six months more positive news on the vaccine roll-out has raised hopes of a period of recovery with a slow and bumpy return to improved profitability.  However, there are additional head winds which present challenges for the immediate future and beyond.

Shareholders will be aware that all NATO forces have now been withdrawn from Afghanistan, which will, to all intents and purposes, herald the end of our main business in that country which has served us well for many years.  Replacing that revenue is a high priority and whilst the Group continues to service other existing overseas contracts and secure replacement business, we must expect a period of lag in replacing this revenue.

Shareholders will also be aware that this year we are in the position of having to renew our contract with Network Rail.  The tender process has now been completed and we should know the outcome of Network Rails decision in the second half of the year.

As was explained at the time of our Annual General Meeting in April, your Board is fully aware that the market in our shares is very limited.  Accordingly, at these uncertain times, we have responded by renewing our authority to purchase our shares in the market up to 2,195,091 shares an amount equivalent to 14.99% of our outstanding capital at the time of the last Annual General Meeting.

Other than the two factors mentioned above, the outcome for the remainder of 2021 depends on whether the present optimism over the vaccine roll-out and the consequential economic forecast plays out as the Government hopes.  We will continue to manage the Group with caution and determination

 

 

W J C Douie

Chairman

 

25 July 2021



Finance Director's statement

Six months ended 30 June 2021

 

Highlights

Despite the ongoing impact of the Covid-19 pandemic ("the pandemic") on parts of the Group, I am pleased to report that we delivered revenues of £40.5m (2020: £39.9m) and a profit before tax of £0.2m (2020: £0.2m) for the six months ended 30 June 2021 with significantly reduced support from the Government.

 

Grants received through the Coronavirus Job Retention Scheme in the period were £0.3m (2020: £1.5m) as we utilised flexible furlough arrangements to get employees back into work for their own wellbeing as well as the benefit of the business and contractors paid under PAYE were also predominantly back at work.

 

The impact of the pandemic on the UK Recruitment segment was mixed. Overall, the segment delivered increased revenues of £34.2m (2020: £31.2m) which was converted to profit from operations of £1.5m (2020: 1.2m).  Throughout the period we continued to provide contract workers to the infrastructure and rail sectors at slightly higher levels than Q4 2020, and general UK recruitment and smart-meter installation activities gradually picked up with promising levels of UK recruitment in June especially.

 

International recruitment saw minimal impact of the pandemic but the withdrawal of the US from Afghanistan in Q2 resulted in reduced revenues of £6.0m (2020: £8.3m). Profit from operations reduced to £0.3m (2020: £0.5m).

 

Within UK Central Services, whilst our hotel and conference centre provided bedroom and meeting room facilities to key workers in line with Government guidelines, overall business levels were depressed due to Government guidance curtailing conference and event activities. Revenue generated by the segment was £0.3m (2020: £0.4m) reflecting the fact that in 2020 only Q2 trading was impacted by the pandemic, whereas in 2021 restrictions on hospitality were in place for the entire period.

 

Interest cover

Interest cover was 3.1 times (2020: 3.5 times).

 

Taxation

The total tax charge for the period is estimated at £53,000 (2020: £60,000). This is higher than would be expected if the standard tax rate was applied to the profits for the period, as explained in note 3.

 

Earnings per share

The basic earnings per share figure is 0.76p (2020: 1.20p).  The diluted earnings per share 0.75p (2020: 1.07p).

 

Dividends

No dividends were paid in the period (2020:  Nil).  At this time, no interim dividend is proposed for the year ended 31 December 2021 (2020: Nil).

 

Statement of financial position

Net working capital has increased to £4.8m (2020: £4.3m). There has been an increase in debtors since the start of the period due to the bedding in of a key client's new payment process which has slowed payment terms temporarily.  Net assets have increased to £6.7m (2020: £6.5m). The Group has no term debt and is financed using its invoice discounting and overdraft facilities with HSBC.

 

Cash flow

The cash outflow from operating activities of £2.1m (2020: £4.3m inflow) for the six-month period reflects an increase in payment terms for a key client (as noted above) together with the repayment of £0.5m of the £1.5 m VAT deferred in 2020 under the Government VAT deferral Scheme and payment of the Q1 2021 VAT of £2.2m. No VAT was paid in respect of Q1 in 2020.  These factors, and the cash cancellation of options detailed below, have contributed to the increase in the amount of invoice finance required to support activities.  

 

Cancellation of employee share options

On 24 May 2021, the Group announced an offer to all employee with share options that had vested to cancel their options for a one-off cash consideration of 46.5p per option share, being the mid-market closing price on 21 May 2021, the last business day prior to the announcement. As a result 1,603,008 options were cancelled and the cash consideration was paid to the relevant employees as remuneration through the PAYE system. The total of the remuneration payments made was £0.7m plus employers NI of £0.1m.

 

Financing

The Group's current bank facilities comprise an overdraft of £50,000 and a confidential invoice discounting facility of up to £12.0m with HSBC at a discount margin of 1.6% above base.   The Board closely monitors the level of facility utilisation and availability to ensure there is enough headroom to manage current operations and future needs of the business.  The Group continues to be focussed on cash generation and building a robust statement of financial position to protect the business.

 

The Group has continued to protect its financial position by deferring non-essential capital expenditure and making use of the Government's Coronavirus Job Retention Scheme by using flexible furlough arrangements, particularly in its hotel and conferencing business.

 

Own shares held

The cost of the Group's own shares purchased through the Employee Benefit Trust is shown as a deduction from equity. No options were exercised during the period. The balance of £235,918 on the own shares held reserve within equity reflects 337,027 shares remaining in the EBT that will be used to satisfy future exercises.

 

Going concern

The Board continues to review and monitor the risks and sensitivities associated with the pandemic and its potential impact on the Group. Given the Group's trading performance in the six-month period to 30 June 2021, Board consideration of forward-looking forecast scenarios for the second half of the year and beyond and its financing facility of £12m, the Group expects to be able to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the accounts. As a result, the going concern basis continues to be appropriate in preparing the interim results.

 

 

S L Dye                                                                                                             

Group Finance Director

25 July 2021                                                                 



Consolidated statement of comprehensive income:

 



Six-month period ended 30 June 2021

Six-month period ended 30 June 2020

Year ended

31

December 2020

 



Unaudited

Unaudited

Audited


Notes

£'000

£'000

£'000

Revenue

2

40,491

39,858

81,356

Cost of sales

2

(34,786)

(34,211)

(71,117)

Gross profit

2

5,705

5,647

10,239

Other operating income

2

311

1,524

2,477

Administrative expenses

2

(5,776)

(6,847)

(11,663)

Profit from operations

2

240

324

1,053

Finance expense


(78)

(93)

(183)

Profit before tax


162

231

870

Tax expense

3

(53)

(60)

(204)

Total profit and other comprehensive income for the period attributable to owners of the parent


109

171

666






Earnings per ordinary share

4




Basic


0.76p

1.20p

4.66p

Fully diluted


0.75p

1.07p

4.13p

 

 

 

Consolidated statement of changes in equity for the six months ended 30 June 2021:

 


Share capital

Share premium

Own shares held

 

Capital redemption reserve

Share based payment reserve

Profit and loss

Total equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2021

146

120

(236)

50

718

6,278

7,076

Total comprehensive income for the period

-

-

-

-

-

109

109

Transactions with owners:








Share options cancelled

-

-


-

(782)

37

(745)

Share based payment charge

-

-

-

-

210

-

210

Total transactions with owners

-

-


-

(572)

37

(535)

At 30 June 2021 (Unaudited)

146

120

(236)

50

146

6,424

6,650



Consolidated statement of changes in equity for the six months ended 30 June 2020:

 


Share capital

Share premium

Own shares held

 

Capital redemption reserve

Share based payment reserve

Profit and loss

Total equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2020

146

120

(264)

50

557

5,627

6,236

Total comprehensive income for the period

-

-

-

-

-

171

171

Transactions with owners:








Share options exercised

-

-

28

-

(4)

(15)

9

Share based payment charge

-

-

-

-

67

-

67

Total transactions with owners

-

-

28

-

63

(15)

76

At 30 June 2020 (Unaudited)

146

120

(236)

50

620

5,783

6,483

 

 

 

Consolidated statement of changes in equity for the year ended 31 December 2020:

 


Share capital

Share premium

Own shares held

 

Capital redemption reserve

Share based payment reserve

Retained earnings

Total equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2020

146

120

(264)

50

557

5,627

6,236

Total comprehensive income for the year

-

-

-

-

-

666

666

Transactions with owners:








Share options exercised

-

-

28

-

(4)

(15)

9

Share based payment charge

-

-

-

-

165

-

165

Total transactions with owners

-

-

28

-

161

(15)

174

At 31 December 2020 (Audited)

146

120

(236)

50

718

6,278

7,076



Consolidated statement of financial position:

 

 



As at

30 June 2021

 Unaudited

As at

30 June

2020

 

Unaudited

As at

31 December 2020

Audited



£'000

£'000

£'000

Assets





Non-current





Goodwill


132

132

132

Other intangible assets


101

196

149

Property, plant, and equipment


1,602

1,694

1,648

Right of use assets


2,797

2,965

2,993

Deferred tax asset


30

106

149



4,662

5,093

5,071

Current





Inventories


8

10

7

Trade and other receivables


15,084

10,459

13,404

Cash and cash equivalents


737

2,022

2,827

Total current assets


15,829

12,491

16,238

Total assets


20,491

17,584

21,309






Liabilities





Current





Trade and other payables


(8,434)

(6,772)

(9,706)

Lease liabilities


(276)

(261)

(276)

Corporation tax


(147)

(352)

(218)

Current borrowings


(2,171)

(795)

(967)

Total current liabilities


(11,028)

(8,180)

(11,167)






Non-current liabilities





Lease liabilities


(2,686)

(2,836)

(2,944)

Deferred tax liabilities


(127)

(85)

(122)

Net assets


6,650

6,483

7,076






Equity





Share capital


146

146

146

Share premium 


120

120

120

Capital redemption reserve


50

50

50

Own shares held


(236)

(236)

(236)

Share based payment reserve


146

620

718

Profit and loss account


6,424

5,783

6,278

Total equity


6,650

6,483

7,076



Consolidated statement of cash flows:

 

 

 


Six-month period ended 30 June 2021 Unaudited

Six-month period ended 30 June 2020 Unaudited

Year ended 31 December 2020

Audited


£'000

£'000

£'000

Cash flows from operating activities




Profit before tax

162

231

870

Adjustments for:




Depreciation, loss on disposal and amortisation

410

370

763

Finance expense

78

93

183

Employee equity settled share options charge

210

67

165

Change in inventories

(1)

-

3

Change in trade and other receivables

(1,680)

5,350

2,405

Change in trade and other payables

(1,169)

(1,721)

1,213

Cash (outflow)/inflow from operations

(1,990)

4,390

5,602

Income tax paid

-

-

(284)

Interest paid

(78)

(93)

(183)

Net cash (outflow)/inflow from operating activities

(2,068)

4,297

5,135

Cash flows from investing activities




Purchases of property, plant and equipment and intangibles

(120)

(174)

(293)

Net cash used in investing activities

(120)

(174)

(293)

Cash flows from financing activities




Movement on invoice discounting facility

1,280

(2,818)

(2,818)

Movement on perpetual bank overdrafts

(76)

43

215

Amounts paid to cancel vested share options

(848)

-

-

Payments of lease liabilities

(258)

(133)

(219)

Proceeds from exercise of share options

-

9

9

Net cash inflow/(outflow) from financing activities

98

(2,899)

(2,813)

(2,090)

1,224

2,029

Cash and cash equivalents at beginning of period

2,827

798

798

Cash and cash equivalents at end of period

737

2,022

2,827

 



Notes to the interim statement for the six months ended 30 June 2021:

 

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 2020.

            

             b)    Basis of preparation

 

             These unaudited interim Group financial statements were approved for issue on 25 July 2021.  No significant events, other than those disclosed in this document, have occurred between 30 June 2021 and this date.

 

             c)     Comparatives

             The comparative figures for the year ended 31 December 2020 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

In preparing these interim financial statements, the Board have considered the impact of new standards which will be applied in the 2021 Annual Report and Accounts and there are not expected to be any changes in the accounting policies compared to those applied at 31 December 2020.

 

A full description of accounting policies is contained with our 2020 Annual Report and Accounts which is available on our website.

 

This interim announcement has been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS as effective for periods beginning on or after 1 January 2021.

 

2.     Segment analysis

The business is split into three operating segments, with recruitment being split by geographical area. This reflects the integrated approach to the Group's recruitment business in the UK and independent delivery of overseas business.  Three operating segments have therefore been agreed, based on the geography of the business unit: United Kingdom, International and Central Services. 

This is consistent with the reporting for management purposes, with the Group organised into two reportable segments, Recruitment and Central Services, which are strategic business units that offer different products and services. They are managed separately because each segment has a different purpose within the Group and requires different technologies and marketing strategies. 

Segment operating profit is the profit earned by each operating segment defined above and is the measure reported to the Group's Board, the Group's Chief Operating Decision Maker for performance management and resource allocation purposes. The Group manages the trading performance of each segment by monitoring operating contribution and centrally manages working capital, financing, and equity.

Revenues within the recruitment operating segment have similar economic characteristics and share a majority of the aggregation criteria set out in IFRS 8:12 in particular the nature of the products and services, the type or class of customers, the country in which the service is delivered, and the processes utilised to deliver the services and the regulatory environment for the services.

The purpose of the Central Services segment is to provide all central services for the Group including the Group's head office facilities in Derby. It also generates income from excess space at the Derby site including rental and hotel and conferencing facilities.

During the first half of 2021, one customer in the UK Recruitment segment contributed 10% or more of that segment's revenues being £14.8m (2020: £12.8m) and one customer in the International Recruitment sector contributed 10% or more of that segment's revenues being £5.7m (2020: £8.1m).          

 

£'000

UK

Recruitment

 

International

Recruitment

UK

Central

Services

Total Group

Revenue

34,196

5,951

344

40,491

Cost of sales

(29,220)

(5,368)

(198)

(34,786)

Gross profit

4,976

583

146

5,705

Other operating income*

213

-

98

311

Administrative expenses

(3,540)

(286)

(1,540)

(5,366)

Amortisation of intangibles

(14)

-

-

(14)

Depreciation of right of use assets

(77)

-

(120)

(197)

Depreciation

(103)

(2)

(94)

(199)

Total administrative expenses

(3,521)

(288)

(1,656)

(5,465)

Profit from operations

1,455

295

(1,510)

240


*Other operating income represents Government Grants in respect of the Coronavirus Job Retention Scheme.

Segment profit from operations above represents the profit earned by each segment without allocation of Group administration costs or finance costs.

     

 

 

       Segment information for the six months ended 30 June 2020:

 

£'000

UK

Recruitment

 

International

Recruitment

UK

Central

Services

Total Group

Revenue

31,154

8,257

447

39,858

Cost of sales

(26,638)

(7,321)

(252)

(34,211)

Gross profit

4,516

936

195

5,647

Other operating income*

1,377

-

147

1,524

Administrative expenses

(4,582)

(406)

(1,489)

(6,477)

Amortisation of intangibles

(39)

-

-

(39)

Depreciation of right of use assets

(63)

-

(109)

(172)

Depreciation

(55)

(2)

(102)

(159)

Total administrative expenses

(4,739)

(408)

(1,700)

6,847

Profit from operations

1,154

528

(1,358)

324

 

Segment information for the year ended 31 December 2020:

 

£'000

UK

Recruitment

 

International

Recruitment

UK

Central

Services

Total Group

Revenue

64,521

16,122

713

81,356

Cost of sales

(56,129)

(14,421)

(567)

(71,117)

Gross profit

8,392

1,701

146

10,239

Other operating income*

2,168

-

309

2,477

Administrative expenses

(6,883)

(809)

(3,211)

(10,903)

Amortisation of intangibles

(85)

-

-

(85)

Depreciation of right of use assets

(123)

-

(230)

(353)

Depreciation

(143)

(5)

(174)

(322)

Total administrative expenses

(5,066)

(814)

(3,306)

(9,186)

Profit from operations

3,326

887

(3,160)

1,053

 

                                                                                          

Revenue

 

 

£'000

Six months ended 30 June 2021 (Unaudited)

Six months ended 30 June 2020 (Unaudited)

Year ended 31    

December

2020

(Audited)

Permanent placements

964

741


1,435

Contract

39,183

38,670


79,208

Other

344

447


713


40,491

39,858


81,356

 



 

Gross profit

 

 

£'000

Six months ended 30 June 2021 (Unaudited)

Six months ended 30 June 2020 (Unaudited)

Year ended 31 December

2020

(Audited)

Permanent placements

964

741


1,435

Contract

4,595

4,711


8,658

Other

146

195


146


5,705

5,647


10,239

 

 

3.  Income tax

Continuing operations

Six-month period ended 30 June 2021 (Unaudited)

Six-month period

ended 30 June 2020 (Unaudited)

Year ended 31

December 2020

(Audited)


£'000

£'000

£'000

Analysis of tax:




Current tax




UK corporation tax

(71)

56

218

Adjustment in respect of previous period

-

-

(12)


(71)

56

206

Deferred tax




Origination and reversal of temporary differences

124

4

(2)

Tax

53

60

204

 

Factors affecting the tax expense

The tax assessed for the six-month period ended 30 June 2021 is higher than (2020: higher than) would be expected by multiplying profit by the standard rate of corporation tax in the UK of 19% (2020: 19%).

 

The differences are explained below:


Six-month period ended 30 June 2021 Unaudited

Six-month period ended 30 June 2020 Unaudited

Year ended 31 December 2020

Audited

Factors affecting tax expense

£'000

£'000

£'000

Result for the period before tax

162

231

870

Profit multiplied by standard rate of tax of 19% (2020: 19%)

31

44

165

Non-deductible expenses

22

35

48

Tax credit on exercise of options

-

(3)

(5)

Effect of change in deferred tax rate

-

-

8

Other differences

-

(16)

-

Adjustment in respect of previous period

-

-

(12)

Tax charge for the period

53

60

204

 



4.  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 period ended 30 June 2021

Six-month period ended

30 June 2020

Six-month

period ended

30 June 2021

Six-month period ended

30 June 2020

 


Unaudited

Unaudited

Unaudited

Unaudited

 

Earnings £'000

109

171

109

171

 

Basic weighted average number of shares

14,266,680

14,279,831

14,266,680

14,279,831

 

Dilutive effect of share options

-

-

301,859

1,747,749

 

Fully diluted weighted average number of shares

-

-

14,568,539

16,027,580

 

Earnings per share (pence)

0.76p

1.20p

0.75p

1.07p

 

 

 

5.  Borrowings

 

Included in current borrowings are bank overdrafts and an invoice discounting facility which is secured by a cross guarantee and debenture over all Group companies.  There have been no defaults or breaches of the terms of the facility during the current or prior period.

 

 

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END
 
 
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