Business
Final Results for the year ended December 31 2021
Final Results for the year ended December 31 2021.
About this update from Rtc Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1534G\n RTC Group PLC\n 28 March 2022\n \n \n \n \n 28 March 2022\n \n \n \n \n \n RTC Group Plc\n \n \n \n \n \n (\"RTC\", \"the Company\" or \"the Group\")\n \n \n \n \n \n Final results for the year ended 31 December 2021\n \n \n \n \n \n RTC Group Plc (AIM: RTC.L) is pleased to announce its audited results for the year ended 31 December 2021.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Group revenue £77.7m (2020: £81.4m).\n \n \n · \n Profit from operations reduced to £0.3m (2020: £1.1m).\n \n \n · \n Net cash outflow from operating activities £2.4m (2020: £5.1m inflow).\n \n \n · \n Net working capital debt £1.9m (2020: net cash £1.9m). The Group has no term debt.\n \n \n · \n Earnings per share (basic) 0.04p (2020: 4.66p).\n \n \n · \n No final dividend is proposed. Total dividend in respect of the year to 31 December 2021: Nil (2020: Nil). \n \n \n \n \n \n Commenting on the results Andy Pendlebury, CEO said:\n \n \n \n \n \n \"RTC Group, like many other companies, had an extremely challenging year in 2021. The COVID pandemic continued to significantly impact client demand across many markets and where requirements for contract labour remained strong this was accompanied by higher operational costs to ensure the safety and wellbeing of our workforce; candidate reluctance to change employers/careers given these turbulent times and workers self-isolating increased both direct and indirect costs as programme and project continuity was heavily disrupted. In addition, the sudden and immediate demobilisation from Afghanistan due to the complete withdrawal in August of all American, United Kingdom and NATO troops curtailed a large contribution of revenue from our international business. Further, the implementation of changes to IR 35 in the private sector, which finally became legislation in April 2021, heavily impacted our white-collar contracting community.\n \n \n However, despite the untimely combination and cumulative effect of all these events, the majority of which were outside of the control of the Group, we still managed to trade, albeit marginally, in positive territory. Our balance sheet remains robust and free from long term debt or the effects of dilution, a fate which befell many shareholders of other traded recruitment busin...