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ReThink Group
- BY: Andrew Hore |
- POSTED: 16/09/2009 |
ReThink Group has managed to stay profitable at the interim stage in spite of a sharp fall in revenues.
Revenues slumped from £43.4m to £24.6m in the six months to June 2009. Profits declined from £188,000 to £12,000, although the first half of 2008 included exceptional charges of £414,000.
The IT and construction recruitment company raised £804,000 at 10p a share when it joined Aim on 17 June 2008. The shares are currently trading at 9.5p each, which values the company at £8.64m.
Permanent recruiting revenues shrunk and underlying margins in this part of the business and the contracting side have both been maintained.
Net debt was £252,000 at the end of June 2009. ReThink says that it has sufficient bank facilities for its needs.
Management still believes that the 2009 profit will be more than the £80,000 reported in 2008.
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