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(Alliance News) - RTC Group PLC on Monday said it will not be paying a dividend for 2020 amid a weak performance during the year.
The AIM-listed recruitment company said revenue for 2020 came in at GBP81.4 million compared to GBP94.9 million, a 14% decrease year-on-year.
Profit from operations reduced by 45% to GBP1.1 million from GBP2.0 million. Pretax profit, meanwhile, fell sharply to GBP870,000 from GBP1.8 million the year before.
RTC Group said it will not be paying a dividend for 2020, having paid 3.95 pence per share a year prior.
"Given the seismic impact of the closure of large parts of our economy I believe our results are extremely respectable and our cash position significantly enhanced," said Chief Executive Andy Pendlebury.
Net cash inflow from operating activities in 2020 was GBP5.1 million, a 76% increase from GBP2.9 million in 2019. Net cash increased to GBP1.9 million from GBP2.8 million net debt in 2019.
"Although, as we publish our accounts, we continue to wait for the government to confirm its exit plan, we believe there are many reasons to feel hopeful about the group's prospects," added Pendlebury.
RTC Group shares were trading 7.2% lower in London on Monday at 41.74p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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