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(Alliance News) - RTC Group PLC on Monday said it swung to a loss in 2022 as it complains of facing a difficult start to 2023.
The London-based recruitment company reported annual revenue of GBP71.9 million, falling 7.5% from GBP77.7 million in 2021. The company said the decrease was a result of a "difficult start to the year".
Pretax loss for the year was GBP455,000, swinging from a pretax profit of GBP114,000 the year prior.
The company did not declare a final dividend, meaning that there was no total dividend, unchanged from a year ago. RTC said: "In the conditions which have unfolded this year it remains prudent not to pay a dividend".
Looking ahead, the company said it is cautiously optimistic, adding that it is well-placed to win new business opportunities, but noted that high inflation, the war in Ukraine and tension between China and the West "do not augur well for stability".
Cheif Executive Officer Andy Pendlebury said: "2022 was a year of two very contrasting halves for RTC Group. Like many other companies, the early part of the year continued to be impacted by the effects of Covid. Additionally, the new maintenance and renewals contract with Network Rail which saw Ganymede Rail successfully awarded another long-term programme of work, was heavily biased towards upfront cost and investment activities.
"Whilst the combined effect of these two events impacted our first half profitability, the fundamental capabilities underpinning all our trading entities remained robust. The second half of the year saw much improved trading across the group."
RTC shares fell 2.9% to 17.97 pence each in London on Monday morning.
By Harvey Dorset, Alliance News reporter
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