RTC Group Plc reports robust financial growth in 2023

LONDON, UK: RTC Group Plc (AIM: RTC.L), a leading firm in the industry, has released its audited financial results for the year ending December 31, 2023, showcasing significant growth and financial stability.

Key Financial Highlights:

• Revenue Surge: The group’s revenue from continuing operations soared to £98.8 million, a substantial increase from £71.9 million in 2022.
• EBITDA Jump: Earnings before interest, taxes, depreciation, and amortization (EBITDA) witnessed a remarkable rise to £3.8 million from £0.6 million the previous year.
• Operational Cash Flow: Cash generated from operating activities reached £4.6 million, recovering from a cash outflow of £54,000 in 2022.
• Healthy Liquidity: The company reported no gearing, with cash and cash equivalents standing at £1.1 million, a positive shift from net borrowings of £2.7 million in 2022.
• Net Assets Growth: Net assets increased to £7.9 million from £6.2 million.
• Shareholder Value: The net asset value per share (fully diluted) rose to 54p from 41p, and basic earnings per share turned around to 12.75p from a loss per share of 2.45p in 2022.
• Dividend Distribution: An interim dividend of 1p per share was paid, and a final dividend of 4.5p per share has been proposed, compared to no dividends in the previous year.

The Directors have proposed a final dividend of 4.5p per share for 2023, pending shareholder approval at the Annual General Meeting scheduled for June 5, 2024. If sanctioned, the dividend will be disbursed on July 8, 2024, to shareholders registered by the close of business on June 7, 2024. The proposed dividend, if approved, will total £804,266 (5.5p per share), marking a generous return to shareholders reflecting the company’s prosperous year.

Commenting on the results Andy Pendlebury, Chairman and Chief Executive said: “I am delighted to announce that 2023 was an outstanding year for RTC with the Group delivering a record set of results.

All subsidiary businesses performed exceptionally well which, given the difficulties being faced by many companies across the recruitment sector, is sound reassurance for our shareholders that our business model delivers sustainable revenue generation and profit capture across each of our market sectors.

Our balance sheet is in a very healthy position with no term debt and no borrowings other than lease liabilities. Cash generation has been strong, doubling our opening cash position during the year and we ended the year with net assets of £7.9m representing a healthy and fully diluted net asset per share of 54p.

There is no doubt that we are facing further uncertainties and challenges due to local and international events. However, we remain confident that the investments we have made in our people, systems, workforce, and customers will enable us to capture further profitable business opportunities across the industries and sectors we support. This coupled with our financial competence and effective corporate governance will form the foundation for continued growth and shareholder value which remains the key priority of the Group”.

Impact Healthcare REIT reports 189% increase in profit for 2023