UK-based engineering and technical recruitment firm RTC Group Plc (AIM: RTC.L), reported revenue today for the full year ending 31 December 2018 of £87.8 million, an increase of 22.5% compared with last year.

The group said all subsidiary businesses made significant progress in their respective markets during 2018, with the majority of revenue now being in the robust infrastructure sector.

RTC has three principal trading subsidiaries engaged in recruitment services: ATA, an engineering and technical recruitment consultancy, which supplies white and blue collar engineering and technical staff to a broad range of SME clients and vertical markets; Ganymede, which is focused on the supply and operation of blue-collar contingent labour into safety-critical markets; and GSS which predominantly provides managed service solutions for international clients.

ATA grew its contribution to group by 27% with increased permanent placements (up 14% on prior year) and higher numbers of contractors (contract margin up 21% on prior year).

Ganymede’s contribution increased by 8%. Its rail division had a strong second half following lower than anticipated volumes in the first half. Although Ganymede’s energy business was still experiencing temporary delays caused by the approval of smart-meter technology. Also, the new accounting standard IFRS 15 has altered the treatment of certain costs relating to long- term contracts which impacted Ganymede’s first half result.

GSS increased its contribution by 70% by expanding its contractor base with its core client and delivering a full year of the new contract won in July 2017.

Within Central Services revenue from the Derby site continued to grow steadily.

Andy Pendlebury, CEO, commented, “I am delighted to report another successful year of growth for the group with all key financial comparators showing significant progress. Group revenue has increased for the tenth successive year and since we outlined our long-term growth plan in 2014 we have delivered EBITDA growth of 80%, Earnings Per Share growth of 72% and dividend growth of over 150% to our shareholders. We have also strengthened our balance sheet and I believe our Group is in a robust financial position, is making significant progress with its strategic agenda and the Board remains highly optimistic about its future.”

Looking ahead, the company stated, “Although there are uncertainties for the UK economy in 2019 which are likely to remain until our future relations with the European Community are resolved, we enter 2019 with optimism, following a strong performance in 2018. Although we continue to review acquisition opportunities, we do not intend to overpay for acquisitions to the detriment of our shareholders.”

The group also stated that it will continue to invest in its subsidiary businesses which will continue to be the main driver of success for the group.

As of last trade RTC Group traded at £65.44, up 16.86% on the day and 5.16% below its 52-week high of £69.00, set on 26 February 2018. Based on its current share price the company has a market value of £8.20 million.