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UK — RTC dividends cancelled

11 September 2009

RTC Group Plc (RTC:LSE) the recruitment, training and conferencing services specialist has today announced interim results for the six months ended 30 June 2009.

Turnover was down by 22% to 9.8 million Pounds (2008: 12.5 million Pounds).
The group incurred an operating loss of 1.2 million Pounds (2008: profit of 0.3 million Pounds).

Loss per share was 13.26p (2008: earnings of 2.19p). No interim dividend was declared (2008: 1.5p).

Commenting on the results Bill Douie, Chairman, said "we are now leaner and fitter as an organisation. The trading outlook, although precarious, does not look as dangerous as in Q1 2009 and we are optimistic of a materially improved performance in the second six months"

"Trading conditions have been extremely difficult. Accordingly, as expected, material losses have been incurred in the first six months of 2009. During the period a programme of actions, initiated in 2008 to reduce costs as far as possible in line with available flows of revenue, continued and certain costs associated with this programme have been borne in arriving at the figures
released today."

Recruitment divisional revenue has fallen by 22% to 7.78 million Pounds and a profit of 610,000 million Pounds in 2008 has turned to a loss of -609,000 Pounds). Although indirect overheads are not easily reduced in a nationwide branch network, costs have been cut wherever possible and only the highest quality personnel remain, albeit generating net fee income at a reduced level.

In early trading RTC's shares were down 16.88% to 10.39 Pence.


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