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Engineering and technical recruitment company RTC has reported lower group revenue and profit for the six months to 30 June as it experienced some disruption in the second quarter from Covid-19.
The company announced that group revenue from continuing operations was £40m for the six months to end of June, compared to £46m a year earlier, while profit from operations was £0.3m, down from £0.8m in the same period in 2019.
RTC reported net cash inflow from operating activities during the period of £4.3m, up from £1.1m a year earlier.
Chairman Bill Douie said: 'I am particularly pleased to be able to report that our group has managed to navigate its way successfully through an extraordinarily difficult six months and, despite an immediate drop in revenue across all our UK business streams due to the Covid-19 pandemic, we have managed to deliver a modest first-half profit and a significantly improved cash position.'
Douie added that cash generation in the period benefitted from reduced working capital requirements through a combination of reduced revenues, accelerated payment terms from a key supplier and taking advantage of the coronavirus VAT deferral scheme.
At 9:08am: (LON:RTC) RTC Group PLC share price was 0p at 34p