REG - RTC Group PLC - Interim Results for the Six Months to 30 June 2024
24/07/2024 07:00
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RNS Number : 5308X RTC Group PLC 24 July 2024
This announcement contains inside information as stipulated under The Market
Abuse Regulation (EU No. 596/2014).
24 July 2024
RTC Group Plc
("RTC", "the Company" or "the Group")
Interim Results for the Six Months Ended 30 June 2024
RTC Group Plc (AIM: RTC.L), the engineering and technical recruitment Group,
is pleased to announce its unaudited results for the six months ended 30 June
2024.
Summary:
· Group revenue from continuing operations increased to
£49.0m (2023: £45.6m);
· Contract revenues increased to £46.7m (2023: £43.0m);
· EBITDA increased to £1.9m (2023: £1.6m);
· Profit before tax increased to £1.2m (2023: £1.0m);
· Net assets grew to £8.7m (2023: £6.9m);
· Net cash inflow from operating activities £0.3m (2023
£2.1m);
· No term debt, and no borrowings other than lease
liabilities; and
· Basic earnings per share 6.0p (2023: 5.20p) with little
dilution.
The final dividend in respect of the year ended 31 December 2023 of 4.5p per
share (2023: Nil) was approved at the AGM on 5 June 2024 and paid to
shareholders on 8 July 2024. The Directors propose an interim dividend of
1.10p per share (2023: 1.0p per share). The interim dividend will be paid on 1
October 2024 to shareholders on the register on 6 September 2024.
Commenting on the results, Andy Pendlebury, Chairman and Chief Executive,
said:
"I am delighted to announce that the first half of 2024 saw a further
enhancement in performance for the Group, building upon the success achieved
in 2023.
Throughout the first half of 2024, we have continued to make investments in
training our people, increasing our headcount, and developing our systems and
technology solutions to drive productivity, elevate our client offerings, and
secure future business opportunities.
Our balance sheet remains in a very healthy position with no term debt and no
borrowings other than lease liabilities.
Whilst we are in the early days of a new Government, which inevitably brings
some uncertainty regarding long-term strategy, we are encouraged by the
proposed 10-year infrastructure plan outlined in Labour's manifesto, which
includes significant investment in the sectors where we are focused. Combined
with anticipated improvements in the UK's macro-economic conditions, such as
lower inflation and subsequently decreasing interest rates, we are optimistic
that this will create an environment where our business can continue to grow.
Despite the ongoing uncertainties facing the recruitment sector, we remain
encouraged and optimistic about our short, medium, and long-term prospects."
The interim report is available on the Company's website www.rtcgroupplc.co.uk
(http://www.rtcgroupplc.co.uk) .
ENDS
Enquiries:
RTC Group Plc Tel: 0133 286 1835
Andy Pendlebury, Chairman and Chief Executive
www.rtcgroupplc.co.uk (http://www.rtcgroupplc.co.uk)
SPARK Advisory Partners Limited (Nominated Adviser) Tel: 0203 368 3550
Matt Davis / James Keeshan
www.Sparkadvisorypartners.com (http://www.Sparkadvisorypartners.com)
SI Capital (Broker) Tel: 0148 341 3500
Nick Emerson / Sam Lomanto
www.sicapital.co.uk (http://www.sicapital.co.uk)
About RTC
RTC Group Plc is an AIM listed business that focuses on white and blue-collar
recruitment, providing temporary and permanent labour to a broad range of
industries and customers in both domestic and international markets through
its geographically defined operating divisions.
UK division
Through its Ganymede and ATA Recruitment brands the Group provides a wide
range of recruitment services in the UK.
Ganymede specialise in recruiting technical and engineering talent and
providing complete workforce solutions to help build and maintain
infrastructure and transportation for a wide range of clients. Ganymede is a
market leader in providing a diverse range of people solutions to the rail,
energy, construction, highways, and transportation sectors. With offices
strategically located across the country, Ganymede provides its clients with
the benefit of a national network of skilled personnel combined with local
expertise.
ATA Recruitment provide technical recruitment solutions to the manufacturing,
engineering, and technology sectors. Working as an engineering recruitment
partner supporting businesses across the UK. ATA Recruitment has a strong
track record of attracting and recruiting engineering talent for our clients.
ATA's regional offices which are strategically located in Leicester and Leeds
each have dedicated market-experts to ensure ATA delivers excellence to both
our clients and candidates.
International division
Through its GSS brand the Group works with customers across the globe that are
focused on delivering projects in a variety of engineering sectors. GSS has a
track record of delivery in some of the world's most hostile locations.
Working closely with its customers GSS provides contract and permanent
staffing solutions on an international basis, providing key personnel into new
projects and supporting ongoing large-scale project staffing needs. GSS
typically recruit across a range of disciplines and skills from operators and
supervisors, through to senior management level.
UK Central Services
The Group headquarters are located at the Derby Conference Centre which also
provides office accommodation for its operating divisions in addition to
generating rental and conferencing income from space not utilised by the
Group.
Chairman and Chief Executive's statement
Six months ended 30 June 2024
Overview
I am delighted to announce that the first half of 2024 saw a further
enhancement in performance for the Group, building upon the success achieved
in 2023.
Revenue for the period increased to £49.0m up 7.5% compared to the same
period in 2023, with gross profit increasing by 10% to £8.9m.
Our balance sheet remains in a very healthy position with no term debt and no
borrowings other than lease liabilities. We have generated cash inflows from
operating activities and ended the period with net assets of £8.7m (up from
£7.9m at the start of the period) representing a healthy and fully diluted
net asset per share of 59.4p.
Considering these promising half-year results, delivering a pre-tax profit of
£1.2m for the period (up from £1.0m in 2023), combined with the strength of
the Group's balance sheet, the Directors propose an interim dividend of 1.10p
per share (2023: 1.0p per share). The interim dividend will be paid on 1
October 2024 to shareholders on the register on 6 September 2024.
UK Division
Ganymede Rail delivered a strong first half of the year with a 14% increase in
revenue in comparison to the same period last year. Ganymede Rail remains well
placed to capitalise on the next five-year investment plan (Control Period 7),
which started in April 2024 and includes an expected programme of investment
of approximately £43bn over the period.
Ganymede Energy continued supporting the Government's smart meter programme
alongside the major energy suppliers, delivering a further improvement in
profitability from H1 2023.
Despite the persistent challenges in the permanent recruitment market,
characterised by a slowdown in vacancy numbers and decreased confidence among
both clients and candidates, Ganymede and ATA's white-collar permanent
recruitment teams delivered a robust performance, maintaining fee levels
comparable to H1 2023. While challenges in permanent recruitment persisted, it
presented opportunities in the temporary market where our white-collar
Ganymede and ATA businesses achieved 10% revenue growth on the same period
last year, with clients in the infrastructure, manufacturing, and
transportation sectors.
Throughout the first half of 2024, we have continued to make investments in
training our people, increasing our headcount, and developing our systems and
technology solutions to drive productivity, elevate our client offerings, and
secure future business opportunities.
International division
Our international business delivered a solid first half performance with
slightly increased revenue and gross profit. We are continuing to explore
further growth opportunities with both potential and existing customers. We
remain confident that our international business which is both unique in its
capabilities and unrivalled in the United Kingdom recruitment space, is well
placed to capture significant long-term and diversified opportunities for the
Group and provide a diversified revenue stream outside of our mainstream
domestic business.
Central services
The Derby Conference Centre has had a challenging start to 2024 with reduced
activity levels across all aspect of its service provision compared to the
first half of 2023. However, bookings for the second half of the year look
strong.
Outlook
Whilst we are in the early days of a new Government, which will inevitably
bring some uncertainty across many sectors of the UK economy, we are
encouraged by the proposed 10-year infrastructure plan outlined in Labour's
manifesto, which includes significant investment in the sectors where we are
focused. This, combined with anticipated improvements in the UK's
macro-economic conditions, such as lower inflation and subsequently decreasing
interest rates, gives us optimism that we can continue to grow and capture new
business opportunities for our shareholders.
Despite the broader uncertainties facing the recruitment sector, we remain
encouraged and optimistic about our short, medium, and long-term prospects.
A M Pendlebury
Chairman and Chief Executive
24 July 2024
Finance Director's statement
Six months ended 30 June 2024
Highlights
For the six months ended 30 June 2024, the Group delivered revenues of £49.0m
(2023: £45.6m) an increase of 7.5% on the same period in 2023. EBITDA
increased to £1.9m (2023: £1.6m) and profit before tax was £1.2m (2023:
£1.0m).
UK recruitment
The UK Recruitment segment delivered increased revenues of £45.4m (2023:
£41.8m), driven by an increase in contract revenues to £44.0m (2023:
£40.4m). Overall profit from operations increased to £2.5m (2023: £2.2m).
The rate of conversion of gross profit to profit from operations increased to
31.9% (2023: 30.9%), despite continued investment in training our people,
increasing our headcount, and developing our systems and technology solutions
to drive productivity, elevate our client offerings, and secure future
business opportunities.
International recruitment
International recruitment delivered revenues of £2.7m (2023: £2.6m),
slightly higher than the same period in 2023. Profit from operations was also
higher at £247,000 (2023: £238,000).
UK Central Services
Within UK Central Services, our hotel and conference centre business
experienced a quieter first half than the previous year delivering reduced
revenues of £0.9m (2023: £1.2m). Correspondingly gross profit was lower at
£0.5m (2023: £0.6m).
Taxation
The total tax charge for the period is estimated at £336,000 (2023:
£254,000). This is higher than would be expected if the standard tax rate was
applied to the result for the period, as explained in note 3.
Earnings per share
The basic earnings per share figure is 6.0p (2023: 5.20p). The diluted
earnings per share 5.99p (2023: 5.19p).
Dividends
The final dividend in respect of the year ended 31 December 2023 of 4.5p per
share (2023: Nil) was approved at the AGM on 5 June 2024 and paid to
shareholders on 8 July 2024. The Directors propose an interim dividend of
1.10p per share (2023: 1.0p per share). The interim dividend will be paid on 1
October 2024 to shareholders on the register on 6 September 2024.
Statement of financial position
Net working capital has increased to £7.5m (2023: £5.4m). There has been an
increase in debtors reflecting the increase in revenues versus the same period
last year and an improvement in key customer aged balances. Net assets have
increased to £8.7m (2023: £6.9m). The Group has no term debt and no
borrowings other than lease liabilities. It is financed using its invoice
discounting and overdraft facilities with HSBC. At 30 June 2024 there were no
overdrafts in use and no invoice discounting funds in use (2023: £1.5m).
Cash flow
The cash inflow from operating activities of £0.3m (2023: £2.1m) for the
six-month period reflects increased revenues and the improvement noted above
in key customer balances.
Financing
The Group's current bank facilities comprise an overdraft of £50,000 and a
confidential invoice discounting facility of up to £12m with HSBC at a
discount margin of 1.6% above base. The Board closely monitors the level of
facility utilisation and availability to ensure there is enough headroom to
manage current operations and future needs of the business. The Group
continues to be focussed on cash generation and building a robust statement of
financial position to protect the business.
Going concern
In assessing the risks related to the continued availability of the current
facilities, the Board have taken into consideration the existing relationship
with HSBC and the strength of the security provided, also the quality of the
Group's customer base. Based on their enquiries, the Board have concluded that
sufficient facilities will continue to remain available to the Group and
therefore the going concern basis of preparation remains appropriate and no
material uncertainty exists.
As a result, the going concern basis continues to be appropriate in preparing
the interim results.
S L
Dye
Group Finance Director
24 July
2024
Consolidated statement of comprehensive income:
Six-month period ended 30 June 2024 Six-month period ended 30 June 2023 Year-ended
31
December 2023
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
Revenue 2 49,038 45,561 98,781
Cost of sales 2 (40,188) (37,475) (81,337)
Gross profit 2 8,850 8,086 17,444
Administrative expenses 2 (7,598) (6,958) (14,729)
Profit from operations 2 1,252 1,128 2,715)
Finance expense (38) (127) (180)
Profit before tax 1,214 1,001 2,535
Tax expense 3 (336) (254) (690)
Total profit and other comprehensive income for the period attributable to 878 747 1,845
owners of the parent
Earnings per ordinary share
Basic 6.00p 5.20p 12.75p
Fully diluted 5.99p 5.19p 12.72p
Consolidated statement of changes in equity for the six months ended 30 June 2024:
Share capital Share premium Own shares held Capital redemption reserve Share based payment reserve Profit and loss Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 146 120 - 50 20 7,597 7,933
Total comprehensive income for the period - - - - - 878 878
Transactions with owners:
Share options exercised - - - - (15) (72) (87)
Total transactions with owners - - - - (15) (72) (87)
At 30 June 2024 (Unaudited) 146 120 - 50 5 8,403 8,724
Consolidated statement of changes in equity for the six months ended 30 June 2023:
Share capital Share premium Own shares held Capital redemption reserve Share based payment reserve Profit and loss Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 146 120 (236) 50 122 5,993 6,195
Total comprehensive income for the period - - - - - 747 747
Transactions with owners:
Share options exercised - - 135 - (92) (43) -
Total transactions with owners - - 135 - (92) (43) -
At 30 June 2023 (Unaudited) 146 120 (101) 50 30 6,697 6,942
Consolidated statement of changes in equity for the year ended 31 December
2023:
Share capital Share premium Own shares held Capital redemption reserve Share based payment reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 146 120 (236) 50 122 5,993 6,195
Total comprehensive expense for the year - - - - - 1,845 1,845
Transactions with owners:
Dividends - - - - - (145) (145)
Share options exercised - - 236 - (102) (96) 38
Total transactions with owners - - 236 - (102) (241) (107)
At 31 December 2023 146 120 - 50 20 7,597 7,933
Consolidated statement of financial position:
As at As at As at
30 June 2024 30 June 31 December 2023
Unaudited 2023 Audited
Unaudited
£'000 £'000 £'000
Assets
Non-current
Goodwill 132 132 132
Other intangible assets - 18 -
Property, plant, and equipment 1,244 1,504 1,326
Right of use assets 2,038 2,300 2,196
Deferred tax asset 6 8 6
3,420 3,962 3,660
Current
Inventories 13 17 14
Trade and other receivables 15,970 15,932 17,422
Cash and cash equivalents 954 499 1,069
16,937 16,448 18,505
Total assets 20,357 20,410 22,165
Liabilities
Current
Trade and other payables (8,268) (9,117) (10,915)
Lease liabilities (300) (303) (300)
Corporation tax (861) (54) (522)
Current borrowings - (1,525) -
(9,429) (10,999) (11,737)
Non-current liabilities
Lease liabilities (2,049) (2,277) (2,337)
Deferred tax liabilities (155) (192) (158)
Total liabilities (11,633) (13,468) (14,232)
Net assets 8,724 6,942 7,933
Equity
Share capital 146 146 146
Share premium 120 120 120
Capital redemption reserve 50 50 50
Own shares held - (101) -
Share based payment reserve 5 30 20
Profit and loss account 8,403 6,697 7,597
Total equity 8,724 6,942 7,933
Consolidated statement of cash flows:
Six-month period ended 30 June 2024 Unaudited Six-month period ended 30 June 2023 Unaudited Year ended 31 December 2023
Audited
£'000 £'000 £'000
Cash flows from operating activities
Profit before tax 1,214 1,001 2,535
Adjustments for:
Depreciation, loss on disposal and amortisation 295 450 1,070
Finance expense 38 127 180
Change in inventories 1 (2) 1
Change in trade and other receivables 1,452 (544) (2,034)
Change in trade and other payables (2,647) 1,242 3,078
Cash inflow from operations 353 2,274 4,830
Interest paid (38) (127) (180)
Net cash inflow from operating activities 315 2,147 4,650
Cash flows from investing activities
Purchases of property, plant and equipment and intangibles (55) (209) (437)
Net cash used in investing activities 260 (209) (437)
Cash flows from financing activities
Movement on invoice discounting facility - (1,607) (3,103)
Shares purchased (87) - -
Movement on perpetual bank overdrafts - - (29)
Dividend paid - - (145)
Payments of lease liabilities (288) (299) (334)
Net cash (outflow) from financing activities (375) (1,906) (3,611)
Net (decrease)/increase in cash and cash equivalents (115) 32 602
Cash and cash equivalents at beginning of period 1,069 467 467
Cash and cash equivalents at end of period 954 499 1,069
Notes to the interim statement for the six months ended 30 June 2024:
1. Accounting policies
a) General information
RTC Group Plc is incorporated and domiciled in
England and its shares are publicly traded on AIM. The registered office
address is The Derby Conference Centre, London Road, Derby, DE24 8UX. The
company's registered number is 02558971. The principal activities of the Group
are described in note 2.
The Board consider the principal risks and
uncertainties relating to the Group for the next six months to be the same as
detailed in our last Annual Report and Accounts to 31 December 2023.
b) Basis of preparation
The unaudited interim Group financial information of RTC Group Plc is for the
six months ended 30 June 2024 and does not comprise statutory accounts within
the meaning of S.435 of the Companies Act 2006. The unaudited interim Group
financial statements have been prepared in accordance with the AIM rules and
have not been reviewed by the Group's auditors. This report should be read in
conjunction with the Group's Annual Report and Accounts for the year ended 31
December 2023, which have been prepared in accordance with International
Accounting Standards in conformity with the requirements of the Companies Act
2006 and with those parts of the Companies Act 2006 applicable to companies
reporting under IFRS.
Going concern
The Group's current bank facilities include a net overdraft facility across
the Group of £50,000 and an invoice discounting facility with HSBC providing
of up to £12m, based on a percentage of good book debts, at a margin of 1.6%
above base. The Board closely monitors the level of facility utilisation and
availability to ensure there is enough headroom to manage current operations
and support the growth of the business.
In assessing the risks related to the continued availability of the current
facilities, the Board have taken into consideration the existing relationship
with HSBC and the strength of the security provided, also the quality of the
Group's customer base. Based on their enquiries, the Board have concluded that
sufficient facilities will continue to remain available to the Group and
therefore the going concern basis of preparation remains appropriate and no
material uncertainty exists.
As a result, the going concern basis continues to be appropriate in preparing
the interim results.
These unaudited interim Group financial statements
were approved for issue on 29 July 2024. No significant events, other than
those disclosed in this document, have occurred between 30 June 2024 and this
date.
c) Comparatives
The comparative figures for the year ended 31
December 2023 do not constitute statutory accounts within the meaning of S.435
of the Companies Act 2006, but they have been derived from the audited
financial statements for that year, which have been filed with the Registrar
of Companies. The report of the auditor was unqualified and did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006 nor a
reference to any matters which the auditor drew attention by way of emphasis
of matter without qualifying their report.
d) Accounting policies
In preparing these interim financial statements, the Board have considered the
impact of new standards which will be applied in the 2024 Annual Report and
Accounts and there are not expected to be any changes in the accounting
policies compared to those applied at 31 December 2023.
A full description of accounting policies is contained with our 2023 Annual
Report and Accounts which is available on our website.
This interim announcement has been prepared in accordance with International
Accounting Standards in conformity with the requirements of the Companies Act
2006 and with those parts of the Companies Act 2006 applicable to companies
reporting under IFRS as effective for periods beginning on or after 1 January
2024.
2. Segment analysis
The business is split into three operating segments, with recruitment being
split by geographical area. This reflects the integrated approach to the
Group's recruitment business in the UK and independent delivery of overseas
business. Three operating segments have therefore been agreed, based on the
geography of the business unit: United Kingdom, International and Central
Services.
This is consistent with the reporting for management purposes, with the Group
organised into two reportable segments, Recruitment and Central Services,
which are strategic business units that offer different products and services.
They are managed separately because each segment has a different purpose
within the Group and requires different technologies and marketing
strategies.
Segment operating profit is the profit earned by each operating segment
defined above and is the measure reported to the Group's Board, the Group's
Chief Operating Decision Maker for performance management and resource
allocation purposes. The Group manages the trading performance of each segment
by monitoring operating contribution and centrally manages working capital,
financing, and equity.
Revenues within the recruitment operating segment have similar economic
characteristics and share a majority of the aggregation criteria set out in
IFRS 8:12 in particular the nature of the products and services, the type or
class of customers, the country in which the service is delivered, and the
processes utilised to deliver the services and the regulatory environment for
the services.
The purpose of the Central Services segment is to provide all central services
for the Group including the Group's head office facilities in Derby. It also
generates income from excess space at the Derby site including rental and
hotel and conferencing facilities.
During the first half of 2024, two customers in the UK Recruitment segment
contributed 10% or more of that segment's revenues being £14.7m (2023:
£11.8m) and £5.9m (2023: £3.2m) respectively, and one customer in the
International Recruitment sector contributed 10% or more of that segment's
revenues being £1.1m (2023: £1.0m).
Revenue, gross profit, and operating profit delivery by geography for the
six-month period ended 30 June 2024:
£'000 UK UK International Total Group
Recruitment Central Recruitment
Services
Revenue 45,394 933 2,711 49,038
Cost of sales (37,480) (482) (2,226) (40,188)
Gross profit 7,914 451 485 8,850
Administrative expenses (5,287) (1,778) (238) (7,303)
Depreciation of right of use assets (36) (122) - (158)
Depreciation (62) (75) - (137)
Total administrative expenses (5,385) (1,975) (238) (7,598)
Profit from operations 2,529 (1,524) 247 1,252
Segment profit from operations above represents the profit earned by each
segment without allocation of Group administration costs or finance costs.
Segment information for the six months ended 30 June 2023:
£'000 UK UK International Total Group
Recruitment Central Recruitment
Services
Revenue 41,797 1,163 2,601 45,561
Cost of sales (34,793) (535) (2,147) (37,475)
Gross profit 7,004 628 454 8,086
Administrative expenses (4,587) (1,706) (215) (6,508)
Amortisation of intangibles (12) - - (12)
Depreciation of right of use assets (74) (125) - (199)
Depreciation (162) (76) (1) (239)
Total administrative expenses (4,835) (1,907) (216) (6,958)
Profit from operations 2,169 (1,279) 238 1,128
Segment information for the year ended 31 December 2023:
£'000 UK UK International Total Group
Recruitment Central Recruitment
Services
Revenue 91,187 2,321 5,273 98,781
Cost of sales (75,866) (1,110) (4,361) (81,337)
Gross profit 15,321 1,211 912 17,444
Administrative expenses (9,647) (3,587) (448) (13,682)
Amortisation of intangibles (28) - - (28)
Depreciation of right of use assets (140) (246) - (386)
Depreciation (478) (153) (2) (633)
Total administrative expenses (10,293) (3,986) (450) (14,729)
Profit / (loss) from operations 5,028 (2,775) 462 2,715
Recruitment revenues are generated from permanent and temporary recruitment
and long-term contracts for labour supply. Within Central Services revenues
are generated from the rental of excess space and hotel and conferencing at
the Derby site, described as Other below.
Revenue and gross profit by service classification for management purposes:
Revenue Six months ended 30 June 2024 (Unaudited) Six months ended 30 June 2023 (Unaudited) Year ended 31
December
2023
£'000 (Audited)
Permanent placements 1,435 1,401 2,574
Contract 46,670 42,997 93,886
Other 933 1,163 2.321
49,038 45,561 98,781
Gross profit Six months ended 30 June 2024 (Unaudited) Six months ended 30 June 2023 (Unaudited) Year ended 31 December
2023
(Audited)
£'000
Permanent placements 1,435 1,401 2,574
Contract 6,964 6,057 13,659
Other 451 628 1,211
8,850 8,086 17,444
3. Income tax
Continuing operations Six-month period ended 30 June 2024 (Unaudited) Six-month period Year ended 31
ended 30 June 2023 (Unaudited) December 2023
(Audited)
£'000 £'000 £'000
Analysis of tax:
Current tax
UK corporation tax 339 54 522
339 54 522
Deferred tax
Origination and reversal of temporary differences (3) 200 168
Tax 336 254 690
Factors affecting the tax expense
The tax assessed for the six-month period ended 30 June 2024 is higher than
(2023: higher than) would be expected by multiplying profit by the standard
rate of corporation tax in the UK of 25% (2023: 23.5%).
The differences are explained below:
Six-month period ended 30 June 2024 Unaudited Six-month period ended 30 June 2023 Unaudited Year ended 31 December 2023
Audited
Factors affecting tax expense £'000 £'000 £'000
Result for the period before tax 1,214 1,001 2,535
Profit multiplied by standard rate of tax of 25% (2023: 25%) 304 250 596
Non-deductible expenses 32 39 66
Tax credit on exercise of options - (35) -
Effect of change in tax rate - - 38
Adjustment in respect of previous periods - - (10)
Tax charge for the period 336 254 690
4. Borrowings
Included in current borrowings are bank overdrafts and an invoice discounting
facility which is secured by a cross guarantee and debenture over all Group
companies. There have been no defaults or breaches of the terms of the
facility during the current or prior period.
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