FINANCIALS: Rethink Group’s profitable growth continues
28 January 2014
Aim-listed talent management and recruitment services company Rethink Group says it expects its continuing profits to grow in 2013, with net fee income (NFI) 7% higher than in 2012.
Tue, 28 Jan 2014Aim-listed talent management and recruitment services company Rethink Group says it expects its continuing profits to grow in 2013, with net fee income (NFI) 7% higher than in 2012.
In a trading update for the 12 months ended 31 December 2013, it says that the group traded “in line with management expectations and continued its profitable growth as reported at the half year”.
The statement continues: “The improvement in trading in the first half of the year continued into the second half, with NFI from continuing operations 11% up on the second half of 2012. NFI from continuing operations for the full year is expected to be £19.4m, 7% up on the previous year.”
The improving performance has been driven in part by a significant new client win by the talent management division.
Steve Wright, chief executive officer of Rethink, says: "We have made good progress in 2013, in what was both a turnaround year, as well as the first year of our refined strategy focusing on our strength in talent management underpinned by the recruitment division. The group's sustained increase in NFI reflects a strong performance in our contract service activities, and an encouraging uplift in permanent recruitment activity.
“Rethink will continue with careful investment to support the strategy as we continue to grow and build on the positive results of 2013, and develop the opportunities that we believe a stronger economy will underpin."
As reported last week on recruiter.co.uk, Rethink is in preliminary discussions about a possible offer for digital technology and interactive media industry recruiter Nakama Group. Australian-based Talent International Holdings is also talking to Nakama over a possible offer.
Rethink will announce its full year results on Tuesday 8 April 2014.
In a trading update for the 12 months ended 31 December 2013, it says that the group traded “in line with management expectations and continued its profitable growth as reported at the half year”.
The statement continues: “The improvement in trading in the first half of the year continued into the second half, with NFI from continuing operations 11% up on the second half of 2012. NFI from continuing operations for the full year is expected to be £19.4m, 7% up on the previous year.”
The improving performance has been driven in part by a significant new client win by the talent management division.
Steve Wright, chief executive officer of Rethink, says: "We have made good progress in 2013, in what was both a turnaround year, as well as the first year of our refined strategy focusing on our strength in talent management underpinned by the recruitment division. The group's sustained increase in NFI reflects a strong performance in our contract service activities, and an encouraging uplift in permanent recruitment activity.
“Rethink will continue with careful investment to support the strategy as we continue to grow and build on the positive results of 2013, and develop the opportunities that we believe a stronger economy will underpin."
As reported last week on recruiter.co.uk, Rethink is in preliminary discussions about a possible offer for digital technology and interactive media industry recruiter Nakama Group. Australian-based Talent International Holdings is also talking to Nakama over a possible offer.
Rethink will announce its full year results on Tuesday 8 April 2014.
