25 May 2012

Expansion boosts ReThink 

13/07/2011 Robert Tyerman

Recruitment specialist ReThink Group (RTG) says full-year profits will 'significantly' exceed market expectations following June's takeover of Berkley Recruitment. In an upbeat trading statement, the AIM-quoted company indicates its revenues and gross profits for the first half year were respectively 27 per cent and 30 per cent ahead of 2010's first half before any impact from Berkley, which made £373,000 pre-tax last year.

Steered by chief executive officer Jon Butterfield, ReThink, which trebled pre-tax profits last year to £920,000 on £56.4 million turnover, paid an initial £2.3 million for Europe and Asia Pacific-focused Berkley, with another £3.7 million payable if Berkley meets certain earnings targets this year. Berkley is a leading supplier of permanent and contract staff to pharmaceutical, life sciences, engineering, IT and commercial concerns, while ReThink provides permanent and contract staff and, through its Aiimi arm, delivers business intelligence and 'enterprise content management solutions'. 

Analysts see ReThink making £1.5 million pre-tax this year, for earnings of 1.1p a share. Floated at 10p three years ago, its shares have swung between 5.25p and 11.95p over the past year and now stand at 11.5p, yielding around 2 per cent and valuing the company at £1.6 million. They could have further to go over the medium term.

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Tags: AIM market, Berkley Recruitment, Jon Butterfield, Takeover

Sector: Support Services

Companies: ReThink Group (The)

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