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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Interquest | LSE:ITQ | London | Ordinary Share | GB00B07W3X22 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 10.00 | 16.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMITQ
RNS Number : 0155J
InterQuest Group PLC
06 September 2016
InterQuest Group plc
("InterQuest" or "the Group")
Interim Results
InterQuest Group plc (AIM: ITQ), the specialist recruitment business operating in the 'new digital economy', is pleased to announce its unaudited interim results for the six months ended 30 June 2016.
Financial highlights
-- Revenue down 9% to GBP73.8m (2015: GBP81.2m)
-- Net Fee Income ("NFI") down 10% to GBP11.0m (2015: GBP12.1m)
-- Adjusted PBT* down 44% to GBP1.4m (2015: GBP2.5m)
-- Net loss (after goodwill impairment of GBP3.2m) of GBP2.4m (2015: GBP1.6m profit)
-- Diluted adjusted earnings per share down 46% to 3.0 pence (2015: 5.5 pence)
-- Basic loss per share of 6.7 pence (2015: 4.7 pence earnings)
-- Net cash used in operating activities GBP2.9m (2015: net cash generated GBP2.8m)
-- Net debt, consisting of our working capital facility which we use to finance fluctuations in contractor levels, and cash increased during the period to GBP9.9m (2015: GBP6.9m)
-- Interim dividend of 0.5 pence per share to be paid on 16 November 2016 (2015: 1.0 pence)
-- Professional contract recruitment margins were up 90 bps to 17.6% (2015: 16.7%).
-- Contract recruitment margins on all deals (excluding payroll) increased 90 bps to 13.2% (2015: 12.3%)
*Adjusted for share based payment charge, amortisation, impairment and non-recurring items
Operational highlights
-- The average permanent fee per placement has increased by 4% to GBP6.8k (GBP2015: GBP6.5k) through developing a focus on senior roles and supporting our clients at the management and leadership level.
-- The Group has grown the Net Fee Income earned across the divisions through its Solutions clients by 42% to GBP1.6m (2015: GBP1.1m) through expanding on the previous services offered to our managed service clients and adding a further client taking the total to six.
-- The Group continues to focus on supporting our clients to overcome the staffing challenges presented by the digital economy and has made significant progress in developing innovative solutions for our clients.
Chris Eldridge, Chief Executive Officer, commented: "A root and branch reform has been necessary at our ECOM digital recruitment subsidiary which was acquired three years ago, requiring a non-cash impairment charge of GBP3.2m resulting in a total loss of GBP2.4m for the Group although before exceptional items the Group reported Adjusted PBT of GBP1.4m. We have now put the ECOM business on a firmer footing and I am confident it will make a significant contribution to the Group in the future. We are also encouraged by the progress we have made in our Solutions business and can take satisfaction from the fact that our contract recruitment margins and average permanent placement fees have increased which is evidence of the new initiatives we have been putting in place during the period.
Gary Ashworth, Chairman, commented: "The Group's results for the first half of 2016 are below our expectations at the start of the year, particularly in the ECOM brand and the Public Sector division, and were impacted by uncertainty in the UK market leading up to the EU referendum. Following a period of change, the new management team is in place and focused on progressing the Group strategy of expanding our reach in the digital economy and the further development of the Group's Solutions business. We have refocused or removed non profitable elements of the business which we believe will help profits in the medium / long term.
The recent acquisition of Rees Draper Wright on 3 August 2016 will also extend our geographic reach further into the strong markets of the US and Europe. On behalf of the Board I would like to thank all of my colleagues across the Group for their hard work and commitment through these times of change."
This announcement contains inside information for the purposes of Regulation (EU) No 596/2014.
Enquiries:
InterQuest Group plc Chris Eldridge, Chief Executive Officer David Bygrave, Chief Financial Officer +44 (0)20 7025 0100 Panmure Gordon (UK) Limited (Nomad and Broker) +44 (0)20 7025 0100 Karri Vuori or Dominic Morley +44 (0)20 7886 2500
Chief Executive's Review
The challenges that digitisation cause industry show no signs of abating; in fact they are becoming progressively more challenging to overcome. InterQuest is uniquely positioned to support the recruitment demands of all businesses seeking to re-define their business model and how they take their services to a global market.
Through our ability to identify and build networks with professionals who possess scarce technical and leadership skills, InterQuest is able to provide a solution to our customers' most pressing issues.
During the first half of 2016 the Group's contractor numbers were affected at ECOM by a reduction in demand resulting from changes in buying behaviour and sector. Action has been taken to refocus the business and reverse the decline. In early 2015 the Group also benefited from a spike in demand from the Public Sector which, following the General Election, was not replicated in the first half of 2016.
During the first half of the year the business implemented a number of initiatives to drive the business further into the digital market and ensure that our clients are being offered a collaborative recruitment solution encompassing the breadth of the Group's specialisations. As part of this process the Group reviewed the markets being addressed and as a result focused on the sectors and disciplines that are seeing wage inflation and increasing levels of demand. The Group has looked to reduce levels of lower value business and aspire to move further up the value chain.
The Group continues to invest in market leading learning and development and has seen improvements across the business as a result.
On entering the second half of 2016 the business is well set for growth, and to capitalise on the opportunities in the Digital markets.
Average permanent recruitment fees were 4% higher in the first half of 2016 whilst contract recruitment margins on professional recruitment deals (those at margins over 12%) increased from 16.7% in 2015 to 17.6% in 2016. Contract recruitment margins on all deals (excluding payroll) increased to 13.2% from 12.3%.
The trading performance at ECOM, the Group's digital recruitment division, has been below expectations and has led to an impairment in goodwill for the Group amounting to GBP3.2m, set against the original investment in the acquisition of ECOM.
We are declaring an interim dividend of 0.5 pence (2015: 1.0 pence) and this will be paid on 16 November 2016 to shareholders on the register on 21 October 2016.
Although the first half of 2016 was challenging financially, this masks the significant operational progress we have made across a number of our key developmental objectives including growing our managed service business, enhancing the Group's learning and development capability, improving retention and enabling increased levels of cross selling. The leadership team looks forward to integrating the recent acquisition of Rees Draper Wright, benefiting from joint client development and building upon the platform in the US. We remain mindful of ongoing economic uncertainty and are taking steps to ensure that the Group is agile enough to respond to any changes that we may see in market conditions.
I would like to take the opportunity to thank all of our colleagues across InterQuest on the support they have given the new leadership team and commend them on their focus and commitment to delivering excellence for our clients and candidates.
Chris Eldridge
Chief Executive Officer
6 September 2016
Unaudited condensed consolidated interim statement of comprehensive income
6 months 6 months 12 months to to to 30 June 30 June 31 December 2016 2015 2015 Note GBP'000 GBP'000 GBP'000 Revenue 73,770 81,196 158,613 Cost of sales (62,816) (69,091) (134,800) ---------- ---------- -------------- Gross profit 10,954 12,105 23,813 Amortisation (172) (172) (345) Other administration costs (9,613) (9,567) (18,554) ---------- ---------- -------------- Total administrative expenses (9,785) (9,739) (18,899) ---------- ---------- -------------- Operating profit before non-recurring items 1,169 2,366 4,914 Impairment (3,152) - - Other non-recurring items (34) (174) (337) ---------- ---------- -------------- Operating (loss)/profit (2,017) 2,192 4,577 Acquisition costs - - (21) Finance costs (178) (172) (444) ---------- ---------- -------------- (Loss)/profit before tax (2,195) 2,020 4,112 Income tax expense 5 (214) (396) (1,027) ---------- ---------- -------------- (Loss)/profit for the
period/year (2,409) 1,624 3,085 (Loss)/profit and total comprehensive (expense)/income for the period/year (2,409) 1,624 3,085 ========== ========== ============== Attributable to: Owners of the parent (2,436) 1,617 3,020 Non-controlling interests 27 7 65 ---------- ---------- -------------- Total comprehensive (expense)/income for the period/year (2,409) 1,624 3,085 ========== ========== ============== Earnings per share from both total and continuing operations: Pence Pence Pence Basic (loss)/earnings per share 6 (6.7) 4.7 8.5 ========== ========== ============== Diluted (loss)/earnings per share 6 (6.5) 4.4 8.2 ========== ========== ==============
All results for the Group are derived from continuing operations in the current period.
The accompanying notes form an integral part of this unaudited condensed consolidated interim report.
Unaudited condensed consolidated interim statement of financial position
30 June 30 June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Property, plant and equipment 533 777 611 Goodwill 15,715 18,867 18,867 Other intangible assets 827 1,173 1,000 Deferred income tax assets - 149 - Total non-current assets 17,075 20,966 20,478 -------- -------- ----------- Current assets Trade and other receivables 31,967 28,621 27,417 Cash and cash equivalents 807 1,444 1,181 -------- -------- ----------- Total current assets 32,774 30,065 28,598 -------- -------- ----------- Total assets 49,849 51,031 49,076 -------- -------- ----------- LIABILITIES Current liabilities Trade and other payables (17,293) (18,972) (16,698) Borrowings (10,752) (8,302) (7,180) Current tax payable (1,030) (1,142) (1,571) -------- -------- ----------- Total current liabilities (29,075) (28,416) (25,449) -------- -------- ----------- Non-current liabilities Deferred income tax liability (205) - (212) -------- -------- ----------- Total non-current liabilities (205) - (212) Total liabilities (29,280) (28,416) (25,661) -------- -------- ----------- Net assets 20,569 22,615 23,415 ======== ======== =========== EQUITY Share capital 363 353 359 Share premium account 10,646 10,592 10,632 Capital redemption reserve 12 12 12 Retained earnings 7,666 10,067 10,829 Share based payment reserve 2,471 2,150 2,199 Share buy back reserve (666) (666) (666) -------- -------- ----------- Total issued share capital and reserves attributable to the owners of the parent 20,492 22,508 23,365 Non-controlling interests 77 107 50 -------- -------- ----------- Total equity 20,569 22,615 23,415 ======== ======== ===========
The accompanying notes form an integral part of this unaudited condensed consolidated interim report.
Unaudited condensed interim statement of changes in equity
Share Share Share Capital based buy Non Share premium redemption Retained payment back controlling Total capital account reserve earnings reserve reserve interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2015 344 10,468 12 10,322 2,006 (666) 288 22,774 -------- -------- ------------ --------- -------- --------- ------------ -------- Comprehensive income Profit for the period - - - 1,617 - - 7 1,624 Total comprehensive income for the period - - - 1,617 - - 7 1,624 Transactions with owners Movement in share based payment reserve - - - - 144 - - 144 Issue of share capital 9 124 - - - - - 133 Dividends - - - (515) - - - (515) Elimination of reserves on acquisition of IQ Telecom NCI - - - - - - (242) (242) Elimination of deficit on acquisition of Korus Group NCI - - - - - - 70 70 Adjustment to IQ Telecom NCI - - - (1,037) - - (16) (1,053) Adjustment to Korus Group NCI - - - (320) - - - (320) -------- -------- ------------ --------- -------- --------- ------------ -------- Total contributions by and distributions to owners 9 124 - (1,872) 144 - (188) (1,783) -------- -------- ------------ --------- -------- --------- ------------ -------- Balance at 30 June 2015 353 10,592 12 10,067 2,150 (666) 107 22,615 Balance at 1 July 2015 353 10,592 12 10,067 2,150 (666) 107 22,615 -------- -------- ------------ --------- -------- --------- ------------ -------- Comprehensive income Profit for the period - - - 1,403 - - 58 1,461 Total comprehensive expense for the period - - - 1,403 - - 58 1,461 Transactions with owners Movement in share based payment reserve - - - - 49 - - 49 Issue of share capital 6 40 - - - - - 46 Current tax credit on share based payments - - - (191) - - - (191) Deferred tax credit - - - 39 - - - 39 Dividends relating to 2015 - - - (574) - - - (574) Elimination of reserves on acquisition of IQ Telecom NCI - - - - - - (65) (65) Elimination of deficit on acquisition of Korus Group NCI - - - - - - (66) (66) Adjustment to IQ Telecom NCI - - - 24 - - 16 40 Adjustment to Korus Group NCI - - - 61 - - - 61 Total contributions by and distributions to owners 6 40 - (641) 49 - (115) (661) Balance at 31 December 2015 359 10,632 12 10,829 2,199 (666) 50 23,415 ======== ======== ============ ========= ======== ========= ============ ======== Unaudited condensed interim statement of changes in equity (continued) Share Share Share Capital based buy Non
Share premium redemption Retained payment back controlling Total capital account reserve earnings reserve reserve interest equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2016 359 10,632 12 10,829 2,199 (666) 50 23,415 -------- -------- ------------ --------- -------- --------- ------------ ------- Comprehensive income Profit for the period - - - (2,436) - - 27 (2,409) Total comprehensive income for the period - - - (2,436) - - 27 (2,409) Transactions with owners Movement in share based payment reserve - - - - 272 - - 272 Issue of share capital 4 14 - - - - - 18 Dividends - - - (727) - - - (727) Total contributions by and distributions to owners 4 14 - (727) 272 - - (437) Balance at 30 June 2016 363 10,646 12 7,666 2,471 (666) 77 20,569 ======== ======== ============ ========= ======== ========= ============ =======
Unaudited condensed consolidated interim statement of cash flows
6 months 6 months 12 months to to to 31 30 June 30 June December 2016 2015 2015 GBP'000 GBP'000 GBP'000 Cash flows from operating activities (Loss)/profit after taxation (2,409) 1,624 3,085 Adjustments for: Depreciation 221 232 441 Disposal of assets - - (10) Share-based payment charge 272 144 193 Finance costs 178 240 444 Amortisation 172 172 345 Impairment 3,152 - - Income tax expense 214 396 1,027 Increase in trade and other receivables (4,550) (2,252) (1,052) Increase in trade and other payables 594 2,690 2,019 -------- -------- --------- Cash (used in)/generated from operations (2,156) 3,246 6,492 Income taxes paid (759) (488) (688) -------- -------- --------- Net cash (used in) / generated from operating activities (2,915) 2,758 5,804 -------- -------- --------- Cash flows from investing activities Purchase of property, plant and equipment (144) (76) (138) Acquisition of subsidiaries, net of cash acquired - - (1,560) Acquisition of non-controlling interest in subsidiaries - (563) - Loan notes paid - - (443) Net cash used in from investing activities (144) (639) (2,141) -------- -------- --------- Cash flows from financing activities Proceeds from issue of share capital 18 111 179 Proceeds from sale of shares in subsidiary - - 25 Net (decrease) / increase in discounting facility 3,572 (1,310) (2,432) Interest paid (178) (172) (444) Dividends paid (727) (515) (1,089) -------- -------- --------- Net cash (used in) / received from financing activities 2,685 (1,886) (3,761) -------- -------- --------- Net increase in cash and cash equivalents (374) 233 (98) Effects of currency translation on cash and cash equivalents - (68) - Cash, cash equivalents and overdrafts at beginning of period/year 1,181 1,279 1,279 Cash, cash equivalents and overdrafts at end of period/year 807 1,444 1,181 -------- -------- ---------
The accompanying notes form an integral part of this unaudited condensed consolidated interim report.
Notes to the unaudited condensed consolidated interim report
1 Nature of operations and general information
The InterQuest Group is a specialist technology recruitment business. The Group focuses on both permanent and contract recruitment across a range of sectors, specifically in high growth functions including digital, information security, analytics, telecommunications, change management and other high value niche markets. This is underpinned by an expanding capability in recruitment process outsourcing, helping our clients procure resources in a highly effective manner.
The Group's strategy is to continue to focus on those markets that are experiencing growth due to high demand for transformational technologies. We are witnessing acute skill shortages for technologies that will enable our clients to either augment or transform their operating model to capitalise on the new digital economy. This demand is having an upward impact on salaries as well as permanent and contract recruitment margins.
The Group's unaudited condensed consolidated interim report is presented in Pounds Sterling (GBP'000).
The unaudited condensed consolidated interim report has been approved for issue by the Board of Directors on 5 September 2016.
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2015 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 of the Companies Act 2006.
2 Basis of preparation
The unaudited condensed consolidated interim report is for the six months ended 30 June 2016 and has been prepared in accordance with the accounting policies as set out in the annual financial statements for the year ended 31 December 2015. The unaudited condensed consolidated interim report should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union (EU).
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the unaudited condensed consolidated interim report.
3 Summary of significant accounting policies
The same accounting policies, presentation and methods of computation are followed in this unaudited condensed consolidated interim report as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2015.
Notes to the unaudited condensed consolidated interim report
4 Revenue and segmental reporting
For management reporting purposes the Group is organised into the following five divisions:-
1. Niche - comprising specialist recruitment practices focused on Analytics, Business Intelligence, Cyber Security, Internet of Things, Telecommunications, Business Change, Risk and Compliance which provide access to talent in some of the most critical areas of demand in the modern economy;
2. ECOM Recruitment Limited - the UK's leading recruiter in the digital market space which the Group acquired in November 2013;
3. Enterprise - comprising our Recruitment Process Outsourcing services together with legacy client relationships with significant customers in the financial services and retail sectors;
4. Public sector - focussed on the public sector and not for profit markets; and 5. Other - including the group sales function.
On 1 January 2016 the trade and assets of Mint Recruitment Solutions Limited were transferred to InterQuest Group (UK) Limited. Subsequent to the transfer the business is now continuing to trade under two trading divisions of InterQuest Group (UK) Limited; IQ Change, based in London, and IQ Digital, based in Manchester. In order that the 2015 segmental analysis may be comparable to the 2016 performance the Business Change division is now shown under the new 2016 structure in Niche.
All business units provide contract and permanent recruitment services and have similar economic characteristics and are considered to meet the aggregation criteria of IFRS.
Information regarding segment assets is not provided to the Group's chief operating decision maker. This is because the Group considers net fee income (gross profit) and profitability for the purpose of making decisions about allocation of resources.
Six month period to 30 June 2016
Public Niche ECOM Enterprise Sector Other Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 27,675 6,137 25,749 12,434 1,775 73,770 Gross profit 5,374 1,621 2,292 1,041 626 10,954 Divisional EBITA 1,713 153 794 517 81 3,258 Unallocated central overheads (1,645) ---------------- EBITA per management accounts 1,613 Reconciling items to amounts reported in the interim statement of comprehensive income: Share based payment (272) Amortisation (172) Impairment (3,152) Non-recurring items (34) IFRS operating profit (2,017) Finance costs (178) Profit before tax (2,195) =======
Notes to the unaudited condensed consolidated interim report
4 Revenue and segmental reporting (continued)
Six months to 30 June 2015
Public Niche ECOM Enterprise Sector Other Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 29,064 8,898 24,324 17,824 1,086 81,196 Gross profit 6,040 2,153 1,796 1,763 353 12,105 Divisional EBITA 2,255 587 717 988 46 4,593 Unallocated central overheads (1,911) -------------- EBITA per management accounts 2,682 Reconciling items to amounts reported in the interim statement of comprehensive income: Share based payment (144) Amortisation (172) Non-recurring items (174) IFRS operating profit 2,192 Finance costs (172) Profit before tax 2,020 =====
There are no external customers who individually represent more than 10% of the entity's external revenues during the six month period ended 30 June 2016 and 30 June 2015.
Revenue Gross profit Six month period to 30 Six month period to 30 Six month period to 30 Six month period to 30 June 2016 June 2015 June 2016 June 2015 GBP'000 GBP'000 GBP'000 GBP'000 Permanent 3,833 3,993 3,833 3,993 Contract 69,937 77,203 7,121 8,112 ------------------------- ------------------------- ------------------------- ------------------------- 73,770 81,196 10,954 12,105 ========================= ========================= ========================= =========================
The Group does not report items below EBITA by segment in its internal management reporting.
Notes to the unaudited condensed consolidated interim report
5 Income tax expense 6 months 6 months 12 months to to to 30 June 30 June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 Current tax Corporation tax on profits for the period/year 222 433 975 Adjustment in respect of prior periods - - (50) Adjustment in respect of non-recurring items - (37) (68) -------- -------- ------------ Total current tax 222 396 857 Deferred tax Origination and reversal of temporary difference (8) - (37) Adjustment in respect of prior periods - - 207 Total deferred tax (8) - - Total income tax expense 214 396 1,027 -------- -------- ------------
Notes to the unaudited condensed consolidated interim report
6 Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period/year.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
12 months 6 months 6 months to ended ended ended 31 30 June 30 December 2016 June 2015 2015 GBP'000 GBP'000 GBP'000 (Loss)/profit for the year attributable to the owners of the company (2,436) 1,617 3,020 Adjustments to basic earnings Intangible assets amortisation 172 172 345 Tax on intangible asset amortisation (34) (36) (69) Impairment 3,152 - - Share based payment charge 272 144 193 Deferred tax (credit) on share based payment (54) (30) (39) Restructuring items - 153 118 Tax on restructuring items - (32) (24) Fees related to acquisition of ECOM Recruitment Limited - - 21 Redundancy and loss of office costs 34 - 219 Tax on loss of office costs (7) - (44) Fees related to acquisition of non-controlling interest in subsidiary - 20 - Tax on acquisition fees - (4) - Adjusted earnings 1,099 2,004 3,740 Notes to the unaudited condensed consolidated interim report 6 Earnings per share (continued) Number of shares Weighted average number of ordinary shares for the purposes of basic earnings per share 36,204,457 34,732,097 35,635,968 Weighted average number of ordinary shares for the purposes of diluted earnings per share 37,213,139 36,410,815 36,995,389 Earnings per share Pence Pence Pence Basic (loss)/earnings per share (6.7) 4.7 8.5 Diluted earnings per share (6.5) 4.4 8.2 Adjusted earnings per share Basic (loss)/earnings per share 3.0 5.7 10.5 Diluted earnings per share 3.0 5.5 10.1 7 Impairment of goodwill
On 26 November 2013, the Group acquired 100% of the share capital of ECOM Recruitment Limited ("ECOM"), the UK's leading digital technology recruitment business for a total consideration of up to GBP7.04 million.
At 30 June 2016 the Board conducted a review of the carrying value of the intangibles and goodwill associated with the business of ECOM and as a result of that review the goodwill has been impaired by GBP3,152k which has been treated as a non-recurring item in the period. The carrying value of the goodwill at 30 June 2016 is GBP1,710k.
8 Subsequent events
On 3 August the Group acquired 78% of the share capital of RDW-RD Limited ("RDW"), a boutique executive search firm for blue chip clients, with the right to acquire the remainder of the shares in RDW.
The wholly owned subsidiaries of RDW, Rees Draper Wright Limited and Rees Draper Wright Inc operate from offices in London and New York.
The total consideration agreed was:
GBP'000 Cash 1,273 Issue of new shares in InterQuest Group Plc 546 Deferred consideration 381 Total 2,200
As part of the total consideration, InterQuest issued 728,000 new ordinary shares to the vendors on completion. The outstanding interests in RDW are subject to put and call arrangements with the vendors, which can be exercised up to 18 October 2016 on the same terms. Assuming that this option is exercised, a further 205,333 new ordinary shares will be issued in due course.
9 Interim report
This report will also be available from the Company's registered office and on Company's website www.interquestgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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