Rethink Group Share Discussion Threads

[tsmith2] 15/6/2010 07:11

AGM Statement


TIDMRTG

RNS Number : 5998N
ReThink Group (The) PLC
15 June 2010

?

15 June 2010

The ReThink Group plc

("ReThink" or the "Company")

AGM Statement

Trading update

The ReThink Group plc, one of the UK's fastest growing recruitment and
technology services businesses, is holding its AGM at 11.00 am today at which
the following statement will be made.

"The Company announced its full year results for the year to 31 December 2009 on
13 May 2009. Despite difficult trading conditions, revenues grew to GBP49.7
million, an increase of 15 per cent over the previous year (2008: GBP43.4
million) and the Company generated a profit before tax of GBP301,742 (2008:
GBP188,230 after exceptional listing costs).

In the full year results announcement John Sadiq, Chairman, and Jon Butterfield,
CEO, noted that there were signs of confidence returning to the market; trading
in the first four months of 2010 bears this out and is in line with management
expectations.

Trading Update 2010

Overall Net Fee Income for the first four months of 2010 is in excess of 15 per
cent higher than the comparable period in 2009 with the recovery of "Permanent"
recruitment income being particularly encouraging with a 44 per cent increase
compared to the corresponding period.

Net Fee Income from "Contract" recruitment is up by over 7 per cent compared to
the same period to 30 April 2009, and "on billing" contractors are currently at
the highest level since the Company's formation in 2005.

We have also been engaged by a major UK retail client to outsource all their
contract recruitment needs; the Board expects this Recruitment Process
Outsourcing (RPO) contract to generate in excess of GBP3 million in annual
revenues. This contract win, together with existing contracts, is expected to
increase the number of contracts "on billing" to over 600 in the third quarter
of 2010.

The Company is actively pursuing a number of significant opportunities and the
Board are hopeful that a number of these will be completed in the current
financial year.

The Company's Consulting Division continues to develop both its technical
offering and its customer base and this has been augmented by the acquisition of
the TrustTech business in March 2010.

The Company renewed its main banking and invoice discounting facilities in March
2010 and the Company's cash resources and headroom continue to strengthen.

The Board anticipates that the profit before tax for the six months to 30 June
2010 will be ahead of the same period in 2009, and continues to believe that the
full year result will be in line with market expectations.

Although there is still some level of caution within all the markets the Company
services, the Board continues to note some encouraging signs of increased
activity and greater commercial visibility. The Board believes that the Company
will continue the progress it has made in 2009 and the first half of 2010 and is
well positioned to take advantage of any real economic upturn."

[tsmith2] 27/5/2010 15:58

AGM mid June..upbeat and off we go!

[carterdl] 25/5/2010 09:27

Thanks for posting that Scotty. I got it in email too, but I think the rise yesterday started before I received it.

[carterdl] 24/5/2010 15:53

Looks like this has been tipped somewhere today - if so, UKMicrocap is my guess.

I think the outlook is good for shareholders, but a lot of patience will be required. Welcome aboard to the new holders.

[carterdl] 27/4/2010 15:47

Orado,
It doesn't take many trades to move the price. I think it's nothing to worry about and I don't think there's much if any downside from here - providing trading is on an improving trend. We shouldn't have long to wait for an update on that.

[orado] 27/4/2010 08:55

Why the big drop?

[tomking2] 24/3/2010 14:03

If you are interested in quizzing management, the company is exhibiting at this show in April: www.masterinvestor.co.uk. They have a few free tickets available for shareholders and other interested parties if you email the organisers at [e-mail] quoting 'Rethink Group shareholder'.

[elcricimes] 18/1/2010 12:51

North Korea scandal

North Korean workers kept in appalling conditions in Russia's far east have been linked to the UK-owned Russian Timber Company, according to a BBC Newsnight documentary by Simon Ostrovsky. Tales of 12-hour shifts with just two days off every year, for low wages in -30C temperatures prompted Leo Hambro, the company's CEO to insist that conditions complied with the Russian labour code, though he admitted his business had no control over wages. And he added that while it was bad PR for the company "we are happy to continue our involvement because they are workers who are prepared to work while there is timber to be sold at good values."



There is nothing like 'happily' pontificating whilst sitting in a cosy offic in the City. imho

[baht] 10/1/2010 23:07

Thanks for that Hywel.

[hywel] 09/1/2010 12:05

Baht done. Haven't been back here since i started the thread last June lol!

The t1ps smaller growth fund has a holding here, this is what they say:

This is our smallest holding. Tom has known the CEO of this IT recruitment company since he was 11 and we have know Rethink since it listed. A member of staff wished to sell some shares in a hurry and we picked them up. We would seek to increase our holding at the right price. And here is why.
The management team. Johnny Butterfield and his team built up one IT recruitment business and sold it a few years ago. They are thus aiming to repeat the trick and have shown that they know how to do it. The management own nearly all of the equity. Their interests are aligned with ours.

The economy. It is picking up. Last year (2009) ReThink remained profitable by increasing the number of temporary contractors on its books. As the economy recovers it will increase the number of permanent placements it makes. This is a much higher margin business and so we expect to see a sharp increase in profits.

The balance sheet. It is sound. Net cash and is cash generative. There is plenty of scope to make small bolt on acquisitions and Butterfield has shown that he can do this and is not a man to overpay.

The numbers. Revenues during the first half of calendar 2009 increased by 18% to £24.6 million but, with a sharp fall in high margin permanent placements offset by an increase in lower margin temp business, gross profits fell from £6.7 million to £5.5 million. Underlying levels of profitability were maintained, Rethink's numbers merely reflect the macroeconomic driven shift in product mix. The consulting operation, Aiimi, continued to make progress winning a number of new contracts in the Middle East . At a pre-tax level, ReThink's underlying profits fell from £80,000 to £12,000 however a number of loss making teams were removed during the first half and the benefits of this will be seen during the latter months of 2009.

In calendar 2009 sales will be little changed on 2008 at £45 million but since an increasing proportion of revenues will be from lower margin temporary placement contracts we expect pre-tax profits to fall from an underlying £602,304 to £325,000. In 2010 we expect not only an increase in revenues but also an improved sales mix which should feed through to profits rising to £1.2 million on sales of £54 million and if that trend continues profits should reach £1.7 million in 2011 on the basis of sales of £65 million.

These numbers are however very much base case. It is not inconceivable that Rethink will achieve the 2011 forecast in 2010 if permanent placements continue to pick up as they have in recent weeks. But on the base case numbers earnings will be 0.93p this year and 1.7p next time.

The ambition : The stated goal of ReThink is to build revenues to £100 million and while it could do this organically we expect its paper to make revenue and earnings enhancing bolt on acquisitions during the coming 24 months.

At some stage sentiment towards this sector will improve and even on a low double digit earnings multiple the shares would be trading at 17-20p within a year. So at 6.5p you can see why we'd like to buy a few more!

RSS & TW

[baht] 29/6/2009 12:14

Hywel could you add the Co's website address to the header for future visitors.



TYIA

Baht

[stuart14] 12/12/2007 10:07

Maybe they will IPO next year?

[bangor] 12/12/2007 09:57

At the Minesite Forum in London yesterday Leo Hambro gave a presentation on the company. Oddly I still haven't got a clue how you could invest in it since I don't think he referred to that minor point.

[zchanl1] 29/11/2007 10:12

Wood floats fine, I've seen it myself ;-)

[elmfield] 13/11/2007 08:00

If it is that good with 'excellent prospects' float the blasted thing!

[waldron] 13/11/2007 07:44

Russian Timber Group postpones IPO due to market conditions
Date : 13/11/2007 @ 07:35
Source : TFN


Russian Timber Group postpones IPO due to market conditions




LONDON (Thomson Financial) - Russian Timber Group Ltd said it has decided to
postpone its initial public offer on the Alternative Investment Market due to a
"difficult investment climate".
However, Russian Timber, the second-largest timber harvesting business in
Russia, has "excellent prospects" and the decision to postpone the listing
"...will not stop us from implementing our strategic growth plans", said company
chief executive Leo Hambro.
Last month, the company set the price for the planned IPO at 90-110 pence
per share.
[e-mail]
faj/slj

[stuart14] 13/11/2007 07:27

A shame but probably the right decision at present.

[waldron] 13/11/2007 07:09

Russian Timber Postponement of IPO
Date : 13/11/2007 @ 07:04
Source : UK Regulatory (RNS and others)


Russian Timber Postponement of IPO




RNS Number:5751H
Russian Timber Group Limited
13 November 2007


THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SUBSCRIBE OR SELL THE
SECURITIES DESCRIBED HEREIN. NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT TO
THIS ANNOUNCEMENT.


13 November 2007


Not for release, publication or distribution in whole or in part, in or into the
Russian Federation, the United States, Canada, Australia, Ireland, France,
Jersey, Japan or any other jurisdiction if to do so would constitute a violation
of the relevant laws of such jurisdiction.


Russian Timber Group Ltd
announces the postponement of its Initial Public Offer


Russian Timber Group Ltd ("RTG" or the "Company"), the 2nd largest Russian
timber harvesting business by volume announces today that in response to market
conditions it has decided to postpone its initial public offer of ordinary
shares to institutional investors (the "Offer").

Citi were acting as sole global co-ordinator, bookrunner and Nomad for the Offer
with City Capital as co-lead manager for the Offer.

Leo Hambro, Chief Executive Officer of Russian Timber Group, said:

"The Russian Timber Group business has excellent prospects. This decision has
been made in response to the generally difficult investment climate and though
disappointing, will not stop us from implementing our strategic growth plans.
We believe that even in a difficult environment the Russian forestry and wood
products sector has great promise and remains a fundamentally attractive
investment proposition."


- ENDS-


Enquiries:
Russian Timber Group Limited
Leo Hambro
Tel: [phone]


Citi
Tom Reid
Grant Kernaghan
Robert Way
Tel: [phone]


Merlin
David Simonson
Tom Randell
Tel: [phone]


Notices


Citi and City Capital Corporation Limited ("City Capital") are acting
exclusively for the Company and no-one else in connection with the Offer. Citi
and City Capital will not regard any other person as their clients in relation
to the Offer and neither will they be responsible to anyone other than the
Company for providing the protections afforded to their respective clients, nor
for providing advice in relation to the Offer, the contents of this announcement
or any transaction, arrangement or other matter referred to herein.


This announcement is for information purposes only and does not constitute or
form part of any offer or invitation to sell, or any solicitation of any offer
to purchase nor shall it (or any part of it) or the fact of its distribution,
form the basis of, or be relied on in connection with, any contract therefor.
The Offer and the distribution of this announcement and other information in
connection with the listing and Offer in certain jurisdictions may be restricted
by law and persons into whose possession any document or other information
referred to herein comes should inform themselves about, and observe, any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.


Neither this announcement nor any copy of it may be made or transmitted into the
United States, its territories or possessions or distributed, directly or
indirectly, in the United States, its territories or possessions. Neither this
announcement nor any copy of it may be taken or transmitted into the Russian
Federation, Australia, Canada, France, Ireland, Jersey or Japan or to any
persons in any of those jurisdictions. Any failure to comply with this
restriction may constitute a violation of United States, Australian, Russian,
Canadian, French, Irish, Jersey or Japanese securities law. The distribution of
this document in other jurisdictions may be restricted by law and persons into
whose possession this document comes should inform themselves about, and
observe, any such restrictions. The securities referred to herein have not been
registered under the applicable securities laws of the United States, Russian
Federation, Canada, France, Australia, Jersey, Ireland or Japan and, subject to
certain exceptions, may not be offered or sold within the United States, Russian
Federation, Canada, Australia, France, Ireland, Jersey or Japan or to any
national, resident or citizen of the United States, Russian Federation, Canada,
Australia, France, Ireland, Jersey or Japan.


In particular, this announcement is not an offer for sale of, or a solicitation
to purchase or subscribe for, any securities in the United States. No securities
of the Company have been, or will be, registered under the US Securities Act of
1933, as amended, and securities may not be offered or sold in the United States
absent registration or an exemption from registration under the US Securities
Act of 1933, as amended. There will be no public offer of the securities of the
Company in the United States.



Forward Looking Statements

This announcement contains "forward-looking" statements. These forward-looking
statements involve known and unknown risks and uncertainties, many of which are
beyond the Company's control and all of which are based on the Directors'
current beliefs and expectations about future events. Forward-looking statements
are sometimes identified by the use of forward-looking terminology such as
"believes", "expects", "may", "will", "could", "should", "shall", "risk",
"intends", "estimates", "aims", "plans", "predicts", "continues", "assumes",
"positioned" or "anticipates" or the negative thereof, other variations thereon
or comparable terminology. These forward-looking statements include all matters
that are not historical facts. They appear in a number of places throughout this
announcement and include statements regarding the intentions, beliefs or current
expectations of the Directors or the Company concerning, amongst other things,
the results of operations, financial condition, liquidity, prospects, growth and
strategies of the Company and the industry in which it operates.


These forward-looking statements and other statements contained in this
announcement regarding matters that are not historical facts involve
predictions. No assurance can be given that such future results will be
achieved; actual events or results may differ materially as a result of risks
and uncertainties facing the Company. Such risks and uncertainties could cause
actual results to vary materially from the future results indicated, expressed
or implied in such forward-looking statements. The forward-looking statements
contained in this announcement speak only as of the date of this document. The
Company and Citi expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained in
this document to reflect any change in its expectations or any change in events,
conditions or circumstances on which such statements are based unless required
to do so by applicable law, the AIM Rules, the Prospectus Rules, the Listing
Rules or the Disclosure and Transparency Rules of the Financial Services
Authority.


This announcement does not constitute a recommendation concerning the Offer. The
price and value of securities can go down as well as up. Past performance is not
a guide to future performance. Information in this announcement or any of the
documents relating to the Offer cannot be relied upon as a guide to future
performance. Potential investors should consult a professional advisor as to the
suitability of the Offer for the individual concerned.


Information in this document or any of the documents relating to the Offer
cannot be relied upon as a guide to future performance.


If you are in any doubt about the contents of this document, you should consult
a person authorised for the purposes of the Financial Services and Markets Act
2000 who specialises in advising on the acquisition of shares and other
securities, if you are resident in the United Kingdom or, if not, from another
appropriately authorised independent financial adviser. The value of securities
may go up or down. Past performance is not a guide to future performance.








This information is provided by RNS
The company news service from the London Stock Exchange

END
MSCEAKFDFSKXFEE

[stuart14] 31/10/2007 20:31

I've been waiting all year for this float. Want to see what sort of interest they get on the roadshows, but there aren't many Timber Co's listed in London, especially not many with licenses the size of Wales!

[grupo guitarlumber] 31/10/2007 08:31

Russian Timber Group sets IPO price range 90-110p/share for AIM listing
Date : 31/10/2007 @ 08:02
Source : TFN


Russian Timber Group sets IPO price range 90-110p/share for AIM listing




LONDON (Thomson Financial) - Russian Timber Group Ltd has set the price for
its proposed initial public offering on AIM at 90-110 pence per share.
The total offer size is up to 125 mln stg, implying a market capitalisation
of about 370 mln stg at the midpoint of the offer price range before any
exercise of the over-allotment option, the company said in a statement.
On Oct 19, Russian Timber Group said it is proposing to raise 100 mln stg
via an initial public offering to institutional investors ahead of a listing on
AIM.



[e-mail]
kkb/ajb

[elmfield] 31/10/2007 07:52

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SUBSCRIBE OR SELL THE
SECURITIES DESCRIBED HEREIN. NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT
TO THIS ANNOUNCEMENT.

31 October 2007

Not for release, publication or distribution in whole or in part, in or into the
Russian Federation, the United States, Canada, Australia, Ireland, France,
Jersey, Japan or any other jurisdiction if to do so would constitute a violation
of the relevant laws of such jurisdiction.


Russian Timber Group Ltd announces price range for Initial Public Offer
of 90 pence to 110 pence per Ordinary Share
and publication of Pathfinder AIM Admission Document


Russian Timber Group Ltd ("RTG" or the "Company"), the 2nd largest Russian
timber harvesting business by volume and the first forest products company in
Russia to list in London, announces today the indicative price range for its
initial public offer of ordinary shares to institutional investors (the
"Offer").

The indicative Offer price range has been set at 90 pence to 110 pence per
ordinary share ("Indicative Offer Price Range"), with a total Offer size of up
to #125 million, implying a market capitalisation for the Company of
approximately #370 million at the midpoint of the Indicative Offer Price Range
before any exercise of the over-allotment option described below. The Pathfinder
AIM Admission Document has been published and book-building will commence today.

The Offer will comprise newly issued shares offered by the Company to raise
gross proceeds to it of #100 million and the sale of existing shares by the
Company's principal shareholder.

It is expected that the price at which the Offer shares will be issued and sold
(the "Offer Price") will be announced, and conditional dealings in the ordinary
shares will commence, on or around 13 November 2007. Admission is expected to
occur and unconditional dealings in the Ordinary Shares are expected to commence
on or around 16 November 2007.

The Offer includes an over-allotment option, to be granted by the Company and
certain existing shareholders to Citi as sole bookrunner to acquire additional
ordinary shares representing up to 15% of the Offer.

Russian Timber Group will seek admission for its ordinary shares to the AIM
market of the London Stock Exchange.

Citi has been appointed as sole global co-ordinator, bookrunner and Nomad for
the Offer with City Capital as co-lead manager for the Offer.

Leo Hambro, Chief Executive Officer of Russian Timber Group, said:

"Russian Timber Group has exciting growth opportunities ahead in an expanding
sphere of the natural resource sector and in close proximity to the expanding
markets in China and Asia. We hope that it will prove to be an attractive
investment proposition for investors."


- ENDS-


Enquiries:
Russian Timber Group Limited
Leo Hambro
Tel: [phone]