Final Results
RDF Group PLC
25 May 2007
RDF GROUP PLC ('RDF' or 'the Group')
FINAL RESULTS
RDF Group plc (AIM: RFG), the I.T. services group, with offices in Brighton,
Bristol, Edinburgh and London, today announces its full year results for the
year to 31 March 2007.
Key points:-
• Total sales increased 13% to £ 22.2m (2006: £ 19.67m)
• Operating profit for continuing operations, before exceptional items, up
18% to £1.36m (2006: £ 1.16m)
• Operating profit after exceptional items up 3% to 1.19m (2006: £1.16m)
• Profit after tax for continuing operations, before exceptional items, up
9% to £0.84m (2006: £0.77m)
• Profit after tax £0.75m (2006: £0.77m)
• Adjusted earnings per share increased 9% to 8.12p (2006: 7.44p)
• Earning per share 7.17p (2006: 7.44p)
• Net assets per share increased 31% to 23.20p (2006: 17.74p)
• Acquired Aqua Resources Group Limited on 31 January 2007
• Opened new offices in London in June 2006 and in Bristol in August 2006
• Final dividend up 25% to 1.25p (2006: 1.00p)
Commenting on the results, Chief Executive David Wood, said:
'I am pleased to report that all regions have shown significant growth in this
period, with the newly opened Bristol and London offices contributing to Group
profits earlier than expected.
The Group has sales of over £22m from its three divisions - managed service
software development, temporary contracts and permanent placement services to
over 100 active clients and generated post-tax profits, before goodwill and
exceptional items of £0.85m, including a charge of £0.05m for FRS20 share-based
payments.
The integration of Aqua has gone well - in the two months since acquisition it
has generated revenues of £1.34m for the Group. During the two months the
company's operations were integrated into the RDF Resources division and the
business is now contributing to the profits of the Group. I am pleased to report
that the savings of £300,000 referred to in the announcement about the
acquisition have been achieved and the combined business is performing ahead of
our expectations.
The strong performance of each division and the bedrock upon which it is
founded, together with the affect of the acquisition, leads me to believe that
once again RDF will have another successful year in 2007-8. This continued
success is down to the dedication and professionalism of some of the country's
best software engineers, sales people and managers and so I would like to take
this opportunity to publicly thank them on your behalf for their commitment,
which is key to the continuing success of the Group.'
For further information on the RDF Group visit www.rdfgroup.com or telephone
01273 200100.
Smith & Williamson Corporate Finance Limited Tel 020 7131 4000
Azhic Basirov / Siobhan Sergeant
CHAIRMAN'S STATEMENT
Introduction
The financial year 2006-7 has been a solid year for the RDF Group ('RDF'),
despite the considerable distraction caused by the departure of two
non-executive directors and attendant consequences. Consolidation of the gains
made in 2005-6 has been achieved, with steady growth in both revenue and profit.
In January 2007, RDF successfully completed its first acquisition, which has
already contributed to the Group's operating profit.
In the past four years the Group has grown from a business with revenues of £9m
per year, operating profits of £0.25m and employing 30 staff, to a financially
robust company with revenues of over £22m, an operating profit of £1.19m, with
109 members of staff.
RESULTS
During 2006-7, RDF has seen all of its divisions performing well. Revenues from
continuing operations grew by over 6% to reach £20.9m (2006: £19.7m) and
operating profit (before exceptional items and amortisation of goodwill) was up
17.5% to £1.36m (2006: £1.16m). Operating profit was also up slightly to £1.19m
from £1.16m.
Diluted earnings per share reduced to 6.87p (2006: 7.26) reflecting the impact
of additional share options issued during the year. On a comparable basis,
before exceptional items and goodwill amortisation there was an increase to
7.76p (2006: 7.12p).
Against this background, the Board is pleased to recommend a final dividend of
1.25p per share (2006: 1.0p), bringing the total to be paid for the year to
2.25p (2006: 1.75p).
OPERATIONS
During the year the Group expanded its offices in Brighton to meet growing
demand from its clients. In June 2006, the Group opened a sales office in London
and this was followed in August 2006 with a fully serviced facility in Bristol,
opened to meet demand from clients based in the South West, Midlands and Wales.
Our Livingston office continues to perform well with a number of new business
wins made in the last year.
ACQUISITIONS
As announced in the Interim Statement, it is the Board's intention to develop
the business both organically and, if possible, through acquisitions. In January
2007, the Group made its first acquisition, Aqua Resources Group Limited, a
Brighton based company operating in complementary areas to our own RDF Resources
division.
The integration of Aqua has gone smoothly and it has generated revenues of
£1.34m for the Group in its initial 2 months and is now contributing positively
towards the Group's operating profit. I am pleased to report that the savings of
£300,000 referred to in the announcement about the acquisition have been
achieved and the combined business is performing as expected.
This acquisition was funded from working capital. Future acquisitions may
require an alternative approach.
During the year, RDF received a number of informal and independent expressions
of interest in the Group. However, none of these parties progressed their
enquiries further than the initial approach.
BOARD CHANGES
The previous Chairman and Non Executive Director both resigned in August 2006.
Your Board is currently seeking a suitable candidate to replace the Non
Executive Director.
Outlook
RDF will continue to consolidate its position in this year. The recent
acquisition will continue to contribute to Group earnings, supported by organic
growth in the Group's main service areas. Your Board will continue to manage
Group costs closely, ensuring maximum profits are returned to shareholders.
Jim Carr
Non Executive Chairman
24 May 2007
CHIEF EXECUTIVE'S STATEMENT
INTRODUCTION
Having established RDF Consulting in 1994, steered it to a successful flotation
in 1999 and led RDF Group as Chief Executive ever since, I am very pleased to
announce RDF's third successive year of significant growth. For a company which
has never received external funding, I am proud to report its current financial
position. RDF is now a mature software house with a vibrant and fast growing IT
recruitment division, underpinned by an excellent infrastructure and highly
skilled and dedicated management team.
FINANCIAL RESULTS
Despite a year which has seen significant changes in the non executive members
of the Board, plus RDF's first acquisition, your Board has successfully grown
both Group revenue and operating profit for the third year in succession.
Organic revenue has increased by over 6% to £20.89m (2006: £19.67m)and when
combined with the acquisition of Aqua at the end of January 2007, the total
sales increased by 13% to £22.23m. Operating profit, before amortisation of
goodwill and exceptional items, increased by 18% to £1.36m (2006: £1.16m).
Operating profit increased to £1.19m (2006: £1.16m) despite exceptional charges
relating to the Board changes, suspension and subsequent lifting of the
company's share trading on AIM of £0.12m.
The Group invested £0.62m in the acquisition of Aqua, £0.34m in infrastructure
and £0.30m in the development of software which we believe should bring future
income. The effects of these investments, financed out of the Group's working
capital facilities, has been to have a cash outflow in the year of £1.23m (2006:
cash inflow £0.19m).
RDF's strategy has been to concentrate on developing long term contracts in its
Managed Service business, enabling a reduced cost base, combined with building
higher volumes in its IT Recruitment business (supported by the acquisition of
Aqua Resources Group). This strategy has contributed to 2006-7 results but is
expected to develop further in the coming period.
REVIEW OF OPERATIONS AND KEY PERFORMANCE INDICATORS
I am pleased to report that all regions have shown significant growth in this
period, with the newly opened Bristol and London offices contributing to Group
profits earlier than expected.
Managed Service margins have been sustained at 29%, with good commitment levels
from RDF's major clients and the gaining of a number of small to medium sized
projects from new clients, which are showing good growth potential. The division
has increased revenues by 12% to £9.85m (2006: £8.8m) and the division has
focussed on increasing its capabilities with investment in new project managers
and quality control in order to be able to cope with the increasing number of
projects undertaken.
Temporary contract margins have grown from 11.7% to 13.1% demonstrating both the
success of the Group's strategy to concentrate on niche, higher margin skills
and the successful consolidation of the Aqua Resources Group Limited's (Aqua)
business into the Brighton office of RDF Resources. The division reported sales
of £11.72m in the year, up 11.7% from 2006 (2006: £10.50m). Annualising the
first two months contribution from Aqua's sales means this division is now
contributing some £18.1m of sales over a twelve month period.
The Group's Permanent Recruitment division has continued to build on the success
of 2006, with sales up 85% to £0.65m from £0.35m in 2006 and 103 placements
being made compared to 54 in 2006.
Overall the Group now provides services to over 100 active clients and since the
year end has been engaged by 12 new clients.
ACQUISITIONS
As announced in the Interim Statement, it is our intention to develop the
business through both organic and acquisitive means. In January 2007, the Group
made its first acquisition, Aqua Resources Group Limited, a Brighton based
company operating in complementary areas to our own RDF Resources division.
The integration of Aqua has gone well - in the two months since acquisition it
has generated revenues of £1.34m for the Group. During the two months the
company's operations were integrated into the RDF Resources division, resulting
in a small loss of £0.03m in the period but meaning that the business is now
contributing to the profits of the Group. I am pleased to report that the
savings of £300,000 referred to in the announcement about the acquisition have
been achieved and the combined business is performing ahead of our expectations.
CORPORATE SOCIAL RESPONSIBILITY
Your Board is aware that business can have a significant impact on the community
and, being a company built on our staff, I feel that it important to support
local and national organisations as part of our corporate social responsibility.
For many years the Group has supported local sports within the community for
children, and as an extension of this in December 2006, I announced that RDF
Group has become the major sponsor for Sussex County Cricket Club, the County
Championship and Double winners of 2006. The sponsorship means that we can
further develop youth sport in the local community whilst creating a significant
amount of awareness of RDF both locally and nationally through newspapers,
television and internet coverage of the team.
In addition to the Sussex County Cricket Club sponsorship, each branch is able
to sponsor local charities and employees are encouraged to match the
contributions with personal donations.
FUTURE DEVELOPMENTS
The Group will continue to build on its triumvirate of service offerings to
clients through managed services software development, the provision of
temporary contractors and permanent placement recruitment on behalf of clients
with plans to develop consultancy services, either organically or through
acquisition.
In May 2007 the Group agreed to take additional space at its Brighton Head
Office, to provide room for expansion of the technical and sales teams.
OUTLOOK
The strong performance of each division and the bedrock upon which it is
founded, together with the affect of the acquisition, leads me to believe that
once again RDF will have another successful year in 2007-8. This continued
success is down to the dedication and professionalism of some of the country's
best software engineers, sales people and managers and so I would like to take
this opportunity to publicly thank them on your behalf for their commitment,
which is key to the continuing success of the Group.
David Wood
Chief Executive
24 May 2007
CONSOLIDATED PROFIT AND LOSS
31 MARCH 2007
2007 2007 2007 2006
Before exceptional Exceptional items Total Total
items and and amortisation (restated)
amortisation
£000 £000 £000 £000
TURNOVER
Continuing
operations 20,890 - 20,890 19,673
Acquisitions 1,337 - 1,337 -
-------- -------- -------- --------
1 22,227 - 22,227 19,673
Cost of sales 17,262 - 17,262 15,532
-------- -------- -------- --------
Gross profit 4,965 - 4,965 4,141
Administrative
expenses 3 3,638 122 3,760 2,982
Goodwill
amortisation - 12 12 -
-------- -------- -------- --------
Total
administrative
expenses 3,638 134 3,772 2,982
OPERATING
PROFIT / (LOSS)
Continuing
operations 1,362 (122) 1,240 1,159
Acquisitions (35) (12) (47) -
-------- -------- -------- --------
1,327 (134) 1,193 1,159
Interest payable (89) - (89) (44)
Interest receivable 4 - 4 1
-------- -------- -------- --------
PROFIT ON ORDINARY
ACTIVITIES BEFORE
TAXATION 1,242 (134) 1,108 1,116
Tax on profit
on ordinary
activities 4 (399) 37 (362) (342)
-------- -------- -------- --------
PROFIT ON
ORDINARY ACTIVITIES
AFTER TAXATION 843 (97) 746 774
======== ======== ======== ========
Earnings per share (pence)
Basic 5 7.17 7.44
======== ========
Diluted 5 6.87 7.26
======== ========
The operating profit for the year arises from the Group's continuing and
acquired operations.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
31 MARCH 2007
2007 2006
(restated)
Notes £000 £000
PROFIT FOR THE FINANCIAL YEAR 746 774
Prior year adjustment for FRS20 Share-based payments 2 (32) -
-------- --------
TOTAL RECOGNISED GAINS AND LOSSES SINCE LAST ANNUAL 714 774
REPORT ======== ========
GROUP BALANCE SHEET
31 MARCH 2007
2007 2006
(restated)
Notes £000 £000
FIXED ASSETS
Intangible assets 7 949 -
Tangible assets 440 195
-------- --------
1,389 195
CURRENT ASSETS
Debtors 5,287 4,287
Cash at bank 44 246
-------- --------
5,331 4,533
CREDITORS
Amounts falling due within one year (4,264) (2,883)
-------- --------
Net current assets 1,067 1,650
-------- --------
Total assets less current liabilities 2,456 1,845
CREDITORS: amounts falling due after more than one year (43) -
-------- --------
2,413 1,845
======== ========
CAPITAL AND RESERVES
Called up equity share capital 208 208
Share premium account 103 103
Profit and loss account 2,102 1,534
-------- --------
SHAREHOLDERS' FUNDS 2,413 1,845
======== ========
CONSOLIDATED GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2007
2007 2006
(restated)
Notes £000 £000
Net cash flow from operating activities 9 499 913
Returns on investments and servicing of finance
Interest received 4 1
Interest paid (82) (44)
Interest element of finance lease rentals (7) -
-------- --------
Net cash outflow from returns on investments and
servicing of finance (85) (43)
Corporation tax paid (208) (267)
Capital expenditure and financial investment
Development costs of intangible assets (299) -
Payments to acquire tangible assets (338) (94)
-------- --------
Net cash outflow from capital expenditure and financial
investment (637) (94)
Acquisitions and disposals
Purchase of subsidiary undertaking (242) -
Net debt acquired with subsidiary undertaking (378) -
-------- --------
Net cash outflow from acquisitions and disposals (620) -
Dividend paid (208) (130)
-------- --------
Net cash (outflow) / inflow before financing (1,259) 379
Financing
Payment to cancel share options (20) -
Repayment of bank loans - (184)
Capital element of finance lease rental payments (9) -
Finance lease advance 60 -
-------- --------
Net cash inflow / (outflow) from financing 31 (184)
Net cash (outflow) / inflow after financing, being the
(decrease) / increase in cash in the year (1,228) 195
======== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2007 2006
£000 £000
(Decrease) / Increase in cash in the period (1,228) 195
Repayment of bank loans - 184
Cash outflow from finance leases 9 -
-------- --------
Change in net debt resulting from cash flows (1,219) 379
New finance leases (60) -
-------- --------
Movement in net debt in the year (1,279) 379
Opening net funds / (debt) 246 (133)
-------- --------
Closing net (debt) / funds 10 (1,033) 246
======== ========
NOTES TO THE PRELIMINARY STATEMENT
FOR THE YEAR ENDED 31 MARCH 2007
BASIS OF PREPARATION
The financial information set out in the announcement does not constitute the
company's statutory accounts for the years ended 31 March 2007 or 2006. The
financial information for the year ended 31 March 2006 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts. Their report was unqualified
and did not contain a statement under section 237 (2) or (3) of the Companies
Act 1985. The amounts shown for the year ended 31 March 2006 are restated on
adoption of FRS20, 'Accounting for share-based payments', as outlined below. The
statutory accounts for the year ended 31 March 2007 will be finalised on the
basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the company's Annual General Meeting.
The audited accounts for the year ended 31 March 2006 have been delivered to the
Registrar of Companies. The Annual Report and Financial Statements for the year
ended 31 March 2007 will be delivered to the Registrar of Companies following
the Annual General Meeting. Copies will be available to the public at the
Company's registered office: 2 Bartholomews, Brighton BN1 1HG
The Group's accounting policies have been applied consistently, except for the
adoption of FRS20 Accounting for share-based payments. This results in a change
of accounting policy for share-based payments, whereby share-based payments are
charged in the financial statements over the vesting period.
This change in accounting policy has the impact on reducing the group's profit
after tax in the year ended 31 March 2006 by £32,000 but has no impact on cash
flows, it increases retained reserves and net assets at 31st March 2006 by
£23,000 being the deferred tax on the share based payments to that date.
The financial statements have been prepared under the historical cost
convention, and in accordance with applicable United Kingdom accounting
standards.
1 TURNOVER
Sales by Service Type are:
2007 2006
£000 £000
Managed Software Developments 9,848 8,799
Temporary Agency Staffing 11,723 10,496
Permanent Recruitment Fees 646 348
Software and other sales 10 30
-------- --------
22,227 19,673
-------- --------
All the Group's sales are in the United Kingdom.
2 SHARE-BASED PAYMENTS
In accordance with FRS20 - Share-based payments, a charge of £50,000 has been
made during the year - £42,000 has been included in administrative expenses and
£8,000 has been included in exceptional charges arising as a result of an
accelerated charge created by the resignation of the G. Kynoch and K Chapman and
the cancellation of their options.
The comparative figures for the year ended 31 March 2006 have been restated by
£45,000 to reflect the adoption of FRS20.
3 EXCEPTIONAL ITEMS
Following the resignation of the non-executive directors on 8 August 2006, the
company's nominated adviser and broker, John East and Partners, resigned. As a
result the company's shares were suspended from dealing on AIM.
The costs incurred in relation to the resignation of the non-executive directors
and the professional fees for assisting with the lifting of the suspension were
£122,000.
The suspension was lifted on 12 September 2006, following the appointment of
Smith & Williamson Corporate Finance Limited as the company's nominated adviser
and broker.
4 TAXATION ON ORDINARY ACTIVITIES
(a) Analysis of charge in the year
2007 2006
£000 £000
UK Corporation tax based on the results for the year at 30%
(2006 - 30%) 354 351
Deferred tax
Capital allowances (5) 7
Origination and reversal of timing differences 13 (16)
------- -------
Total deferred tax (note 16) 8 (9)
------- -------
Tax on profit on ordinary activities 362 342
======= =======
(b) Factors affecting current tax charge
The tax assessed on the profit on ordinary activities for the year is higher
(2006: higher) than the standard rate of corporation tax in the UK of 30% (2006
- 30%), as explained below:-
2007 2006
£000 £000
Profit on ordinary activities before taxation 1,108 1,116
------- -------
Profit on ordinary activities multiplied by the
standard rate of tax 332 335
Expenses not deductible for tax purpose 37 19
Depreciation for period in excess of capital (10) 1
allowances
FRS 20 Share option charge 15 13
Movement in short term timing differences - (10)
Rate differences on corporation tax (20) (7)
Total current tax (note 6(a)) 354 351
======= =======
5 EARNINGS PER SHARE
Earnings per ordinary share
2007 2006
pence pence
- basic 7.17 7.44
- diluted 6.87 7.26
The basic earnings per share amounting to 7.17 pence (2006 - 7.44 pence) for the
year have been calculated on £746,000 (2006, restated - £774,000) being the
consolidated profit on ordinary activities after taxation attributable to
members of the Company for the year ended 31 March 2007, and are based on the
weighted average number of ordinary shares in issue of 10,400,000 (2006 -
10,400,000).
The fully diluted earnings per share amounting to 6.87 pence (2006 - 7.26 pence)
for the year have been calculated on the basis of adding 464,537 (2006 -
260,902) to the weighted average number of shares in issue, to take account of
the dilutive effect of the outstanding share options to give 10,864,537 (2006 -
10,660,902) shares being in issue, assuming that all options are exercised.
Earnings per share, before goodwill and exceptional items have been calculated
by adding back the post tax impact of the exceptional items and the goodwill of
£97,000 and applying the relevant weighted average of ordinary shares in issue
and the dilutive effect of the outstanding share options.
Comparable diluted earnings per share, referred to in the Chairman's Statement
is calculated using the post tax profit, as adjusted for the post tax effect of
exceptional items and goodwill and applying the dilutive effects of the
outstanding share options at the end of the current year and applying the same
number of shares to the prior year calculation.
6 PRIOR YEAR ADJUSTMENT
The Group has adopted Financial Reporting Standard 20, Share Based Payments,
which requires the company to reflect in its profit and loss account the effects
of share based payments such as employee share options. The company's accounting
policy is to charge the value of shares granted since 7 November 2002, and not
vested before 1 April 2006, to the profit and loss account on a straight line
basis over the period from grant to vesting.
The comparative figures for the year ended 31 March 2006 have been restated to
reflect this change of accounting policy.
7 INTANGIBLE FIXED ASSETS
The addition of goodwill during the year relates to the acquisition of 100% of
the ordinary share capital of Aqua Resources Group Limited on 31 January 2007.
It is being amortised over 10 years from the date of acquisition, being its
expected economic life.
The payment of the deferred consideration of £50,000 is not subject to any
pre-agreed criteria.
Book Value Fair Value Total
Adjustments
£000 £000 £000
Consideration - cash paid at
completion 150
- deferred consideration 50
--------
200
Costs of acquisition 92
--------
Total cost 292
--------
Fair value of net liabilities acquired
Tangible fixed assets 10 - 10
Debtors 629 - 629
Other debtors and prepayments 9 - 9
Deferred tax asset 31 - 31
Cash at bank and in hand 22 - 22
Trade and other creditors (390) - (390)
Factoring advance (400) - (400)
Other creditors (155) - (155)
Accruals and deferred income (201) - (201)
-------- --------- --------
Total fair value of net
liabilities acquired (445) - (445)
-------- --------- --------
Goodwill - 737
-------- --------- --------
Aqua Resource Group Limited accumulated a loss after tax for the year ended 31
August 2006 of £208,088 on turnover of £1,974,641 and in the period from 1
September 2006 to 31 January 2007 it accumulated a loss after tax of £126,920 on
turnover of £2,451,062.
8 SHARE-BASED PAYMENTS
Employee share options
All of the share options have been granted with an exercise price equal to the
market price of the company shares at the date of grant 'market price options'
and the only condition with these options is that they can only be exercised
after the third anniversary of the date of grant and not exercised any later
than the fifth anniversary in the case of the Unapproved Scheme and not later
than the tenth anniversary for the EMI Scheme options.
No options granted can be transferred, assigned, mortgaged, or charged and
options can only be exercised by option holders if they are still employees or
directors of the company.
The number and weighted average exercise prices of share options are as follows:
2007 2007 2006 2006
Weighted Number of Weighted Number of
average options average options
exercise price exercise price
Outstanding at the
beginning of the period 0.33 870,000 0.33 920,000
Granted during the period 0.64 325,000 - -
Forfeited / lapsed during
the period 0.31 (200,000) 0.34 (50,000)
Exercised during the period - - - -
Outstanding at the end of the
period 0.44 995,000 0.33 870,000
Exercisable at the end of the - -
period
====== ======== ======== ========
The options outstanding at the year end have an exercise price in the range of
33.5p to 74.5p and a weighted average contractual life of 5.9 years (2006: 7.3
years).
The fair value of services rendered in return for share options granted are
measured by reference to the fair value of share options granted. The estimated
fair value of the services received is measured based on the Black Scholes
model.
The expected volatility is based on the historic volatility (calculated based on
the weighted average remaining life of the share options, adjusted for any
expected changes to the future volatility due to publicly available
information).
Date No. of No. o/s Share Exercise Expected Vesting Expected Risk Expected Fair
of employees price at price volatility period life free annual value
grant date of (£) % (yrs) (yrs) rate % dividend (£)
grant
(£)
20/07/04 1 221,493 0.335 0.335 60.4 3 5 5.25 2.17 0.16
20/07/04 1 298,507 0.335 0.335 60.4 3 10 5.25 2.17 0.16
15/10/04 2 150,000 0.340 0.340 57.0 3 10 5.25 2.17 0.19
09/08/04 1 200,000 0.575 0.575 39.2 3 5 5.25 2.17 0.18
21/12/06 3 125,000 0.745 0.745 37.3 3 10 5.25 2.17 0.20
Share options are granted under a service condition and a non-market performance
condition. Such conditions are taken into account in the grant date fair value
measurement of the services received. There are no market conditions associated
with the share option grants.
The Company recognised a total expense within administration expenses of £50,000
(2006: £45,000) related to share-based payment transactions, all of which were
accounted for as equity -settled share-based payment arrangements with a
corresponding credit to equity reserve. The cumulative credit to equity reserves
in respect of share based payments totalled £107,000 (2006: £77,000).
9 NET CASH FLOWS FROM OPERATING ACTIVITIES
2007 2006
(restated)
£000 £000
Operating profit 1,193 1,159
Depreciation 103 66
Amortisation of goodwill 12 -
Amortisation of product development 75 -
Share based payments 50 45
Increase in debtors (370) (1,433)
Increase in creditors (564) 1,076
-------- --------
Net cash inflow from operating activities 499 913
======== ========
10 ANALYSIS OF NET DEBT MOVEMENT
At At
1 April 31 March
2006 Cash flows 2007
£000 £000 £000
Cash in hand and at bank 246 (202) 44
Debt due within 1 year - (1,026) (1,026)
-------- -------- --------
246 (1,228) (982)
Finance leases - (51) (51)
-------- -------- --------
246 (1,279) (1,033)
======== ======== ========
11. Circulation to Shareholders
Copies of the Company's Annual Report will be sent to shareholders in due course
with further copies available from the Company Secretary, RDF Group plc, 2
Bartholomews, Brighton, BN1 1HG
This information is provided by RNS
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