Monday 22 February 2021 8:18 am | Updated: Monday 22 February 2021 8:42 am

Recruitment firm RTC suffers drop in profit as pandemic takes toll

Recruitment firm Hays this morning said that second quarter net fees fell 19 per cent as the pandemic continued to squeeze hiring around the world. — The group registered a pre-tax profit of £22.1m in the first six months of 2021 compared with £4.2m for the same period a year earlier

London-listed recruitment firm RTC saw profit from operations drop by 45 per cent to £1.1m in 2020, as the pandemic struck industries across the world.

Group revenue also fell by 14 per cent to £81.4m, while earnings per share hit 4.6p compared to 9.6p in 2019.

Meanwhile, net cash increased to £1.9m and RTC reported no term debt.

Optimism

Andy Pendlebury, CEO of RTC, remains in a positive mood about the company’s future despite the ferocity of the pandemic.

Pendlebury said: “Given the seismic impact of the closure of large parts of our economy I believe our results are extremely respectable and our cash position significantly enhanced.

“Although, as we publish our accounts, we continue to wait for the government to confirm its exit plan, we believe there are many reasons to feel hopeful about the Group’s prospects.”