25th May 2007 07:01
RDF Group PLC25 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 theyear 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 thisperiod, with the newly opened Bristol and London offices contributing to Groupprofits earlier than expected. The Group has sales of over £22m from its three divisions - managed servicesoftware development, temporary contracts and permanent placement services toover 100 active clients and generated post-tax profits, before goodwill andexceptional items of £0.85m, including a charge of £0.05m for FRS20 share-basedpayments. The integration of Aqua has gone well - in the two months since acquisition ithas generated revenues of £1.34m for the Group. During the two months thecompany's operations were integrated into the RDF Resources division and thebusiness is now contributing to the profits of the Group. I am pleased to reportthat the savings of £300,000 referred to in the announcement about theacquisition have been achieved and the combined business is performing ahead ofour expectations. The strong performance of each division and the bedrock upon which it isfounded, together with the affect of the acquisition, leads me to believe thatonce again RDF will have another successful year in 2007-8. This continuedsuccess is down to the dedication and professionalism of some of the country'sbest software engineers, sales people and managers and so I would like to takethis 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 telephone01273 200100. Smith & Williamson Corporate Finance Limited Tel 020 7131 4000Azhic 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 twonon-executive directors and attendant consequences. Consolidation of the gainsmade in 2005-6 has been achieved, with steady growth in both revenue and profit.In January 2007, RDF successfully completed its first acquisition, which hasalready contributed to the Group's operating profit. In the past four years the Group has grown from a business with revenues of £9mper year, operating profits of £0.25m and employing 30 staff, to a financiallyrobust company with revenues of over £22m, an operating profit of £1.19m, with109 members of staff. RESULTS During 2006-7, RDF has seen all of its divisions performing well. Revenues fromcontinuing operations grew by over 6% to reach £20.9m (2006: £19.7m) andoperating profit (before exceptional items and amortisation of goodwill) was up17.5% to £1.36m (2006: £1.16m). Operating profit was also up slightly to £1.19mfrom £1.16m. Diluted earnings per share reduced to 6.87p (2006: 7.26) reflecting the impactof additional share options issued during the year. On a comparable basis,before exceptional items and goodwill amortisation there was an increase to7.76p (2006: 7.12p). Against this background, the Board is pleased to recommend a final dividend of1.25p per share (2006: 1.0p), bringing the total to be paid for the year to2.25p (2006: 1.75p). OPERATIONS During the year the Group expanded its offices in Brighton to meet growingdemand from its clients. In June 2006, the Group opened a sales office in Londonand 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 businesswins made in the last year. ACQUISITIONS As announced in the Interim Statement, it is the Board's intention to developthe business both organically and, if possible, through acquisitions. In January2007, the Group made its first acquisition, Aqua Resources Group Limited, aBrighton based company operating in complementary areas to our own RDF Resourcesdivision. 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 positivelytowards 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 beenachieved and the combined business is performing as expected. This acquisition was funded from working capital. Future acquisitions mayrequire an alternative approach. During the year, RDF received a number of informal and independent expressionsof interest in the Group. However, none of these parties progressed theirenquiries 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 NonExecutive Director. Outlook RDF will continue to consolidate its position in this year. The recentacquisition will continue to contribute to Group earnings, supported by organicgrowth in the Group's main service areas. Your Board will continue to manageGroup costs closely, ensuring maximum profits are returned to shareholders. Jim CarrNon Executive Chairman24 May 2007 CHIEF EXECUTIVE'S STATEMENT INTRODUCTION Having established RDF Consulting in 1994, steered it to a successful flotationin 1999 and led RDF Group as Chief Executive ever since, I am very pleased toannounce RDF's third successive year of significant growth. For a company whichhas never received external funding, I am proud to report its current financialposition. RDF is now a mature software house with a vibrant and fast growing ITrecruitment division, underpinned by an excellent infrastructure and highlyskilled and dedicated management team. FINANCIAL RESULTS Despite a year which has seen significant changes in the non executive membersof the Board, plus RDF's first acquisition, your Board has successfully grownboth 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 whencombined with the acquisition of Aqua at the end of January 2007, the totalsales increased by 13% to £22.23m. Operating profit, before amortisation ofgoodwill and exceptional items, increased by 18% to £1.36m (2006: £1.16m).Operating profit increased to £1.19m (2006: £1.16m) despite exceptional chargesrelating to the Board changes, suspension and subsequent lifting of thecompany's share trading on AIM of £0.12m. The Group invested £0.62m in the acquisition of Aqua, £0.34m in infrastructureand £0.30m in the development of software which we believe should bring futureincome. The effects of these investments, financed out of the Group's workingcapital 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 itsManaged Service business, enabling a reduced cost base, combined with buildinghigher volumes in its IT Recruitment business (supported by the acquisition ofAqua Resources Group). This strategy has contributed to 2006-7 results but isexpected 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 thisperiod, with the newly opened Bristol and London offices contributing to Groupprofits earlier than expected. Managed Service margins have been sustained at 29%, with good commitment levelsfrom RDF's major clients and the gaining of a number of small to medium sizedprojects from new clients, which are showing good growth potential. The divisionhas increased revenues by 12% to £9.85m (2006: £8.8m) and the division hasfocussed on increasing its capabilities with investment in new project managersand quality control in order to be able to cope with the increasing number ofprojects undertaken. Temporary contract margins have grown from 11.7% to 13.1% demonstrating both thesuccess of the Group's strategy to concentrate on niche, higher margin skillsand the successful consolidation of the Aqua Resources Group Limited's (Aqua)business into the Brighton office of RDF Resources. The division reported salesof £11.72m in the year, up 11.7% from 2006 (2006: £10.50m). Annualising thefirst two months contribution from Aqua's sales means this division is nowcontributing some £18.1m of sales over a twelve month period. The Group's Permanent Recruitment division has continued to build on the successof 2006, with sales up 85% to £0.65m from £0.35m in 2006 and 103 placementsbeing made compared to 54 in 2006. Overall the Group now provides services to over 100 active clients and since theyear end has been engaged by 12 new clients. ACQUISITIONS As announced in the Interim Statement, it is our intention to develop thebusiness through both organic and acquisitive means. In January 2007, the Groupmade its first acquisition, Aqua Resources Group Limited, a Brighton basedcompany operating in complementary areas to our own RDF Resources division. The integration of Aqua has gone well - in the two months since acquisition ithas generated revenues of £1.34m for the Group. During the two months thecompany's operations were integrated into the RDF Resources division, resultingin a small loss of £0.03m in the period but meaning that the business is nowcontributing to the profits of the Group. I am pleased to report that thesavings of £300,000 referred to in the announcement about the acquisition havebeen 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 communityand, being a company built on our staff, I feel that it important to supportlocal and national organisations as part of our corporate social responsibility. For many years the Group has supported local sports within the community forchildren, and as an extension of this in December 2006, I announced that RDFGroup has become the major sponsor for Sussex County Cricket Club, the CountyChampionship and Double winners of 2006. The sponsorship means that we canfurther develop youth sport in the local community whilst creating a significantamount 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 ableto sponsor local charities and employees are encouraged to match thecontributions with personal donations. FUTURE DEVELOPMENTS The Group will continue to build on its triumvirate of service offerings toclients through managed services software development, the provision oftemporary contractors and permanent placement recruitment on behalf of clientswith plans to develop consultancy services, either organically or throughacquisition. In May 2007 the Group agreed to take additional space at its Brighton HeadOffice, to provide room for expansion of the technical and sales teams. OUTLOOK The strong performance of each division and the bedrock upon which it isfounded, together with the affect of the acquisition, leads me to believe thatonce again RDF will have another successful year in 2007-8. This continuedsuccess is down to the dedication and professionalism of some of the country'sbest software engineers, sales people and managers and so I would like to takethis opportunity to publicly thank them on your behalf for their commitment,which is key to the continuing success of the Group. David WoodChief Executive24 May 2007 CONSOLIDATED PROFIT AND LOSS31 MARCH 2007 2007 2007 2007 2006 Before exceptional Exceptional items Total Total items and and amortisation (restated) amortisation £000 £000 £000 £000TURNOVERContinuingoperations 20,890 - 20,890 19,673Acquisitions 1,337 - 1,337 - -------- -------- -------- -------- 1 22,227 - 22,227 19,673Cost of sales 17,262 - 17,262 15,532 -------- -------- -------- --------Gross profit 4,965 - 4,965 4,141 Administrativeexpenses 3 3,638 122 3,760 2,982Goodwillamortisation - 12 12 - -------- -------- -------- --------Totaladministrativeexpenses 3,638 134 3,772 2,982 OPERATINGPROFIT / (LOSS)Continuingoperations 1,362 (122) 1,240 1,159Acquisitions (35) (12) (47) - -------- -------- -------- -------- 1,327 (134) 1,193 1,159Interest payable (89) - (89) (44)Interest receivable 4 - 4 1 -------- -------- -------- -------- PROFIT ON ORDINARYACTIVITIES BEFORETAXATION 1,242 (134) 1,108 1,116 Tax on profiton ordinaryactivities 4 (399) 37 (362) (342) -------- -------- -------- -------- PROFIT ONORDINARY ACTIVITIESAFTER 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 andacquired operations. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES31 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 774REPORT ======== ======== GROUP BALANCE SHEET31 MARCH 2007 2007 2006 (restated) Notes £000 £000 FIXED ASSETSIntangible assets 7 949 -Tangible assets 440 195 -------- -------- 1,389 195CURRENT ASSETSDebtors 5,287 4,287Cash at bank 44 246 -------- -------- 5,331 4,533CREDITORSAmounts 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 RESERVESCalled up equity share capital 208 208Share premium account 103 103Profit and loss account 2,102 1,534 -------- --------SHAREHOLDERS' FUNDS 2,413 1,845 ======== ======== CONSOLIDATED GROUP CASH FLOW STATEMENTFOR 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 financeInterest received 4 1Interest paid (82) (44)Interest element of finance lease rentals (7) - -------- --------Net cash outflow from returns on investments andservicing of finance (85) (43) Corporation tax paid (208) (267) Capital expenditure and financial investmentDevelopment costs of intangible assets (299) -Payments to acquire tangible assets (338) (94) -------- --------Net cash outflow from capital expenditure and financialinvestment (637) (94) Acquisitions and disposalsPurchase 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 FinancingPayment 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) 195Repayment of bank loans - 184Cash outflow from finance leases 9 - -------- --------Change in net debt resulting from cash flows (1,219) 379New finance leases (60) - -------- --------Movement in net debt in the year (1,279) 379Opening net funds / (debt) 246 (133) -------- --------Closing net (debt) / funds 10 (1,033) 246 ======== ======== NOTES TO THE PRELIMINARY STATEMENTFOR THE YEAR ENDED 31 MARCH 2007 BASIS OF PREPARATION The financial information set out in the announcement does not constitute thecompany's statutory accounts for the years ended 31 March 2007 or 2006. Thefinancial information for the year ended 31 March 2006 is derived from thestatutory accounts for that year which have been delivered to the Registrar ofCompanies. The auditors reported on those accounts. Their report was unqualifiedand did not contain a statement under section 237 (2) or (3) of the CompaniesAct 1985. The amounts shown for the year ended 31 March 2006 are restated onadoption of FRS20, "Accounting for share-based payments", as outlined below. Thestatutory accounts for the year ended 31 March 2007 will be finalised on thebasis of the financial information presented by the directors in thispreliminary announcement and will be delivered to the Registrar of Companiesfollowing 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 changeof 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 costconvention, and in accordance with applicable United Kingdom accountingstandards. 1 TURNOVER Sales by Service Type are: 2007 2006 £000 £000 Managed Software Developments 9,848 8,799Temporary Agency Staffing 11,723 10,496Permanent Recruitment Fees 646 348Software 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 beenmade 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 anaccelerated charge created by the resignation of the G. Kynoch and K Chapman andthe 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, thecompany's nominated adviser and broker, John East and Partners, resigned. As aresult the company's shares were suspended from dealing on AIM. The costs incurred in relation to the resignation of the non-executive directorsand 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 ofSmith & Williamson Corporate Finance Limited as the company's nominated adviserand 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 351Deferred taxCapital allowances (5) 7Origination 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 thestandard rate of tax 332 335 Expenses not deductible for tax purpose 37 19Depreciation for period in excess of capital (10) 1allowancesFRS 20 Share option charge 15 13Movement 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 theyear have been calculated on £746,000 (2006, restated - £774,000) being theconsolidated profit on ordinary activities after taxation attributable tomembers of the Company for the year ended 31 March 2007, and are based on theweighted 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 ofthe 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 calculatedby 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 issueand the dilutive effect of the outstanding share options. Comparable diluted earnings per share, referred to in the Chairman's Statementis calculated using the post tax profit, as adjusted for the post tax effect ofexceptional items and goodwill and applying the dilutive effects of theoutstanding share options at the end of the current year and applying the samenumber 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 effectsof share based payments such as employee share options. The company's accountingpolicy is to charge the value of shares granted since 7 November 2002, and notvested before 1 April 2006, to the profit and loss account on a straight linebasis over the period from grant to vesting. The comparative figures for the year ended 31 March 2006 have been restated toreflect this change of accounting policy. 7 INTANGIBLE FIXED ASSETS The addition of goodwill during the year relates to the acquisition of 100% ofthe 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 itsexpected economic life. The payment of the deferred consideration of £50,000 is not subject to anypre-agreed criteria. Book Value Fair Value Total Adjustments £000 £000 £000Consideration - cash paid atcompletion 150- deferred consideration 50 -------- 200Costs of acquisition 92 --------Total cost 292 --------Fair value of net liabilities acquiredTangible fixed assets 10 - 10Debtors 629 - 629Other debtors and prepayments 9 - 9Deferred tax asset 31 - 31Cash at bank and in hand 22 - 22Trade and other creditors (390) - (390)Factoring advance (400) - (400)Other creditors (155) - (155)Accruals and deferred income (201) - (201) -------- --------- --------Total fair value of netliabilities acquired (445) - (445) -------- --------- --------Goodwill - 737 -------- --------- -------- Aqua Resource Group Limited accumulated a loss after tax for the year ended 31August 2006 of £208,088 on turnover of £1,974,641 and in the period from 1September 2006 to 31 January 2007 it accumulated a loss after tax of £126,920 onturnover 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 themarket 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 exercisedafter the third anniversary of the date of grant and not exercised any laterthan the fifth anniversary in the case of the Unapproved Scheme and not laterthan the tenth anniversary for the EMI Scheme options. No options granted can be transferred, assigned, mortgaged, or charged andoptions can only be exercised by option holders if they are still employees ordirectors 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 priceOutstanding at the beginning of the period 0.33 870,000 0.33 920,000Granted during the period 0.64 325,000 - -Forfeited / lapsed duringthe period 0.31 (200,000) 0.34 (50,000)Exercised during the period - - - -Outstanding at the end of theperiod 0.44 995,000 0.33 870,000Exercisable at the end of the - -period ====== ======== ======== ======== The options outstanding at the year end have an exercise price in the range of33.5p to 74.5p and a weighted average contractual life of 5.9 years (2006: 7.3years). The fair value of services rendered in return for share options granted aremeasured by reference to the fair value of share options granted. The estimatedfair value of the services received is measured based on the Black Scholesmodel. The expected volatility is based on the historic volatility (calculated based onthe weighted average remaining life of the share options, adjusted for anyexpected changes to the future volatility due to publicly availableinformation). Date No. of No. o/s Share Exercise Expected Vesting Expected Risk Expected Fairof employees price at price volatility period life free annual valuegrant 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 performancecondition. Such conditions are taken into account in the grant date fair valuemeasurement of the services received. There are no market conditions associatedwith 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 wereaccounted for as equity -settled share-based payment arrangements with acorresponding credit to equity reserve. The cumulative credit to equity reservesin 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 1,159Depreciation 103 66Amortisation of goodwill 12 -Amortisation of product development 75 -Share based payments 50 45Increase 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) 44Debt 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 coursewith further copies available from the Company Secretary, RDF Group plc, 2Bartholomews, Brighton, BN1 1HG This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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