Technology staffing specialist The ReThink Group has seen “solid progress” with rising revenues, according to its final results for the year ended 31 December 2010.

The group’s results reveals:
• Revenue growth to £56.4m (2009: £49.7m), representing a 13% increase on last year.

• Gross profit at £12.8m (2009: £10.9m) boosted by a 46% increase in permanent fees and a 5% growth in contract margin from the recruitment businesses.

• Profit from operations of £1.22m (2009: £0.61m).

• Profit before tax of £0.92m (2009: £0.30m).

• Net debt¹ rose to £5.2m reflecting the expansion of revenues (2009: £4.2m).

• Cash generated from operations was £1.5m (2009: £0.9m).

1 Net debt of the group is considered to be cash and cash equivalents less advances on invoice discounting facilities, bank loans and finance leases. 

Chief executive Jon Butterfield says: “2010 has been a year of solid progress for the group on all fronts. An encouraging trading performance, particularly in the second half of the year, has continued into the early part of 2011.”