PDF format here as released to the Hang Seng market, the AIM announcement will be at 7am UK time today.
http://www.hkexnews.hk/listedco/listconews/sehk/20090312/LTN20090312005.pdf
Looks fine, dividend has been put up 200%, and rightly in my view in this enviroment in scrip.
Cash generation from operations is strong.
EPS works out at over 25p.
Still growing strong.
Cash generated from operations is sufficient to fund the expected growth for the year ahead.
Larger amount of enterprise/solutions revenues in the second half as they reduce reliance on the consumer market.
Ended the year with net cash in the bank of around 12m pounds (thats after the new office and plant in Malaysia costs, buying the remaining stake in Chance Best and the increased stake in Vast Base).
Going forward 2009 should see :
Major contribution from Vast Base in 1st half and 2nd half - this should be the proof in the pudding of the purchase cost.
Major cost savings from the new Malaysian base kicking in in the 2nd half.
On the downside an increase in tax rate will happen due to the Hang Seng listing.
On the downside the move into higher weighting of enterprise/solutions will see higher demands on working cap, as is already being seen, but they remain confident that the cash generated from operations is sufficient, on the upside of that should of course be higher margins.
In basic you get a cash generative growing business with cash in the bank of 12m pounds and all for a PER of under times 3.
Not many of them about in the current climate.
Given the results and looking into the details I remain very bullish about RCG, and especially into the short term, I think that there will be perhaps a stunning performance from Vast Base in the 1st half of 2009, and the interims are really going to be special, thats just my opinion.