RA International Group PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Deliver. Regardless.
COMPANY INFORMATION
Directors
Soraya Narfeldt
Lars Narfeldt
Company secretary
Elemental Company Secretary Limited
27 Old Gloucester Street
London
WC1N 3AZ
Company number
11252957
Registered office
One Fleet Place
London
EC4M 7WS
Auditor
PKF Littlejohn LLP
15 Westferry Circus
London
E14 4HD
Solicitors
Dentons UK and Middle East LLP
One Fleet Place
London
EC4M 7WS
RA International Group PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2024
Table of Contents
COMPANY INFORMATION
0
STRATEGIC REPORT
1
HIGHLIGHTS
1
PRINCIPAL ACTIVITIES
2
BUSINESS MODEL
3
OPERATING AND FINANCIAL REVIEW
4
KEY PERFORMANCE INDICATORS
9
STAKEHOLDER ENGAGEMENT
11
RISK MANAGEMENT
16
PRINCIPAL RISKS
18
SUSTAINABILITY
23
DIRECTORS’ REPORT
24
FINANCIAL STATEMENTS
32
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RA INTERNATIONAL GROUP PLC
33
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
37
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
38
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
39
CONSOLIDATED STATEMENT OF CASH FLOWS
40
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
41
COMPANY STATEMENT OF FINANCIAL POSITION
64
COMPANY STATEMENT OF CHANGES IN EQUITY
65
NOTES TO THE COMPANY FINANCIAL STATEMENTS
66
SHAREHOLDER INFORMATION
69
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
1
STRATEGIC REPORT
Highlights
Financial and operating highlights
Revenue (USD’m)
2023
2024
58.3
65.5
Net cash/(debt) (USD’m)
2023
2024
1.1
(5.8)
EBITDA profit/(loss) (USD’m)
2023
2024
6.3
(1.6)
Statutory profit/(loss) (USD’m)
2023
2024
0.2
(8.0)
Revenue from long-term
customers
2023
2024
>90%
>90%
Number of operating countries
2023
2024
19
21
Revenue by sector
2023
2024
Humanitarian
28%
20%
Government
51%
58%
Commercial
21%
22%
Revenue by service channel
2023
2024
IFM
55%
48%
Construction
21%
29%
Supply Chain
24%
23%
Sustainability highlights
Local labour participation
2023
2024
51%
60%
Lost time incident rate
(“LTIR”)1
2023
2024
1.50
1.05
Company-wide carbon
emissions (tCO2e)
2023
2024
31,892.3
30,172.7
1 LTIR is defined as: (Lost time injuries x 1,000,000)/total hours worked
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
2
Principal activities
Mission
Through infrastructure and support services, we simplify project success for
organisations that aim to make a difference.
Wherever there are challenges, in remote locations, conflict areas, or places that are demanding for
other reasons, it’s our job to be a one-stop-shop to simplify project success. Through our research-led
methodology, we know how to identify and handle challenges.
Vision
The most reliable partner for projects with global impact.
We are often considered the world’s leading remote site service provider. This has given us the
experience and expertise to take on projects in other locations – both simple projects in challenging
locations and complex projects in more quiet surroundings. Anywhere there are challenges, we can
bring our expertise and experience to simplify success.
Purpose
We deliver immediate results and lasting change.
Our clients want results – fast. And that is what we deliver. But our ambitions reach further. We want
to positively impact the societies and communities in which we operate. We improve lives and
conditions by providing jobs, training and education, and by supporting local small and medium-sized
enterprises.
What we do
Construction
We deliver construction works
specialising in challenging
environments on behalf of
humanitarian agencies,
governments and commercial
entities.
Integrated facilities
management
We offer a diverse range of
services to support our clients
and protect their investments
in a sustainable manner. This
includes maintenance of
buildings and infrastructure, as
well as providing catering
services to camps, corporate
canteens and restaurants.
Supply chain
We procure goods and use our
many years of experience to
manage supply chains and
bring these goods to the
country of operation and
deliver to site, providing Final
Mile Logistics – even under the
most challenging
circumstances.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
3
Who we do it for
Working across multiple countries, our growth is customer driven as we are called upon to support
their mandates and workloads.
Humanitarian organisations
RA supports humanitarian
organisations in their
peacekeeping operations and
stabilisation activities. Our
biggest client in this sector is
the UN, with whom we have a
long track record, spanning
over 20 years. RA provides
mission‑critical goods and
services to UN agencies and
their missions across the
world as well as many other
organisations in this sector.
Western Governments
Frequently working alongside
humanitarian organisations,
western Governments support
on peacekeeping, conflict
prevention, advancing the rule
of law, capacity building, and
economic growth. The
majority of work is with the
US and UK Governments. We
support US State Departments
such the US Department of
Defense, as well as the UK
Ministry of Defence and the
Foreign, Commonwealth and
Development Office.
Commercial clients
RA is contracted by a select
number of commercial clients
that share our values of doing
business the right way. Our
commercial partners seek out
reliable service providers who
can meet their stringent HSE
and compliance requirements,
support their sustainability
goals, deliver under tight
schedules, and can offer cost
savings through innovative
solutions and a full range of
services.
Business model
We have proven our capabilities in some of the toughest places on the face of the earth, from projects
in conflict zones to isolated areas with no infrastructure.
We bring together our three revenue streams –Construction, Integrated Facilities Management, and
Supply Chain – under a one supplier approach. This gives customers greater comfort and assurance
that their project can be delivered efficiently. Through detailed research, we know how to identify and
overcome local challenges. We work to international standards and take a risk-based approach to
everything we do.
We strive to deliver high-quality work that meets or exceeds customer expectations consistently.
Timeliness is equally critical; delivering projects on schedule showcases reliability, especially in remote
site provision. This commitment to quality and punctuality ultimately fosters customer confidence,
which, in turn, leads to customer growth. But our ambitions reach further: we want to impact the
societies and communities in which we operate positively.
We improve lives and conditions by providing jobs, training, and education, and by supporting local
small and medium-sized enterprises. Anywhere we take on projects, we apply the highest standards,
ensuring that we follow the principles of the UN Global Compact. Also, we have committed to cut our
CO2 emissions in accordance with the Paris Agreement – even in the most distant corners of the world.
In addition, we respond to important community needs where we are present, based on the principle
of doing “what we can, where we are.”
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
4
Operating and financial review
The Group’s performance in 2024 was impacted by a less favourable sales mix and delays in contract
awards and mobilisation. To secure new contracts, significant efforts were made behind the scenes,
including investment to strengthen our position and successfully convert several large bids.
These efforts paid off in the second half, with three major contract renewals and awards significantly
rebuilding our order book. Following these wins, we faced a period of further uncertainty as we were
issued with delay orders on one of these contracts, for which we were eventually given the go ahead
in the new year.
Throughout the year, we remained steadfast in recognising our strengths and upholding our
commitment to our purpose. We continue to see growing support from our clients for our social
mission—creating employment opportunities and empowering local communities through education
and skills development.
Our expertise in delivering high-value facilities management projects remains strong, alongside our
execution of supply chain contracts for asset delivery. Several of these supply chain contracts have
evolved into multi-year construction and facilities management projects, aligning with our long-term
business model.
Financial review
Reported revenue for the year increased to USD 65.5m (2023: USD 58.3m). The revenue mix,
combined with forward investment in anticipated or awarded contracts that were subsequently
delayed, resulted in an EBITDA loss of USD 1.6m (2023: profit USD 6.3m) and a loss before tax of USD
7.8m (2023: profit of USD 0.2m).
Gross profit margin declined from 14.5% in 2023 to 9.5% in 2024, primarily due to a high proportion
of lower-margin construction and supply chain revenue.
Cash decreased by USD 9.1m during the year to USD 7.7m (2023: USD 16.8m), resulting in a net debt
position of USD 5.8m (2023: net cash of USD 1.1m). This was primarily driven by the losses in the
period, repayment of borrowings of USD 2.3m, and capital expenditure of USD 3.7m, partially offset
by proceeds on disposal of assets of USD 1.2m. The investment in capital assets was required to
support a long-term framework agreement and the Company is now positioned well to continue to
service the client and execute profit-generating task orders.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
5
Summary cash flows:
2024
2023
USD’m
USD’m
Operating (loss)/profit
(5.4)
2.1
Depreciation
3.7
4.2
Working capital adjustments
0.8
6.2
Other operating activities
0.1
(1.2)
────────
────────
Net cash flows from operating activities
(0.7)
11.3
Investment revenue received
0.1
0.2
Net capital expenditure
(2.5)
(0.8)
────────
────────
Net cash flows used in investing activities
(2.4)
(0.6)
Financing activities (excluding borrowings)
(3.6)
(3.0)
(Repayment)/proceeds from borrowing
(2.3)
1.8
────────
────────
Net cash flows used in financing activities
(5.9)
(1.2)
Effect of foreign exchange
(0.1)
(0.1)
Net change in cash during the period
(9.1)
(9.4)
Financing
In November, the Group made repayments against loan notes due totalling USD 2.3m with the
remaining loan notes totalling USD 13.5m due to mature in 2027. The Company’s history of prompt
payment on interest and repayments retains the support of the debt providers. Following recent
dialogue, the Board are encouraged that the tenor of the loan notes may be extended if required.
Further details can be found in Note 19 of the consolidated financial statements.
Contract awards, uplifts and extensions.
During the year, we were pleased to hand over the first of five task orders received for the US Navy
Base in Diego Garcia. We continue to deliver on the remaining orders, currently valued at USD 8.2m.
We were also pleased to receive our first task order through the UK Integrated Security Fund (ISF),
which was successfully delivered in H2 2024.
Additionally, we saw increased contract activity from RA Federal Services (“RA FS”), with projects in
Suriname and Thailand being delivered in the year, and contracts for three new locations being
awarded, supporting construction projects for US embassies.
Commercial client opportunities continue to expand, including providing our full range of services to
mining clients in Ethiopia and Suriname following the assets sales in 2023.
In total, we secured new contracts and contract extensions valued at approximately USD 155m. This
included three major contract awards with an aggregate value of up to USD 124 million. These awards
followed an extended period of negotiations, investment and preparation.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
6
In September, we were pleased to announce two significant contracts. The first was for a three-year
contract (with two additional Option years) with the UK’s Ministry of Defence, valued between USD
15m and USD 18m in aggregate over the five-year period, to provide Integrated Facilities Management
(“IFM”) services in an East African country. This was followed by the renewal and extension of our Pest
and Vector Control contract with the United Nations Support Office in Somalia (UNSOS). The contract,
which now includes Grounds Maintenance Services, valued between USD 32m and USD 36m over the
same period.
In October, we announced a new three-year contract (with two additional Option years) with the
United Nations Interim Security Force for Abyei (UNISFA). The contract, valued between USD 60m and
USD 70m in aggregate over the five-year period, builds on a previous manpower contract and expands
into a broader provision of camp management services. This demonstrates our ability to upskill and
scale services in alignment with client needs.
At the year end our order book stood at USD 139m (2023: USD 49m, 2022: USD 83m), with USD 48m
of contracted revenue scheduled for delivery in 2025.
Strategy
We aim to solidify our position as one of the most trusted partners for remote site projects with global
impact, achieving this through sustainable solutions and initiatives. Our strategy serves as our guiding
compass, providing the clarity and determination needed to exceed client expectations and achieve
our strategic goals:
Ensuring financial sustainability through sustainable growth. We are building a robust and
qualified pipeline, maintaining a stable order book, and actively expanding our geographic
presence. Further, we are refining our bid strategy in order to improve conversion ratio.
Restoring consistent and sustainable profitability by improving operating margins and
optimising operational efficiency.
Conducting business the right way, guided by a steadfast commitment to investing in our
workforce and promoting a sustainable approach to contract execution.
Sustainability
With social and environmental responsibility at the core of our strategy, we continued to leverage our
expertise to deliver projects sustainably, taking meaningful actions to improve the lives of the people
and communities we work with.
Our focus on local employment and community support differentiates us in securing business. Clients
increasingly seek to leave lasting legacies through skills development and job creation, as seen in our
IFM contract in Suriname, where hiring locally was a key factor in securing the deal. For 2024, we are
particularly proud of our innovative eco-cooking stove initiative, offering subsidised stoves to our
employees, positively impacting theirs and their families lives as well as the environment. This
initiative came about in direct response to our employee engagement survey.
On carbon reduction, in 2024 we set Scope 1 and 2 carbon reduction targets using 2023 as our baseline
year. Our targets are aligned with the Paris Agreement’s goal of limiting global warming to 1.5 degrees
Celsius above pre-industrial levels. Specifically, we aim to achieve a 42% reduction in emissions by
2033 and a 90% reduction by 2050, as outlined in the table below. Looking ahead, we are beginning
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
7
to develop a comprehensive transition plan including integrating sustainability considerations into our
capital expenditure to achieve these targets.
Long-term net zero targets
Long-term net zero targets
Base year
tCO2e (2023)
Target tCO2e
(2033)
% reduction
Target tCO2e
(2050)
% reduction
Scope 1
3,885
2,253
42
365
90
Scope 2
601
348
42
60
90
Scope 1 and 2
4,486
2,601
42
448
90
We expanded stakeholder reporting, offering full transparency on climate and water impacts under
the Carbon Disclosure Project (CDP). Additionally, our EcoVadis assessment earned us a Committed
rating, highlighting strengths in environmental efforts while identifying areas for improvement in
labour and procurement disclosures.
Our sustainability strategy can be found on page 23. This year we have made the decision to publish
an independent sustainability report once again detailing our progress, initiatives and disclosures. This
report can be found on our website.
Market environment
In 2024, our market faced a period of uncertainty driven by geopolitical shifts, economic volatility, and
changing policy landscapes. The UK and US elections signalled changes to overseas development
assistance (ODA) budgets and spending, creating unpredictability for organisations operating in
complex environments like ours.
This market environment led to delays in orders, with decisions on large bids pushed back into the
second half of the year. Once awarded, we were then faced with stop orders on some contract
mobilisations into 2025.
Despite these challenges, the size and position of the market remains attractive and provides
significant opportunities. This is reflected in the scale and duration of our new contract awards which
have more than doubled our order book to USD 139m at the year end. Mobilisation for the previously
announced contract wins have now been approved and are underway.
We continue to submit bids to our core customer base. Approximately half of RA’s work is related to
peacekeeping operations, either for UN agencies or directly with the UK or US governments. We have
track record of over 20 years delivering on the ground knowledge with UN agencies and government
departments, ensuring we are well positioned to bid effectively for projects and provide critical goods
and services to a variety of missions.
Through our subsidiary RA FS, we are targeting projects outside the continental US, focusing on
markets where our competitors do not operate directly. Most of our work to date has been as
subcontractors on projects for the Bureau of Overseas Building Operations, the Department of
Defense, and the Department of State. We are also partnered with ten companies to compete on large
USG IDIQ and single-source contracts.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
8
We continue to develop our relationship with the UK Government, and secure orders through the UK
Integrated Security Fund, having completed our first project in H2 2024.
Post year-end events
The volatility of 2024, together with increasing regulatory requirements, related financial burdens and
demands on management time, led to the Board determining that a transition to private ownership
would be in the Company's best interests. As a result, the Board sought shareholder approval for the
cancellation of the Company’s admission of ordinary shares to trading on AIM and officially delisted
on 11 March 2025.
Upon the cancellation, Sangita Shah and Paul Jacques stepped down from the Board of Directors. As
Chair since RA listed in 2018, Sangita provided considerable input in developing our governance
structures and our ESG strategy. Paul’s insight into government and defence contracting and his focus
on risk management has been invaluable to RA. I would like to thank both Sangita and Paul for their
service and guidance to RA as Non-executive Directors.
Outlook
Since the year-end, mobilisation has commenced on three delayed contracts, including the UNIFSA
contract and two projects for RA FS. In Diego Garcia, we have gained traction, successfully delivering
our first task order in 2024 and securing two additional task orders—one for a new client and another
under the existing IDIQ contract.
With two large contracts set to expire in 2025, we are in advanced negotiations for extensions and are
encouraged by the progress. Market uncertainty, including budget constraints, continues to impact
decision-making on long-term bids and contract awards, but can provide opportunities for short-term
extensions as an alternative to the tendering process.
Despite these challenges, our year-end order book stood at USD 139 million, placing us in a
significantly stronger position than at the end of 2023. Revenues from new contracts are beginning to
flow, reinforcing our confidence in rebuilding our balance sheet and meeting our debt obligations. As
a result, we remain committed to our strategic objectives of achieving financial sustainability through
sustainable growth and restoring profitability.
Soraya Narfeldt
Chief Executive Officer
06 May 2025
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
9
Key performance indicators
The Directors use a range of financial and non-financial KPIs as a measure of the Company’s
performance against its defined strategy.
The Financial Statements provide further detailed definitions and reconciliations of our use of
Alternative Performance Measures (“APMs”). See page 53.
FINANCIAL KPIs
Revenue (USD’m)
2020
2021
2022
2023
2024
64.4
54.6
62.9
58.3
65.5
Performance: Revenue grew 12% year-over-year to USD 65.5m (2023: USD 58.3m), with one-off
logistics services of USD 5.5m relating to the 2023 asset sales being a significant contributor.
EBITDA (USD’m)
2020
2021
2022
2023
2024
11.1
(26.0)
(4.1)
6.3
(1.6)
Performance: The high proportion of lower-margin construction and supply chain contracts executed
in the period, together with costs incurred relating to delayed contract awards and mobilisation
resulted in an EBITDA loss of USD 1.6m (2023: profit of USD 6.3m).
Profit/(loss) before tax (USD’m)
2020
2021
2022
2023
2024
6.6
(32.1)
(13.0)
0.2
(7.8)
Performance: The factors impacting EBITDA flow directly to the loss before tax of USD 7.8m (2023:
profit of USD 0.2m), with net Finance Costs and Depreciation remaining consistent with the prior
period at USD 6.1m (2023: USD 6.2m).
Net cash/(debt) (USD’m)
2020
2021
2022
2023
2024
11.2
(1.5)
(6.5)
1.1
(5.8)
Performance: Net cash in 2023 of USD 1.1m reduced by USD 6.9m in the period to net debt of USD
5.8m at 31 December 2024, primarily due to the losses incurred in the period and a net capital
expenditure of USD 2.5m.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
10
NON-FINANCIAL KPIs
Average percentage of local staff employed
2020
2021
2022
2023
2024
55%
42%
51%
51%
60%
Performance: In 2024, the average percentage of local staff reached 60%, although this was even
higher at 65% in the last quarter of the year. This was largely due to the expansion of our Suriname
project. We will continue to target our goal of 70% by 2027 although there will continue to be
fluctuations as we enter new countries and build local teams.
Lost time incident rate (“LTIR”)
2020
2021
2022
2023
2024
59
nil
1.17
1.50
1.05
Performance: In 2024, we marginally improved our health and safety track record with an LTIR of 1.05
against a target of 0.90. The majority of reported incidents can be aƩributed to increased local
manpower on construcƟon sites and resultant communicaƟon and language barriers. In response, we
have appointed addiƟonal onsite translators and will appoint a new training officer to improve and
facilitate structured occupaƟonal health and safety training and build risk-based thinking in our staff.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
11
Stakeholder engagement
The Board seeks to understand the expectations and interests of the Company’s stakeholders, and to
reflect these in the choices it makes towards securing the long-term success of the business.
Engagement with RA’s stakeholders is a central part in the Company’s decision-making process. The
Board tailors its engagement approach to each stakeholder group to foster effective, sustainable, and
mutually beneficial relationships. The Board considers stakeholder interests within boardroom
discussions, how expectations may be met, and how decisions may impact their interests. The
priorities of each stakeholder group may change over time, depending on actions taken by the
management or because of external factors.
This section of the report serves as our Section 172 Statement of the Companies Act and should be
read in conjunction with the Corporate Governance Report. The statement requires the Directors to
act in a way that they consider, in good faith, would promote the success of the Company for the
benefit of its members, considering the factors listed in Section 172. In this section we outline how we
engage with our stakeholders generally and the influence that such engagements have on our decision
making as a Board.
Employees
In 2024, we employed on average 1,350 staff with more than 51 nationalities.
Our employees are one of our primary assets and are a key resource in delivering our services. We
offer competitive benefits packages, and rewarding careers to both international and local staff, and
apply best practice international employment standards for all.
What is important to them
Fair treatment, good working conditions and stable long-term employment
Fair remuneration, benefits, and timely pay
Training, skills development, and education
Recognition, opportunities for advancement and rewarding careers
Involved leadership and opportunities to provide feedback
Diversity, inclusion, and equal opportunity
Health and safety, and mental wellbeing
Community engagement and local support
How we engage
Our leadership conduct regular site visits where they engage directly with employees and deliver
presentations and Toolbox Talks. HR manages employees’ career paths, personal development
reviews, and work appraisals. Training, skills development, and education for low-skilled workers is
managed at a local level by the country management team in conjunction with Heads of Departments.
The Company publishes newsletters, hosts Townhall meetings and provides management updates
which are translated into the local language to ensure accessibility. We conduct regular team-building
and social events, and employee engagement surveys.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
12
Activity in 2024
Conducted a local staff survey in Somalia, South Sudan, Abyei and Mozambique to gain a
deeper understanding of our local staff and their family situation as well as what additional
support we could provide
Launched a clean cooking initiative, offering staff in Somalia and South Sudan company-
subsidised eco-cooking stoves as an alternative to traditional open-flame stoves to improve
the health and safety of staff and their families in their homes. 642 units were adopted during
the year
Continued to provide financial, health and pastoral care to staff and began exploring ways to
provide further assistance
Conducted quarterly Townhall meetings for all members of staff to provide updates on key
activities, address questions sent in advance and take appropriate action to address key
concerns
Commence rolling out a new performance management system across the company to ensure
performance and effort is recognised and rewarded fairly and appropriately
Customers
We conduct extensive research to understand our customers’ needs and how we can serve them
better.
We work with customers that share our values. Our customers are primarily made up of western
Governments, UN organisations, and NGOs working in remote areas, as well as select commercial
clients. Fostering strong relationships with customers is a vital part of our growth strategy. Over 90%
of our revenue in 2024 was repeat business.
What is important to them
Delivery of projects on time, to the required quality and within budget
Maintaining a close working relationship based on trust and quality of delivery
Working with service providers that have a strong ethical approach to business and whose
goals and values are aligned to their own
Working with service providers that have established carbon reduction strategies in place, and
that have responsible environmental and social practices which can support the customer in
meeting their own sustainability targets
Health and safety
Due diligence across the supply chain
How we engage
We interact with customers regularly in the normal course of business as well as submitting scheduled
progress reports and attending formal client meetings, which provide a forum for regular feedback
and ensuring that expectations are met.
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
13
Activity in 2024
Expanded our value-added approach to our service offering
Increased our geographical reach with our clients
Leveraged our ESG credentials to secure new contracts, engaged with EcoVadis to improve
reporting on environmental and social indicators to align with client sustainability objectives
Suppliers and partners
We work with suppliers that share our values.
Our suppliers and partners consist of international, regional, and local organisations helping us to
meet our requirements on the ground, delivering essential materials, equipment, food, and services.
What is important to them
Prompt payment of invoices
Regular day-to-day communication to allow for future planning and quick resolution of issues
Understanding of RA’s sustainability goals in order to adapt their products and services to
meet our requirements
Health and safety
How we engage
We conduct a rigorous supplier vetting and selection process, and we procure services and materials
through purchase orders, contracts, and master service agreements. All suppliers are required to
complete Supplier Impact Assessments. We interact with suppliers regularly in the normal course of
business and we conduct regular product inspections, visits, and audits.
Activity in 2024
Ensured that all active suppliers are fully compliant with RA's vendor vetting regulations
Upgraded our enterprise resource planning software to better understand supplier
interactions and requirements
Conducted supplier site visits to evaluate working conditions, compliance with labour
standards and adherence to ethical and operation guidelines
Engaged with six largest suppliers through questionnaires and meetings to assess the
sustainability strategies and explore products that could help us and client reduce
environmental impacts
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
14
Local governments and communities
We foster good relationships with local governments to secure necessary permits and permissions,
and work side by side with local communities, securing our licence to operate. In most locations, we
are an important source of employment, supporting families, local services, and institutions.
What is important to them
Local employment opportunities, economic development, community investment, and
support and engagement with local charitable organisations
Human rights
Regulatory compliance, health and safety, and protection and enhancement of the
environment
Community support and engagement with local charitable organisations
Local government engagement
How we engage
We maintain regular contact through meetings and correspondence with local governments and local
community representatives. We support local and regional suppliers where we can and work with
local and international organisations to provide charitable support and assistance to local
communities.
Activity in 2024
Prioritised local staff welfare in community projects to better measure and understand RA’s
impact
Increased the percentage of local employees to 60%
Hired almost exclusively from the local population for an IFM contract in Suriname, bringing
direct benefits to the local community
Investors
Our investors have provided capital for growth, are a potential source of funding for future expansion
opportunities, and are an important source of feedback on our business model and strategy. The
Board aims to maximise shareholder value in a sustainable manner.
What is important to them
Financial stability and investor returns through capital gain and/or dividends
High standards of corporate governance and ethical behaviour
Strong risk management and anticipation of potential risks arising from changes in legislation
and regulation
Regular engagement with management and understanding of strategy and potential risks
Information on remuneration policy
Information on sustainability strategy and rising expectation of alignment to the Paris
Agreement and commitment to net zero
Impact investment opportunities
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
15
How we engaged in 2024
The primary communication tool with investors in 2024 was through the Regulatory News Service
(“RNS”), on regulatory matters and matters of material substance, with news also published on the
Group website. We held regular meetings with our current and prospective shareholders, including
our in-person Annual General Meeting, and delivered presentations to shareholders upon the release
of our annual and interim results. Feedback received from investors via RA’s brokers is discussed and
considered at Board meetings. In 2025, the Board will review its communications strategy following
the Company’s delisting from AIM.
Activities in 2024
Sought approval from shareholders to conduct an off-market purchase of shares from a
former RA employee from the Company’s cash resources
Post year end the Board sought shareholder approval for the cancellation of the Company’s
admission of ordinary shares to trading on AIM. The Company officially delisted on 11 March
2025
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
16
Risk management
This section describes the Group’s risk management processes and systems for the year ended 31
December 2024.
Our approach to risk in 2024
The Company takes a top-down and bottom-up approach to risk management. This is to ensure that
country, department and project related risks are fully understood and planned for before high-value
or strategically important contracts are undertaken.
The Board takes their responsibility for risk management and internal controls very seriously. The
Board is responsible for ensuring that the risk management process is effective and for providing
reasonable assurance that identified risks are fully understood and managed.
The principal risks are identified as potential uncertainties and threats that can hinder the
achievement of the Group’s strategic objectives. These risks can arise from internal or external factors
and have the potential to disrupt or impact the ability of the Group to execute its targeted strategy.
KPIs are assigned to enable monitoring and to review changes in likelihood, and impact, of each risk.
KPIs associated with each principal risk are reported on a quarterly basis, enabling the Group to
evaluate and monitor the effectiveness of the internal controls. Heads of Department and Country
Managers are responsible for monitoring the key risk drivers associated with each principal risk on an
ongoing basis.
Risk management framework
The Board
The Board reviews the Company’s principal risks and uncertainties, ownership, accountability and
mitigation strategies, and promotes active engagement, informed debate and constructive
challenge.
Audit and Risk Committee
Considers the Company’s risks at scheduled
meetings and ensures the risks are understood,
quantified and appropriately managed by the
Board. The Group Risk Register (“GRR”) is
submitted to the Committee ahead of each
scheduled meeting.
ESG Committee
Responsible for reviewing and identifying
environmental and social risks. Salient issues
are brought to the attention of the Board at
Board meetings.
The TCFD Steering Group is responsible for
identifying climate-related risks and
opportunities in accordance with Task Force on
Climate-related Financial Disclosures (“TCFD”)
Regulations 2022.
Executive Management Team/Board of Managers
Discusses risks identified on the GRR quarterly or more as required. Recommendations on existing
and planned control measures are communicated to departments via the Group Risk Assessment
Committee (“GRAC”).
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
17
Group Risk Register (GRR)
The GRR includes risks that could materially threaten the Group’s business model, strategy, future
performance or prospects, solvency, liquidity, or reputation. The Group Legal and Risk Officer is
responsible for compiling and maintaining the GRR.
The GRR is reviewed by the Group Risk Assessment Committee (GRAC) ahead of scheduled
meetings. The GRAC updates on the progress of control measures and whether risks are
increasing or decreasing in probability or magnitude. Country Managers and at least one
representative from each department sit on the GRAC.
Heads of Department and Country Managers
Responsible for conducting risk assessment to identify and describe risks and existing control
measures under their purview.
Response plans and Key risk indicators are assigned to each identified risk. Named individuals are
responsible for monitoring and reporting on the KRIs and reporting their status quarterly to the
Group Legal and Risk Officer.
Projects with a value above USD 500,000 are subject to a risk assessment prior to the implementation
stage. Before entering a new country of operation, a risk assessment exercise is conducted to identify
potential risks inherent in the new market and evaluate the risk appetite for pursuing new
opportunities in the region.
Risk assurance
The Group adopts the “four lines of defence” as its assurance model for an enhanced approach that
reinforces risk management, internal controls, and transparency within the Group.
Board of Directors
Executive Management Team/
Board of Managers
Audit and Risk Committee
1
Policies, procedures,
and internal controls
2
Functions that
oversee risks and
monitor new
emerging risks and
enforce the risk
management process
3
Internal functions that
provide independent
assurance defence
4
External audit
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
18
Principal risks
Principal risks are categorised into: Strategic, Operational, Financial, People, Legal and Compliance,
and Sustainability. These risks are monitored by the Executive Management Team/Board of
Managers.
We diligently monitor and review risks, however recognising the dynamic nature of risk, we remain
committed to ongoing vigilance, continuously identifying, capturing, monitoring, and assessing risks
as they arise.
Strategic risks
Principal risks
Drivers
Control measures
RA FS misalignment
leading to
ineffectiveness and
loss of reputation
Lack of a shared strategy
Lack of clarity on Group
processes and controls
Incoherent and poor
reporting from RA FS
Appointing the Group CEO and COO as
inside directors of RA FS ensures the
alignment of RA FS’s strategy with the
Group strategy
RA FS submits monthly financial statements
to the Group Finance, enabling the Group to
monitor RA FS activities
Clear Group processes in key areas –
Finance, Risk Management, Cyber and
Security, and Health, Safety, Security,
Environment, and Quality (“HSSEQ”)
Quarterly strategy report to the Board
Market misalignment
leading to missing
opportunities whether
core clients or new
markets, using our
resources ineffectively
(people/or cash)
Lack of resources to
identify opportunities
Lack of understanding the
opportunity
Lack of clarity on the
strategy
Implementing a cross-departmental decision
making process when pursuing new
opportunities
Aim to balance business pipeline between
IFM, Construction, and Supply
Having a clear strategy communicated to all
stakeholders
Environmental and
geopolitical incident
leading to loss of
marketplace or ability
to keep workforce or
clients safe
Sentinel events
Rapid change in political
instability
Terrorist or armed actor
action
Major natural disaster
Health crisis
Poor business continuity
plans
Research and situational awareness through
local and international intelligence sources
Dedicated HSSEQ department
Safety, security, and emergency
management plan ("SSEMP”) for each
location
Development of contingency plans for all
contracts
Geographical and client diversification
Failure to grow market
share
leading to loss of
stakeholder
confidence and value
Poor management of
pipeline opportunities
Spreading competence too
thinly
Not recognising and then
managing risk effectively
Poor tendering
In-country fact finding
In-country business development units and
develop a process for quicker catch of
information flow between in-country and
head office business development units
Filtering down the strategy
Change management process to optimise
capabilities
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
19
Lack of a strategic
approach to growth and
diversification
Formulate a strategic plan for future
profitability
Head of Sustainability to review all external
ESG content pre-release
Operational risks
Principal risks
Risk drivers
Control measures
Contract delivery
failure
leading to loss of
reputation and
revenue
Inability to recognise and
effectively manage delivery
risk
Failure or
underperformance of
supply chain, suppliers, and
sub-contractors
Poor operational and
commercial relationships
with the customer
Misalignment of contract
to customer’s operational
needs
Poor quality of deliverables
Unfamiliarity with new
contract models and
deliverables required under
the new contract models
Strong multi-disciplinary due diligence
process before tendering
Introduce integrated project team
approach to delivery
Clear, simple contract management
processes with ISO accreditation where
appropriate
Focus on customer relationship
management
Contract manager to track contract
changes and variations
HSSEQ control procedures and processes
Adopting the four lines of defence as
assurance
Project manager recruited to be familiar
with new contract models or provide
adequate training for new project
managers
Critical Information
Technology and cyber
security incidents
leading to loss of
technical equipment,
loss of information, of
reputation, loss of
government
accreditation, and
eventually loss of
business
Ineffective security and
cyber processes
Lack assurance
Poor business continuity
plans and cyber response
plans
Ineffective training and
employee awareness
Refresh of security and cyber processes
Refreshed assurance processes and
accreditation 27001 and cyber risk
assessment
Crisis management team in place
Annual business continuity plans review
and cyber exercises and tests
Due diligence when selecting sub-
contractors and suppliers
Scheduled trainings to enhance employees
awareness
Supplier performance risk system to
ensure our suppliers and sub-contractors
adhere to our cyber security
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
20
Financial risks
Principal risks
Risk drivers
Control measures
Loss of liquidity
leading to Company
becoming insolvent
Poor financial controls
Inadequate debt provision
Over exposure on cash
through contract delivery
Multiple facilities option on standby
Weekly and monthly cash flow forecasting
Accounts receivables monitored weekly
Board approval required for any capital
expenditure above USD 2.5m
Lack of cost control
leading to an erosion
of profit
Poor control of inventory
Failure to cost risk
effectively
Lack of recognition and
management of efficiencies
Unreasonable budgeting
Inventory transparency
Financial position and prospects procedures
in place and updated annually
Enterprise resource planning system in
place and monitored
Monthly budget and gross margin reviews
Level 1, 2, and 3 assurance programme
developed for each area
Authority matrix
Legal and compliance risks
Principal risks
Risk drivers
Control measures
Major regulatory
failure
leading to a loss of
reputation and
potential loss of
business
Directly or indirectly
involved in modern slavery
Environmental standards
not met
Serious health and safety
incident
Failure to comply with
statutory laws and
regulations
Financial and tax reporting
standards not met
Failure to comply with UK
and US related ESG
regulation
Mistakes made with our
sustainability reporting
RA unprepared for carbon
taxing
Due diligence and assurance of suppliers and
sub-contractors
Level 1, 2, and 3 assurance programme
developed for each area
Suitably qualified experienced person
appointed for each level of assurance
Engage local law firms to provide advice and
updates on new laws and regulations
Group subsidiary database to track the
annual and tax filing for each subsidiary
Ensuring our carbon footprint is fully
auditable and conforming with GHG protocol
Head of Sustainability to ensure we keep up
to date with UK and US progress in ESG and
report the progress to ESG Committee
quarterly
Carbon offsetting costs researched to
understand cost implications if carbon taxes
were to come into effect
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
21
People risks
Principal risks
Risk drivers
Control measures
HSSEQ and wellbeing
leading to a negative
impact on the
Group’s culture
Ineffective HSSEQ
processes
Ineffective training and
engagement by
management
Ineffective assurance
process
Lack of an open culture to
raise and discuss issues
Isolation and separation
from home
Blasé approach to high
risks
Poor health provision
ISO accreditation
HSSEQ control procedure and processes
Weekly HSSEQ tool talk
Security protocols in place
Rotation and staff welfare programmes
including mental health training
On-site medical facility
Medical and life insurance in place
Whistleblowing channel
Level 1 and 2 assurance programme
developed for each area
Failure to retain and
attract talent
leading to poor
performance
Pay, working terms and
conditions not being in line
with the marketplace
Not demonstrating that
individuals are valued
Lack of diversity
Lack of opportunity to grow
within Company
Poor reporting and reward
for performance
Providing attractive salaries and benefits to
attract the workforce
Bonus programmes
Upskilling and training of in-country local
workforce
Training policy
Performance management system
Company townhall meetings
Succession programme
Staff survey
People act without
integrity
leading to a loss of
trust with
stakeholders
Lack of clear policies,
guidance, and training on
corruption
Workforce uncomfortable
to raise issues
Workforce not feeling
recognised and appreciated
Policies, employee training, and
independent whistleblowing channel
Gift and hospitality register
Level 1, 2, and 3 assurance programme
developed for each area
Sustainability risks
Principal risks
Risk drivers
Control measures
Not meeting our
2027 ESG targets
potentially leading to
a damage in
reputation, loss of
workforce, and/or
clients
Lack of buy-in and
engagement from
departments/Board
ESG being seen as a
“department” rather than
an approach that needs to
be embraced across the
organisation
In-country teams not
implementing ESG into
their operations
Lack of funding to run
internal sustainability
Dedicated Head of Sustainability (“HOS”) to
oversee ESG progress with direct
communication to the Board
HOS to visit operations on an ad-hoc basis
to raise awareness and provide country
specific support
ESG Committee to ensure Board
involvement
ESG KPIs are in the process of being
included in performance reviews for
management and linked to bonus structure
Sustainability budgets to be included in
operating expenditure and capital
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
22
pilots/initiatives or invest
in green technology
Investment decisions not
looked at through a
sustainability lens
Recruitment process does
not address diversity and
gender balancing
ESG software is not in place
to sufficiently record and
monitor data and progress
(both HR and
Environmental data)
Training and development
programme lacks
robustness required to
upskill staff
expenditure and adequate sustainability
budget
Investment in software for our carbon
accounting and wider ESG and HR data
Sustainability training including department
and in-country specific training
Development of Sustainability Champions
within departments
Global climate
change
impacts RA’s ability
to operate effectively
Hostile work environments
for our staff – danger of
heat related illness,
increase in vectors, and
disease resulting in high
absenteeism, turnover of
staff, and severe illness
Crop failures and water
scarcity in our countries of
operations result in civil
unrest and scarcity of
commodities
One-off climate event
(flooding, sandstorms,
tropical storms) damages
our equipment and
facilities, disrupts our
operations (including
incoming F&B), and
endangers our staff
TCFD reporting ensures RA is analysing
climate risk and designing a long-term
action plan. (From 2025, we will no longer
be required to report under TCFD, although
we will continue to use the framework to
assess our climate-related risks and
opportunities internally to help shape our
environmental strategy.)
Business continuity plan for each site
including water access in case of borehole
failure
Medivac and health insurance in place for
staff
Adequate insurance in place for buildings
and equipment
Not being able to
support our clients
sufficiently with their
climate ambitions
despite claiming this
as one of our USPs
Bids not including
adequate information on
our sustainability offerings
Inadequate
budget/manpower to
conduct carbon foot-
printing and other ESG
projects for our clients if
requested
Unclear within contracts
the extent to which RA is
responsible for carbon
reduction projects for
clients
Sustainability department to be included
throughout the bid process and copied into
all new bid opportunities
Piloting new hardware that can provide
oversight of energy efficiency (2025)
RA International Group plc
STRATEGIC REPORT
For the year ended 31 December 2024
23
Sustainability
Sustainability is a core pillar of RA’s strategy – socially, environmentally, and ethically. We concentrate
our activities where we can have the most impact and that are critical to the long-term economic,
social, and environmental sustainability of our business. Our focus areas, selected following a
materiality assessment conducted in 2021, are aligned to the UN Sustainable Development Goals
(“SDGs”) – the global framework that we use to help inform our approach and ensure that our strategy
supports broader sustainable development priorities.
Sustainability strategy
Making a posiƟve
impact on people and
economies
UN SDGs: 4, 8, 10
We are acutely aware of the
impact our operaƟons can have on
employment, skills transfer, and the
creaƟon of opportuniƟes in local
communiƟes and economies.
By employing and upskilling local people,
we leave a lasƟng impact in the regions in
which we operate.
Material topics
Employment pracƟces
Equal opportuniƟes
Local economic impact
Community support
Training and
development
OccupaƟonal Health and
Safety
Managing our
resources efficiently
UN SDGs: 6, 7, 12, 13
There is no escaping the serious supply
and logisƟcal challenges of operaƟng in
remote and underdeveloped parts of the
world.
By focusing on whole-life project costs
and introducing innovaƟon, we want to
demonstrate that companies in our
industry can be compeƟƟve, profitable,
and environmentally responsible.
Material topics
Carbon emissions
Energy use
Waste management
Water and effluents
Materials and
procurement
A culture of
responsibility and
accountability
UN SDGs: 8, 16
We comply with relevant laws and
regulaƟons, treat people with respect,
and behave with integrity as well as
sensiƟvity towards local customs. We
firmly believe that all our employees have
the right to decent work in a safe and
secure environment.
Sustainability is embedded in our risk
management systems and is a standing
item at Board meeƟngs, reinforcing our
commitment at the highest level.
Material topics
Supplier impact
Client impact
Human rights
AnƟ-bribery and
corrupƟon
The
Company
has
published
a
Sustainability
Report,
which
can
be
found
at
https://rainternationalservices.com/sustainability/. The report details the Group-wide carbon
emissions, carbon reduction targets, actions to minimise the company’s environmental impact, and
social activities designed to improve the lives and communities RA works alongside.
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
24
DIRECTORS’ REPORT
The Company is a global provider of services in remote and challenging locations. It specialises in three
service channels: construction, integrated facilities management, and supply chain. The Company has
a strong and loyal customer base, largely comprising UN agencies, western Governments, and global
corporations.
The Company provides comprehensive, flexible, mission-critical support to its clients, enabling them
to focus on the delivery of their respective projects and services. The Company’s focus on integrity
and values alongside ongoing investment in people, locations, and operations has over time created
a reliable and trusted brand within its sector.
An explanation of the Company’s principal activities and business model can be found on page 2 and
page 3 respectively.
Results and dividends
The loss for the year ended 31 December 2024 was USD 8.0m (2023: profit of USD 0.2m).
The Directors do not recommend payment of a final dividend in respect of the financial year ended 31
December 2024.
Substantial shareholders
As at 31 December 2024 the Company was aware of the following major shareholders representing
3% or more of voting rights attached to the issued ordinary share capital of the Company.
Soraya Narfeldt
55.86%
Lars Narfeldt
24.48%
Henry Spain Investment Services
8.61%
Jupiter UK Smaller Equity Fund
5.62%
Directors’ interests
The Directors who held office at 31 December 2024 had the following interests in the ordinary shares
in the capital of the Company:
No. of
Consolidated
Ordinary Shares
Sangita Shah
151,483
Soraya Narfeldt
95,857,145
Lars Narfeldt
42,000,000
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
25
Corporate governance framework
The corporate governance framework set out below was applied for the year ended 31 December
2024. During this period, the Company adopted the principles of the Quoted Companies Alliance
Corporate Governance Code (QCA Code). Following the cancellation of the Company’s admission of
ordinary shares to trading on AIM, the Company is no longer required to provide the level of disclosure
as required by the AIM rules or the QCA Code. However, the Company continues to place emphasis
on its corporate purpose, environmental and social impacts, risk management, corporate
communications and the make-up of the Board.
The Board
The Board retains full and effective control over the Company and is accountable to the Company’s
stakeholders for the long-term success of the Company. The Board is responsible for the Group’s
strategy, performance, key financial and compliance issues, approval of any major capital expenditure,
and the framework of internal controls.
The Company holds regular scheduled Board meetings throughout the year at which financial,
operations, and other reports are considered and, where appropriate, voted on. Ad-hoc Board
meetings are held as and when the demands of the business require. Directors may engage external
advisers in appropriate circumstances at the expense of the Company.
The Directors who served during the period were as follows:
Director
Role
Appointment/ resignation date
Sangita Shah
Non-Executive Chair
3 May 2018 to 11 March 2025
Soraya Narfeldt
Executive Director and
Chief Executive officer
13 March 2018 to present
Lars Narfeldt
Executive Director and
Chief Operating Officer
13 March 2018 to present
Paul Jaques
Non-Executive Director
1 December 2022 to 11 March 2025
The Board is supported by the Group Finance Director who attends all Board meetings by invitation,
as well as the Executive Management Team and Board of Managers from the relevant operating
subsidiaries.
At management level, the EMT and BoM is supported by a committed team of staff spread across the
Company, at Head Office, regional, country, and project level, ensuring that the right resources are in
place and available to deliver projects on time, on budget and to the right quality standards. This team
of talented individuals collectively contributes to the growth of the business and is committed to
bringing about positive change to local communities.
Matters reserved for the Board
The Board retains full and effective control over the Company and is responsible for the Company’s
strategy and key financial and compliance issues. There are certain matters that are reserved for the
Board, and they include but are not limited to:
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
26
Strategy and Management
Approval of: long-term objectives and commercial strategy, annual operating and capital expenditure
budgets, extending the Company’s activities into new business, and any decision to cease to operate
all or any material part of the Company’s business.
Structure and Capital
Changes to the Company’s capital structure, major changes to the Company’s corporate structure,
changes to the Company’s management and control structure, changes to the Company’s listing,
alteration of the Company’s Articles of Association, and changes to the Company’s accounting
reference date, registered name or business name.
Financial Reporting and Controls
Approval of: half yearly results, interim management statements, preliminary announcement of the
final results, Annual Reports and Accounts (including the corporate governance statement and
remuneration report), dividend policy, declaration of any dividend, and significant changes in
accounting policies or practices.
Finance
Raising new capital and confirmation of major financing facilities, and granting of security over any
material Company asset.
Contracts
Major capital projects above USD 2.5m, all contracts above USD 7.0m or which are material
strategically or by reason of size, contracts outside of the approved budget and not in the ordinary
course of business, major investments including acquisitions or disposal of interests of more than 5%
in the voting shares of any Company or the making of any takeover offer, and transactions with
Directors or other related parties which are not in the ordinary course of business.
Communications
Ensuring satisfactory dialogue with shareholders based on the mutual understanding of objectives,
approval of resolutions and corresponding documentation put forward to shareholders, approval of
circulars, prospectuses, and approval of press releases concerning matters decided by the Board.
Board membership and other appointments
Changes to the structure, size and composition of the Board, Board appointments and membership of
Board Committees, succession planning, continuation in office of Directors at the end of their term of
office or at any time including the suspension of termination of service, appointment or removal of
the Company secretary, recommendation of external auditor appointment, appointment to boards of
subsidiaries.
Delegation of authority
Division of responsibilities between the Chair, the Chief Executive, and Executive Directors, approval
of delegated levels of authority, including the Chief Executive’s authority limits, establishment of
Board Committees and approval of terms of reference of Board Committees, and receiving reports
from Board committees on their activities.
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
27
Corporate Governance matters
Undertaking reviews of the Board’s own performance, that of its committees and individual Directors,
determining the independence of Non-Executive Directors, considering the balance of interests
between shareholders, employees, customers, and the community, reviewing the Company’s overall
corporate governance arrangements, and authorising conflicts of interest where they are permitted
by the Company's Articles of Association.
Other
Approval of Company policies, appointment or change of the Company's principal professional
advisers and auditor, overall levels of insurance for the Company, material litigation, any decision
likely to have a material impact on the Company from any perspective including, but not limited to,
financial, operational, strategic or reputational, matters reserved for Board decisions and which the
Board considers suitable for delegation are contained in the terms of reference of its Committees, and
the grant of options, warrants, or any other form of security convertible into shares.
For further details see the Company website.
Board Committees
In 2024, the Board had three sub-Committees, namely the Audit and Risk Committee, the
Remuneration Committee, and the ESG Committee, each with delegated responsibility to monitor
their respective areas and to report back to the full Board. Board Committees operate under clearly
defined terms of reference to ensure proper functioning of the Committees and effective application
of best practice and these are reviewed on an annual basis. Board Committees are required to report
back to the Board following each Committee meeting.
Board and Board Committee attendance at meetings during 2024
Board meeƟngs
(aƩended/
possible)
Audit and
Risk
CommiƩee
meeƟngs
(aƩended/
possible)
RemuneraƟon
CommiƩee
meeƟngs
(aƩended/
possible)
ESG
CommiƩee
meeƟngs
(aƩended/
possible)
Sangita Shah
5/5
3/3
3/3
2/2
Soraya Narfeldt
5/5
N/A
N/A
N/A
Lars Narfeldt
5/5
N/A
N/A
2/2
Paul Jaques
5/5
3/3
3/3
2/2
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
28
Substantive items addressed during 2024 by the Board and the Board Committees
Board
Reviewed and approved the Company's 2023
Annual Report, 2024 Interim Report and 2025
Budget
Reviewed the Company’s principal risks and
endorsed the risk management approach
Renewed bank facilities to ensure liquidity
Recruited a Chief Commercial Officer at RA FZCO
level to assist with business development
Audit and Risk Committee
Reviewed and approved the 2024 audit plan
presented by the Company’s auditors
Conducted principal risk deep dives and
proposed a refreshed risk management
approach
Remuneration Committee
Conducted full baselining exercise of executive
remuneration and updated remuneration policy
Reviewed executive base pay and bonus awards
Refined executive job descriptions to ensure
clarity across the organisation
Received staff remuneration update
ESG Committee
Approval of net zero targets
Considered applicable reporting requirements
Reviewed progress against ESG KPIs
Review of Board effectiveness
The Board considers its effectiveness and the individual performance of its Directors vital to the
Company's success. During the period, the Board made an ongoing effort to improve the existing
processes that ensure Board effectiveness.
In keeping with the requirements of the QCA for a formal Board evaluation process, the Company
conducted its annual internal review of Board effectiveness. As part of the process, Directors were
asked to evaluate the Board Meeting Structure, Membership & Functioning, Compensation, Culture
& Ethics, and Corporate Governance.
Review of the Corporate Governance Framework
The Company is committed to a corporate culture that is based on sound ethical values and behaviours
and it seeks to instil these values across the organisation as a whole. The Directors and the senior
management are fully committed to taking this responsibility very seriously.
In 2025, the remaining Directors are reviewing the Company’s Governance framework to ensure it is
appropriate to the business's size, structure, and aims. They are committed to maintaining good
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
29
corporate governance practices, which are synonymous with RA’s established culture, business
practices, and commitment to building a successful and sustainable business.
Anti-bribery and corruption
The Directors take the issue of bribery and corruption seriously. The Directors acknowledge the
importance of ensuring that the Company, its employees, and those third parties with which the
business engages are operating within the requirements of the Bribery Act. The Company has adopted
and implemented comprehensive anti-bribery and corruption policies and procedures (the “ABC
Policies”) and the Directors impose a zero-tolerance approach to non-compliance. It is the Executive
Directors’ responsibility to ensure that all of the Company’s employees, in the various locations, are
complying with the ABC policies and that the Company has in place adequate procedures to ensure
that its partners, contractors, and suppliers do not engage in bribery or corrupt activity.
Risk management and principal risks
The Company’s risk management framework for the year 31 December 2024 is set out on pages 16
and 17. The Company’s risk management framework will be reviewed in 2025 to ensure it remains
appropriate and proportionate to the Company’s size, ambitions and status as a non-listed company,
while ensuring it meets with stakeholder expectations.
The Company’s principal risks are set out on pages 18 to 22.
Directors’ responsibility statement
The Directors are responsible for preparing the Annual Report and the financial statements in
accordance with applicable laws and regulations.
Company law requires the Directors to prepare Group and Company financial statements for each
financial year. Under that law the directors have prepared Group financial statements in accordance
with UK-adopted international accounting standards and the Company financial statements in
accordance with United Kingdom Generally Accepted Accounting Practice (“United Kingdom
Accounting Standards and applicable law”), including Financial Reporting Standard 101 “Reduced
Disclosure Framework” (“FRS 101”).
Under company law, the Directors must not approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of the Group and the Company and of the
profit or loss of the Company for that period.
In preparing each of the Group and Company financial statements, the Directors are required to:
Select suitable accounting policies and then apply them consistently
For the Group financial statements, state whether they have been prepared in accordance
with UK-adopted international accounting standards and, for the Company financial
statements, state whether applicable United Kingdom Accounting Standards, comprising FRS
101 have been followed, subject to any material departures disclosed and explained in the
financial statements
Make judgements and accounting estimates that are reasonable and prudent
Prepare the financial statements on a going concern basis unless it is inappropriate to
presume that the Group and the Company will continue in business
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
30
The Directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any time
the financial position of the Group and the Company and enable them to ensure that the financial
statements and the Directors’ Remuneration Report comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the Group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Company’s website.
Legislation in the UK governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Auditor
Each person who is a Director at the date of approval of this Annual Report confirms that:
So far as the Director is aware, there is no relevant audit information of which the auditor is
unaware
The Directors has taken all steps that they ought to have taken as a Director to make
themselves aware of any relevant audit information and to establish that the auditor is aware
of that information
This information is given and should be interpreted in accordance with the provisions of s418 of the
Companies Act 2006.
The auditor, PKF Littlejohn LLP, who was appointed in the year, will be proposed for reappointment in
accordance with section 489 of the Companies Act 2006.
Culture and social responsibility
The Board believes that running a sustainable business should benefit everyone, including its
customers, employees, and the host communities in locations in which the Company operates. Having
a multi-cultural and multi-lingual workforce of people who are experienced with the way in which
operations work in Africa and beyond is key to delivering this. The Company provides stable
employment and training to local unskilled or semi-skilled labourers and seeks to employ local talent
wherever possible. To this end, the Company has a direct impact on the wellbeing of its employees’
families, and on the local economy in general.
Since 2008, the Company has been a signatory to the UN Global Compact, a non-binding United
Nations pact that declares a commitment to adopting sustainable and socially responsible policies and
to reporting on their implementation.
More information can be found in the Company’s 2024 Sustainability Report, which can be found on
the Company website.
RA International Group plc
DIRECTORS’ REPORT
For the year ended 31 December 2024
31
Streamlined Energy and Carbon Reporting
RA International is committed to sustainability and minimising its environmental impact. As part of
this commitment, we are pleased to present our Streamlined Energy and Carbon Reporting (“SECR”)
statement for the 2024 reporting period.
The data below is representative of our UK operations only as per SECR guidelines. Please note that
our Company-wide energy and carbon data can be found in the Company’s 2024 Sustainability Report
on the Company website, including information on our approach to decarbonisation and energy
efficiency.
2023
2024
Total UK energy use
kWh
5,073.66
4,213.10
Total UK electricity use
kWh
5,073.66
4,213.10
Total UK gas combustion
kWh
Nil
Nil
Total UK Transport fuel consumption Scope 1
kWh
Nil
Nil
Associated greenhouse gas emissions Scope 1
tCO2e
Nil
Nil
Associated greenhouse gas emissions Scope 2
(Market-based)
tCO2e
1.84
1.55
Associated greenhouse gas emissions Scope 2
(Location-based)
tCO2e
1.85
0.92
Intensity ratio*: Scope 1 & Scope 2
(Market-based)
tCO2e/FTE
0.46
0.23
Intensity ratio*: Scope 1 & Scope 2
(Location-based)
tCO2e/FTE
0.28
0.39
*UK emissions divided by number of full-time employees (FTE: 4).
Strategic Report
The Company is required by the Companies Act 2006 to include a Strategic Report in its Annual Report.
The information that fulfils this requirement can be found on pages 1 to 23.
Please refer to our Section 172 Statement on pages 11 to 15 for evidence of the Directors’ engagement
with suppliers, customers, and others during the financial year.
Going concern
The Group has a sufficient level of cash and access to liquidity to be able to operate for the foreseeable
future and accordingly it is appropriate to prepare the financial statements on a going concern basis.
Signed by order of the Directors
On behalf of the Board
Soraya Narfeldt
Chief Executive Officer
06 May 2025
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
32
FINANCIAL STATEMENTS
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
33
Independent auditor’s report to the members of RA International Group Plc
Opinion
We have audited the financial statements of RA International Group plc (the ‘parent company’) and
its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the Consolidated
Statement of Comprehensive Income, the Consolidated and Company Statements of Financial
Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated
Statement of Cash Flows and notes to the financial statements, including significant accounting
policies. The financial reporting framework that has been applied in the preparation of the group
financial statements is applicable law and UK-adopted international accounting standards. The
financial reporting framework that has been applied in the preparation of the parent company
financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101
Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion:
the financial statements give a true and fair view of the state of the group’s and of the parent
company’s affairs as at 31 December 2024 and of the group’s loss for the year then ended;
the group financial statements have been properly prepared in accordance with UK-adopted
international accounting standards;
the parent company financial statements have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting Practice; and
the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We are independent of
the group and parent company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the group’s or
parent company's ability to continue as a going concern for a period of at least twelve months from
when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
34
Other information
The other information comprises the information included in the annual report, other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other
information contained within the annual report. Our opinion on the group and parent company
financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives
rise to a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their
environment obtained in the course of the audit, we have not identified material misstatements in
the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate
for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records
and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for
the preparation of the group and parent company financial statements and for being satisfied that
they give a true and fair view, and for such internal control as the directors determine is necessary to
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
35
enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error.
In preparing the group and parent company financial statements, the directors are responsible for
assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless
the directors either intend to liquidate the group or the parent company or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
We obtained an understanding of the group and parent company and the sector in which they
operate to identify laws and regulations that could reasonably be expected to have a direct
effect on the financial statements. We obtained our understanding in this regard through
discussions with management, industry research, application of cumulative audit knowledge
and experience of the sector.
We determined the principal laws and regulations relevant to the group and parent company
in this regard to be those arising from Companies Act 2006, IFRSs and UK GAAP, local tax laws
and regulations, local and contractual health and safety regulations, employment laws, Anti-
Bribery and Anti-Money Laundering Regulations
We designed our audit procedures to ensure the audit team considered whether there were
any indications of non-compliance by the group and parent company with those laws and
regulations. These procedures included, but were not limited to:
o Enquiries of management regarding non-compliance;
o Review legal and professional fees and understanding the nature of these costs and
the existence of any non-compliance;
o Reviewing minutes of meetings of those charged with governance and the board,
along with Regulatory New Service announcements up until the date of delisting
o Reviewing accounting ledgers for any unusual journal entries which may indicate non-
compliance; and
o Discussion with the in-house legal team regarding any open cases, pending lawsuits,
recent investigations and any relevant significant provisions the group and the
company are exposed to.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
36
We also identified the risks of material misstatement of the financial statements due to fraud.
We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from
management override of controls, that that the potential for management bias was identified
in relation to revenue recognition and the recoverability of Property, Plant and Equipment,
the carrying value of investments in subsidiaries and recoverability of intercompany loans.
As in all of our audits, we addressed the risk of fraud arising from management override of
controls by performing audit procedures which included, but were not limited to: the testing
of journals; reviewing accounting estimates for evidence of bias; and evaluating the business
rationale of any significant transactions that are unusual or outside the normal course of
business.
We obtained an understanding and evaluated the design and implementation of controls that
address fraud risks of the group and parent company through performing our own assessment
and discussions with both the group and local teams and gaining an understanding of all
significant systems, processes and controls in place.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements, as we will be less likely to become aware
of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud
rather than error, as fraud involves intentional concealment, forgery, collusion, omission or
misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone, other than the company and the company's members as a body, for our audit work, for this
report, or for the opinions we have formed.
Nicholas Joel (Senior Statutory Auditor)
15 Westferry Circus
For and on behalf of PKF Littlejohn LLP
Canary Wharf
Statutory Auditor
London E14 4HD
06 May 2025
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
37
Consolidated statement of comprehensive income
The attached notes 1 to 30 form part of the Consolidated Financial Statements.
2024
2023
Notes
USD’000
USD’000
Revenue
65,472
58,286
Cost of sales
8
(59,227)
(49,853)
────────
────────
Gross profit
6,245
8,433
Administrative expenses
8
(11,627)
(11,587)
────────
────────
Underlying operating loss
(5,382)
(3,154)
Non-underlying items
—
5,211
────────
────────
Operating (loss)/profit
(5,382)
2,057
Investment revenue
137
188
Finance costs
(2,562)
(2,044)
────────
────────
(Loss)/Profit before tax
(7,807)
201
Tax expense
10
(180)
(7)
────────
────────
(Loss)/Profit and total comprehensive income for the year
(7,987)
194
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
38
Consolidated statement of financial position
2024
2023
Notes
USD’000
USD’000
Assets
Non-current assets
Property, plant, and equipment
12
17,041
17,024
Right-of-use assets
13
3,470
4,353
────────
────────
20,511
21,377
Current assets
Inventories
14
6,734
4,147
Trade and other receivables
15
12,483
15,741
Cash and cash equivalents
16
7,725
16,843
────────
────────
26,942
36,731
────────
────────
Total assets
47,453
58,108
══════
══════
Equity and liabilities
Equity
Share capital
17
24,300
24,300
Merger reserve
(17,803)
(17,803)
Treasury shares
18
(201)
—
Retained earnings
10,430
18,417
────────
────────
Total equity
16,726
24,914
────────
────────
Non-current liabilities
Loan notes
19
13,495
13,495
Lease liabilities
20
3,758
4,318
Employees’ end of service benefits
21
1,870
1,502
────────
────────
19,123
19,315
────────
────────
Current liabilities
Loan notes
19
—
2,280
Lease liabilities
20
531
833
Trade and other payables
22
11,073
10,766
────────
────────
11,604
13,879
────────
────────
Total liabilities
30,727
33,194
────────
────────
Total equity and liabilities
47,453
58,108
══════
══════
The financial statements were approved by the Board of Directors on 06 May 2025 and signed on its behalf by:
Soraya Narfeldt
Chief Executive Officer
The attached notes 1 to 30 form part of the Consolidated Financial Statements.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
39
Consolidated statement of changes in equity
Share
Based
Share
Share
Merger
Treasury
Payment
Retained
Capital
Premium
Reserve
Shares
Reserve
Earnings
Total
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
As at 1 January
2023
24,300
18,254
(17,803)
—
574
(457)
24,868
Total
comprehensive
income for the
period
—
—
—
—
—
194
194
Share based
payments
—
—
—
—
57
—
57
Lapsed / cancelled
share options
—
—
—
—
(631)
426
(205)
Capital reduction
—
(18,254)
—
—
—
18,254
—
────────
────────
────────
────────
────────
────────
────────
As at 31 December
2023
24,300
—
(17,803)
—
—
18,417
24,914
Total
comprehensive
income for the
period
—
—
—
—
—
(7,987)
(7,987)
Purchase of
treasury shares
(note 18)
—
—
—
(201)
—
—
(201)
────────
────────
────────
────────
────────
────────
────────
As at 31 December
2024
24,300
—
(17,803)
(201)
—
10,430
16,726
══════
══════
══════
══════
══════
══════
══════
The attached notes 1 to 30 form part of the Consolidated Financial Statements.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
40
Consolidated statement of cash flows
2024
2023
Notes
USD’000
USD’000
Operating activities
Operating (loss)/profit
(5,382)
2,057
Adjustments for non-cash and other items:
Depreciation of property, plant, and equipment
12,13
3,748
4,241
(Profit)/Loss on disposal of property, plant, and equipment
12
(323)
40
Unrealised differences on translation of foreign balances
147
105
Provision for employees’ end of service benefits
21
700
859
Share based payments
—
57
Non-underlying items
—
(1,668)
────────
────────
(1,109)
5,691
Working capital adjustments:
Inventories
(2,587)
1,071
Trade and other receivables
3,252
2,691
Trade and other payables
169
2,446
────────
────────
Cash flows (used in)/generated from operations
(275)
11,899
Tax paid
10
(75)
(129)
Employees’ end of service benefits paid
21
(332)
(285)
Settlement of share options
—
(205)
────────
────────
Net cash flows (used in)/generated from operating activities
(682)
11,280
────────
────────
Investing activities
Investment revenue received
137
188
Purchase of property, plant, and equipment
12
(3,675)
(1,101)
Proceeds from disposal of property, plant, and equipment
12
1,164
309
────────
────────
Net cash flows used in investing activities
(2,374)
(604)
────────
────────
Financing activities
Repayment of borrowings
19
(2,280)
—
Proceeds from borrowings
19
—
1,775
Repayment of lease liabilities
20
(872)
(973)
Finance costs paid
(2,562)
(2,044)
Treasury shares
18
(201)
—
────────
────────
Net cash flows used in financing activities
(5,915)
(1,242)
────────
────────
Net (decrease)/increase in cash and cash equivalents
(8,971)
9,434
Cash and cash equivalents as at start of the period
16
16,843
7,514
Effect of foreign exchange on cash and cash equivalents
(147)
(105)
────────
────────
Cash and cash equivalents as at end of the period
16
7,725
16,843
══════
══════
The attached notes 1 to 30 form part of the Consolidated Financial Statements.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
41
Notes to the consolidated financial statements
1
CORPORATE INFORMATION
The principal activity of RA International Group plc (“RAI” or the “Company”) and its subsidiaries (together the
“Group”) is providing services in demanding and remote areas. These services include construction, integrated
facilities management, and supply chain services.
RAI was incorporated on 13 March 2018 as a public company limited by shares in England and Wales under
registration number 11252957. The address of its registered office is One Fleet Place, London, EC4M 7WS. The
admission of the Company’s Ordinary Shares to trading on AIM has been cancelled with effect from March 11,
2025.
2
BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with UK adopted international
accounting standards. They have been prepared under the historical cost basis and have been presented in
United States Dollars (“USD”). All values are rounded to the nearest thousand (USD’000), except where
otherwise indicated.
Going concern
In assessing the basis of preparation of the financial statements the Board has undertaken a rigorous assessment
of going concern, considering financial forecasts covering a period to 30 June 2026 and utilising scenario analysis
to test the adequacy of the Group’s liquidity. As consistent with prior year, the primary uncertainties facing the
business at present are related to the timing and success of contract awards.
In addition to the primary forecast, the Group conducted stress tests under various scenarios, including reduced
contract wins, decreased gross margin percentages, increased overheads, and increased receivables days.
Under all scenarios reviewed by the Board, the Group has a sufficient level of cash and access to liquidity to be
able to operate for the foreseeable future and accordingly it is appropriate to prepare the financial statements
on a going concern basis.
Climate change
In preparing the financial statements, the management has considered the impact of the physical and transition
risks of climate change and identified this as an emerging risk but have concluded that it does not have a material
impact on the recognition and measurement of the assets and liabilities in these financial statements as at 31
December 2024. Further details are available in our Sustainability Report.
3
BASIS OF CONSOLIDATION
The financial statements comprise the financial statements of the Company and its subsidiaries as at 31
December 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities
of the investee),
Exposure, or rights, to variable returns from its involvement with the investee, and
The ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has power over an investee, including:
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
42
The contractual arrangement with the other vote holders of the investee,
Rights arising from other contractual arrangements, and
The Group’s voting rights and potential voting rights.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Company loses control over the subsidiary. Assets,
liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the
financial statements from the date the Group gains control until the date the Group ceases to control the
subsidiary.
When necessary, adjustments are made to the financial statements of a subsidiary to bring their accounting
policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Group are eliminated in full on
consolidation.
A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity
transaction.
If the Company loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities,
non-controlling interest, and other components of equity while any resultant gain or loss is recognised in the
profit or loss. Any investment retained is recognised at fair value.
Current versus non-current classification
The Group presents assets and liabilities in the statement of financial position based on current/non-current
classification.
An asset is current when it is:
Expected to be realised or intended to be sold or consumed in the normal operating cycle,
Held primarily for the purpose of trading,
Expected to be realised within twelve months after the reporting period, or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
It is expected to be settled in the normal operating cycle,
It is held primarily for the purpose of trading,
It is due to be settled within twelve months after the reporting period, or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.
The Group classifies all other liabilities as non-current.
4
SIGNIFICANT ACCOUNTING POLICIES
Revenue recognition
Revenue from contracts with customers is recognised when control of the goods or services are transferred to
the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange
for those goods or services. The Group has concluded that it is acting as a principal in all its revenue
arrangements.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
43
Sale of goods (supply chain)
Revenue from the sale of goods and the related logistics services is recognised when control of ownership of the
goods have passed to the buyer, usually on delivery of the goods.
Construction
Typically, revenue from construction contracts is recognised at a point in time when performance obligations
have been met. Generally, this is the same time at which client acceptance has been received. Dependent on
the nature of the contracts, in some cases revenue is recognised over time using the percentage of completion
method on the basis that the performance does not create an asset with an alternative use and the Group has
an enforceable right to payment for performance completed to date. Contract revenue corresponds to the initial
amount of revenue agreed in the contract and any variations in contract work, claims and incentive payments
are recognised only to the extent that it is highly probable that they will result in revenue, and they are capable
of being reliably measured.
Services (integrated facilities management)
Revenue from providing services is recognised over time, applying the time elapsed method for accommodation
and similar services to measure progress towards complete satisfaction of the service, as the customers
simultaneously receive and consume the benefits provided by the Group.
Cost of sales
Cost of sales represent costs directly incurred or related to the revenue generating activities of the Group,
including staff costs, materials and depreciation.
Contract balances
Trade receivables
A receivable represents the Group’s right to an amount of consideration that is unconditional, meaning only the
passage of time is required before payment of the consideration is due.
Accrued revenue
Accrued revenue represents the right to consideration in exchange for goods or services transferred to a
customer in connection with fulfilling contractual performance obligations. If the Group performs by transferring
goods or services to a customer before invoicing, accrued revenue is recognised in an amount equal to the
earned consideration that is conditional on invoicing. Once an invoice has been accepted by the customer
accrued revenue is reclassified as a trade receivable.
Customer advances
If a customer pays consideration before the Group transfers goods or services to the customer, a customer
advance is recognised when the payment is received by the Group. Customer advances are recognised as
revenue when the Group meets its obligations to the customer.
Borrowing costs
Borrowing costs directly attributable to the construction of an asset are capitalised as part of the cost of the
asset. Capitalisation commences when the Group incurs costs for the asset, incurs borrowing costs and
undertakes activities that are necessary to prepare the asset for its intended use or sale. Capitalisation ceases
when the asset is ready for use or sale. All other borrowing costs are expensed in the period in which they occur.
Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds.
Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable
income. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
44
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided
is based on the expected manner of realisation or settlement of the carrying value amount of assets and
liabilities, using tax rates enacted or substantively enacted at the Statement of Financial Position date. A
deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilised.
Property, plant, and equipment
Property, plant, and equipment are stated at cost less accumulated depreciation and any impairment in value.
Capital work-in-progress is not depreciated until the asset is ready for use. Depreciation is calculated on a
straight-line basis over the estimated useful lives. At the end of the useful life, assets are deemed to have no
residual value. Contract specific assets are depreciated over the lesser of the length of the project, or the useful
life of the asset. The useful life of general property, plant and equipment is as follows:
Land
Unlimited (not depreciated)
Buildings
Lesser of 5 to 20 years and term of land lease
Machinery, motor vehicles, furniture and equipment
2 to 10 years
Leasehold improvements
Lesser of 10 years and term of lease
The carrying values of property, plant, and equipment are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where
the carrying values exceed the estimated recoverable amount, the assets are written down, with the write down
recorded in profit or loss to their recoverable amount, being the greater of their fair value less costs to sell and
their value in use.
Expenditure incurred to replace a component of an item of property, plant, and equipment that is accounted
for separately is capitalised and the carrying amount of the component that is replaced is written off. Other
subsequent expenditure is capitalised only when it increases future economic benefits of the related item of
property, plant, and equipment. All other expenditure is recognised in profit or loss as the expense is incurred.
An item of property, plant, and equipment is derecognised upon disposal or when no future economic benefits
are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference
between the net disposal proceeds and carrying amount of the asset) is included in the profit or loss in the year
the asset is derecognised.
Assets’ residual values, useful lives, and methods of depreciation are reviewed at each financial year end, and
adjusted prospectively, if appropriate.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs include those expenses incurred in
bringing each product to its present location and condition. Cost is calculated using the weighted average
method. Net realisable value is based on estimated selling price less any further costs expected to be incurred
in disposal.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and balances with banks, which are readily convertible to
known amounts of cash and have a maturity of three months or less from the date of acquisition. This definition
is also used for the consolidated cash flow statement.
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (“CGU”)
fair value less costs to sell and its value in use. An asset’s recoverable amount is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
45
considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. In determining fair value less costs
to sell, an appropriate valuation model is used maximising the use of observable inputs. These calculations are
corroborated by valuation multiples, quoted share prices for publicly traded entities or other available fair value
indicators.
The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately
for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecasts generally
cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project
future cash flows after the fifth year.
Impairment losses relating to continuing operations are recognised in those expense categories consistent with
the function of the impaired asset.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the
asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been
a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss
was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable
amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years. Such reversal is recognised in the profit or loss
unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a
provision is presented in the statement of profit or loss.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.
Financial instruments
b)
Financial assets
Initial recognition and measurement
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them. With the exception of trade receivables that
do not contain a significant financing component or for which the Group has applied the practical expedient, the
Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component
or for which the Group has applied the practical expedient are measured at the transaction price determined
under IFRS 15.
Subsequent measurement
Financial assets at amortised cost are subsequently measured using the effective interest method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified,
or impaired.
Other receivables are subsequently measured at amortised cost.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
46
Derecognition of financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is
derecognised when the rights to receive cash flows from the asset has expired.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair
value through profit or loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in
credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are
possible within the next twelve-months (a twelve-month ECL). For those credit exposures for which there has
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs
at each reporting date. When arriving at the ECL we consider historical credit loss experience including any
adjustments for forward-looking factors specific to the debtors and the economic environment.
A financial asset is deemed to be in default when internal or external information indicates that the Group is
unlikely to receive the outstanding contractual amounts in full before taking into account any credit
enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of
recovering the contractual cash flows.
Income from financial assets
Investment revenue relates to interest income accrued on a time basis, by reference to the principal outstanding
and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to that asset’s net carrying amount.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are initially recognised at fair value and subsequently classified at fair value through profit or
loss, loans and borrowings, or payables. Loans and borrowings and payables are recognised net of directly
attributable transaction costs.
The Group’s financial liabilities include trade and other payables and loan notes.
Subsequent measurement
The measurement of financial liabilities depends on their classification as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as held at fair value through profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any
financial liability as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the Group that are not
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
47
designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives
are also classified as held for trading unless they are designated as effective hedging instruments.
Loans and payables
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit
or loss.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
Where an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a
derecognition of the original liability and the recognition of a new liability, and the difference in the respective
carrying amounts is recognised in the profit or loss.
Leases
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liability. The cost of right-of-use assets includes
the amount of lease liabilities recognised and initial direct costs incurred. Right-of-use assets are depreciated on
a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. In calculating the present value of lease payments, the Group
uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the
lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to
reflect the accretion of interest and reduced for the lease payment made. In addition, the carrying amount of
lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the lease
payments.
Short-term leases and leases on low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that
have a lease term of twelve months or less from the commencement date). It also applies the lease of low-value
assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases
and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.
Employees’ end of service benefits
The Group provides end of service benefits to its employees in accordance with local labour laws. The
entitlement to these benefits is based upon the employees’ final salary and length of service, subject to the
completion of a minimum service period. The expected costs of these benefits are accrued over the period of
employment. The Group accounts for these benefits as a defined contribution plan under IAS 19.
Contingencies
Contingent liabilities are not recognised in the financial statements, they are disclosed unless the possibility of
an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the
financial statements but disclosed when an inflow of economic benefits is probable.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
48
Foreign currencies
The Group’s financial statements are presented in USD, which is the functional currency of all Group companies.
Items included in the financial statements of each entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the
functional currency spot rate of exchange prevailing at the reporting date. All differences are taken to profit or
loss.
Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange
rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value was determined.
Foreign currency share capital (including any related share premium or additional paid-in capital) is translated
using the exchange rates as at the dates of the initial transaction. The value is not remeasured.
5
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
New and amended standards and interpretations
Amendments and interpretations that apply for the first time in 2024 do not have a significant impact on the
financial statements of the Group. The Group has not early adopted any standards, interpretations or
amendments that have been issued but are not yet effective.
6
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that may affect the reported amount of assets and liabilities, revenue, expenses, disclosure of
contingent liabilities, and the resultant provisions and fair values. Such estimates are necessarily based on
assumptions about several factors and actual results may differ from reported amounts.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
a) Judgments
Use of Alternative Performance Measures (Note 11)
IAS1 requires material items to be disclosed separately in a way that enables users to assess the quality of a
company’s profitability. In practice, these are commonly referred to as “exceptional” items, but this is not a
concept defined by IFRS and therefore there is a level of judgement involved in arriving at an Alternative
Performance Measure (“APM”) which excludes such exceptional items. The Group refers to these as non-
underlying items and considers items suitable for separate presentation that are outside normal operations and
are material to the results of the Group either by virtue of size or nature.
b) Estimates and assumptions
Impairment reviews (Note 12)
Determining whether Property, Plant and Equipment is impaired requires an estimation of the value in use of
the cash generating units. The value in use calculation requires the Group to estimate the future cash flows and
a suitable discount rate in order to calculate present value. An impairment review has been performed at the
reporting date and no impairment is required.
Percentage of completion (Note 15)
The Group primarily uses the output percentage-of-completion method when accounting for contract revenue
on its long-term construction contracts. Use of the percentage-of-completion method requires the Group to
estimate the progress of contracts based on surveys of work performed. The Group has determined this basis of
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
49
revenue recognition is the best available measure on such contracts and where possible seeks customer
verification of percentage-of-completion calculations as at financial reporting dates.
The accuracy of percentage-of-completion estimates has a material impact on the amount of revenue and
related profit recognised. As at 31 December 2024, USD 985,000 of accrued revenue had been calculated using
the percentage-of-completion method (2023: USD 745,000).
Revisions to profit or loss arising from changes in estimates are accounted for in the period when the changes
occur.
IFRS 16 – interest rate (Note 20)
In some jurisdictions where the Group holds long-term leases, the incremental borrowing rate is not readily
determinable. As a result, the incremental borrowing rate is estimated with reference to risk adjusted rates in
other jurisdictions where a market rate is determinable, and the Group’s cost of funding.
7
GROUP INFORMATION
The Company operates through its subsidiaries, listed below, which are legally or beneficially, directly or
indirectly owned and controlled by the Company.
The extent of the Company’s beneficial ownership and the principal activities of the subsidiaries are as follows:
Name of the entity
Country of
incorporation
Beneficial
ownership
Registered address
RA Africa Holdings Limited
British Virgin
Islands
100%
3rd floor, J&C Building, PO Box 362, Road Town,
Torola Virgin Islands (British) VG110
RA International Commercial
Services Limited
British Virgin
Islands
100%
3th floor, J&C Building, PO Box 362, Road Town,
Torola Virgin Islands (British) VG110
RA International Limited
Cameroon
100%
537 Rue Njo-Njo, Bonaprisi, PO Box 1245,
Douala, Cameroon
RA International RCA
Central African
Republic
100%
Avenue des Martyrs, Bangui, Central African
Republic
RA International Chad
Chad
100%
N'djamena, Chad
RA International DRC SARL
Democratic
Republic of
Congo
100%
Kinshasa, Sis No106, Boulevard Du 30 Juin, Dans
La Commune De La Gombe EN RD, Congo
RA International Guyana Inc.
Guyana
100%
210 New Market Street, Georgetown, Guyana
Raints Kenya Limited
Kenya
100%
The Pavilion 6th Floor, Lower Kabete Road,
Westlands, PO Box 2691-00621, Nairobi, Kenya
RA International SARL
Lebanon
100%
Beirut Souks, Souk El Dahab, section no 1144,
plot no 1479, Beirut, Lebanon
Al Mutaheda Al-Alamia Ltd.
Libya
100%
Suq El Jumah- Tripoli Libya
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
50
Raints Mali
Mali
100%
Bamako-Niarela Immeuble Sodies Appartement
C/7, Mali
RA International Limitada
Mozambique
100%
Distrito KAMPFUMO, Bairro Sommarchield, Rua.
Jose Graverinha, no 198, R/C, Maputo,
Mozambique
RA Facilities Services S.A
Mozambique
100%
Distrito Urbano 1, Bairro Central, Rua do Sol, 23
Maputo, Mozambique
RA International Niger
Niger
100%
Niamey, Quartier Cite Piudriere, Avenue du
Damergou, CI-48, Niger
RA International Poland
Poland
100%
UL. MŁYŃSKA, numer 16, lokal 8 PIĘTRO, kod
poczt. 61-730, poczta POZNAŃ
RA International*
Somalia
100%
Mogadishu, Somalia
RA International FZCO
South Sudan
100%
Plot no. 705, Block 3-K South, , Airport Road, Hai
Matar, South Sudan
Reconstruction and
Assistance Company Ltd
Sudan
100%
115 First Quarter Graif west-Khartoum,
Khartoum, Republic of Sudan
RA International Limited
Tanzania
100%
369 Toure Drive, Oysterbay, PO Box 62, Dar Es
Salaam, Tanzania
RA International FZCO
UAE
100%
Office Number S101221O39, Jebel Ali Free Zone,
Dubai, United Arab Emirates
RA International General
Trading LLC
UAE
100%
Building 41, 3B Street, Al Quoz Industrial Area 1,
PO Box 115774, Dubai, United Arab Emirates
RA International Global
Operations Limited
UK
100%
1 Fleet Place, London, EC4M 7WS, United
Kingdom
RA International Limited
Uganda
100%
4th Floor, Acacia Mall, Plot 14-18, Cooper Road,
Kololo, Kampala, Uganda
RA Federal Services LLC
United States
of America
100%
3411 Silverside Road, Tatnall Building #104,
Wilmington, DE 19810
BGI Limited**
United States
of America
100%
1 Church Street, 5th Floor, Burlington,
Chittenden, Vermont, 05401, United States of
America
* RA International in Somalia is not an incorporated legal entity.
** During the year, Berkshire General Insurance Limited was renamed as BGI Limited.
RA International Global Operations Limited, registered number 12672019 is exempt from the requirements of
Company Act 2006 relating to the audit of individual accounts by virtue of section 479A.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
51
8
(LOSS)/PROFIT FOR THE PERIOD
(Loss)/Profit for the period is stated after charging:
2024
2023
USD’000
USD’000
Staff costs
25,878
23,655
Materials
24,601
18,683
Depreciation of property, plant, and equipment
3,748
4,241
Foreign exchange losses
161
216
══════
══════
Staff costs relate to wages and salaries plus directly attributable expenses.
Auditor Compensation
Amounts paid or payable by the Group in respect of audit and non-audit services to the Auditor are shown
below.
2024
2023
USD’000
USD’000
Fees for the audit of the Consolidated annual accounts
197
225
────────
────────
Total audit fees
197
225
══════
══════
9
EMPLOYEE EXPENSES
The average number of employees (including directors) employed during the period was:
2024
2023
Directors
4
5
Executive management
3
3
Staff
1,343
1,198
────────
────────
1,350
1,206
══════
══════
The aggregate remuneration of the above employees was:
2024
2023
USD’000
USD’000
Wages and salaries
18,969
19,743
Social security costs
169
142
Share based payments
—
57
────────
────────
19,138
19,942
══════
══════
The remuneration of the Directors and other key management personnel of the Group are detailed in note 28.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
52
10
TAX
The tax expense on the (loss)/profit for the year is as follows:
2024
2023
USD’000
USD’000
Current tax:
UK corporation tax on loss for the year
—
—
Non-UK corporation tax
180
7
────────
────────
Tax expense for the year
180
7
══════
══════
Factors affecting the tax expense
The tax assessed for the year varies from the standard rate of corporation tax in the UK. The difference is
explained below:
2024
2023
USD’000
USD’000
(Loss)/Profit before tax
(7,807)
201
────────
────────
Expected tax credit based on the standard average rate
of corporation tax in the UK of 25.0% (2023: 23.5%)
(1,952)
47
Effects of:
Deferred tax asset not recognised
136
138
Exemptions and foreign tax rate difference
1,996
(178)
────────
────────
Tax expense for the year
180
7
══════
══════
From 01 April 2023, the UK Corporation tax rate increased from 19.0% to 25.0%, resulting in an average tax rate
of 23.5% for the year ended 31 December 2023. The tax rate of 25.0% was applied for the year ended 31
December 2024.
The Group benefits from tax exemptions granted to its customers who are predominantly governments and
large intragovernmental organisations. The CODM is not aware of any factors that tax exemptions granted will
no longer be available to the Group.
The Group has USD 7,282,000 (2023: USD 5,109,000) of unused tax losses for which no deferred tax asset has
been recognised.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
53
11
ALTERNATIVE PERFORMANCE MEASURES
Alternative Performance Measures (“APMs”) used by the Group are defined below along with a reconciliation
from each APM to its IFRS equivalent, and an explanation of the purpose and usefulness of each APM. APMs are
non-IFRS measures.
In general, APMs are presented externally to meet investors’ requirements for further clarity and transparency
of the Group’s financial performance. APMs are also used internally by management to evaluate business
performance and for budgeting and forecasting purposes.
2024
2023
USD’000
USD’000
(Loss)/Profit
(7,987)
194
Tax expense
180
7
────────
────────
(Loss)/Profit before tax
(7,807)
201
Finance costs
2,562
2,044
Investment income
(137)
(188)
────────
────────
Operating (loss)/profit
(5,382)
2,057
Depreciation
3,748
4,241
────────
────────
EBITDA
(1,634)
6,298
══════
══════
EBITDA
Management defines EBITDA as Operating Profit adjusted for depreciation. EBITDA facilitates comparisons of
operating performance from period to period and company to company by eliminating potential differences
caused by variations in capital structures, tax positions and the age and booked depreciation on assets.
Net Cash
Net cash represents cash less overdraft balances and loan notes outstanding. This is a commonly used metric,
helpful to stakeholders when analysing the business. Negative net cash is referred to as a net debt position.
2024
2023
USD’000
USD’000
Cash and cash equivalents
7,725
16,843
Loan notes – non-current
(13,495)
(13,495)
Loan notes – current
—
(2,280)
────────
────────
Net (debt)/cash
(5,770)
1,068
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
54
12
PROPERTY, PLANT, AND EQUIPMENT
Machinery,
Motor
vehicles,
Land and
furniture and
Leasehold
buildings
equipment
improvements
Total
USD’000
USD’000
USD’000
USD’000
Cost:
At 1 January 2024
39,958
13,386
1,476
54,820
Additions
2,240
1,362
73
3,675
Disposals
(2,035)
(1,663)
—
(3,698)
────────
────────
────────
────────
At 31 December 2024
40,163
13,085
1,549
54,797
────────
────────
────────
────────
Depreciation:
At 1 January 2024
25,538
11,393
865
37,796
Charge for the year
1,533
1,067
217
2,817
Relating to disposals
(1,353)
(1,504)
—
(2,857)
────────
────────
────────
────────
At 31 December 2024
25,718
10,956
1,082
37,756
────────
────────
────────
────────
Net carrying amount:
At 31 December 2024
14,445
2,129
467
17,041
══════
══════
══════
══════
Cost:
At 1 January 2023
39,325
13,683
1,370
54,378
Additions
745
251
106
1,101
Disposals
(5)
(548)
—
(553)
Transfer to inventory
(107)
—
—
(107)
────────
────────
────────
────────
At 31 December 2023
39,958
13,386
1,476
54,820
────────
────────
────────
────────
Depreciation:
At 1 January 2023
23,780
10,406
602
34,788
Charge for the year
1,804
1,188
263
3,255
Relating to disposals
(3)
(201)
—
(204)
Transfer to inventory
(43)
—
—
(43)
────────
────────
────────
────────
At 31 December 2023
25,538
11,393
865
37,796
────────
────────
────────
────────
Net carrying amount:
At 31 December 2023
14,420
1,993
611
17,024
══════
══════
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
55
13
RIGHT-OF-USE ASSETS
2024
2023
USD’000
USD’000
Cost:
At 1 January
8,805
7,887
Additions
609
918
Disposals
(2,623)
—
────────
────────
At 31 December
6,791
8,805
────────
────────
Depreciation:
At 1 January
4,452
3,466
Charge for the year
931
986
Disposals
(2,062)
—
────────
────────
At 31 December
3,321
4,452
────────
────────
Net carrying amount:
At 31 December
3,470
4,353
══════
══════
Information related to lease liabilities is available in note 20.
The table below details rent resulting from lease contracts which are not capitalised and are therefore expensed in
the year.
2024
2023
USD’000
USD’000
Short-term leases
665
653
══════
══════
Short-term leases include amounts paid for vehicles and heavy equipment rental, as well as short-term property
leases.
14
INVENTORIES
2024
2023
USD’000
USD’000
Materials and consumables
6,576
3,607
Goods-in-transit
158
540
────────
────────
6,734
4,147
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
56
15
TRADE AND OTHER RECEIVABLES
2024
2023
USD’000
USD’000
Trade receivables
8,451
11,196
Accrued revenue
1,974
2,265
Deposits
105
80
Prepayments
681
1,173
Other receivables
1,272
1,027
────────
────────
12,483
15,741
══════
══════
Invoices are generally raised on a monthly basis, upon completion, or part completion of performance
obligations as agreed with the customer on a contract by contract basis.
During the year 100% of accrued revenue was subsequently billed and transferred to trade receivables from the
opening unbilled balance in the period (2023: 100%).
As at 31 December the transaction price allocated to remaining performance obligations was USD 139,000,000
(2023: USD 49,000,000). This represents revenue expected to be recognised in subsequent periods arising on
existing contractual arrangements. The Group has not taken the practical expedient in IFRS 15.121 not to disclose
information about performance obligations that have original expected durations of one year or less and therefore
no consideration from contracts with customers is excluded from these amounts. All revenue is expected to be
recognised within the next five years.
As at 31 December the ageing of trade receivables was as follows:
2024
2023
USD’000
USD’000
Not past due
5,813
8,127
Overdue by less than 30 days
1,558
1,843
Overdue by between 30 and 60 days
427
805
Overdue by more than 60 days
653
421
────────
────────
8,451
11,196
══════
══════
Trade receivables are non-interest bearing and generally have payment terms of 30 days. No ECL provision was
recorded as at 31 December 2024 or 31 December 2023. All receivables are expected, on the basis of past
experience, to be fully recoverable.
16
CASH AND CASH EQUIVALENTS
Cash and cash equivalents in the consolidated statement of financial position comprised of cash at bank of USD
7,725,000 (2023: USD 16,843,000).
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
57
17
SHARE CAPITAL
2024
2023
USD’000
USD’000
Authorised, issued and fully paid
173,575,741 shares (2023: 173,575,741 shares) of GBP 0.10 (2023: GBP 0.10)
each
24,300
24,300
══════
══════
18
TREASURY SHARES
2024
2024
2023
2023
Number
USD’000
Number
USD’000
As at 1 January
—
—
—
—
Acquired in the period
(1,987,215)
(201)
—
—
────────
────────
────────
────────
As at 31 December
(1,987,215)
(201)
—
—
══════
══════
══════
══════
19
LOAN NOTES
The table below summarises the loan notes:
2024
2023
USD’000
USD’000
As at 1 January
15,775
14,000
Additions
—
1,775
Repayments
(2,280)
—
────────
────────
As at 31 December
13,495
15,775
══════
══════
Current
—
2,280
Non-current
13,495
13,495
During the prior year, the Group completed a refinancing and fundraising exercise. The purpose of the exercise
was to extend the maturity of the USD 14.0m of unsecured loan notes issued by the Group in previous periods
which were due to mature in the second half of 2024. USD 11.7m of notes were extended to mature in January
2027, with the remaining USD 2.3m to be repaid in November 2024. An additional USD 1.8m was also raised
through the issue of new loan notes. The notes with a 2027 maturity date carry an annual fixed interest rate of
8.50% for GBP denominated notes and 9.50% for USD denominated notes. The term of the note issuance is up
to 37 months with principal to be repaid as a bullet payment upon maturity in January 2027. Interest is paid on
a quarterly basis.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
58
20
LEASE LIABILITIES
Movements in the provision recognised in the consolidated statement of financial position are as follows:
2024
2023
USD’000
USD’000
As at 1 January
5,151
5,206
Additions
609
918
Disposal
(599)
—
Interest
421
436
Payments
(1,293)
(1,409)
────────
────────
As at 31 December
4,289
5,151
══════
══════
Current
531
833
Non-current
3,758
4,318
Interest of USD 421,000 (2023: USD 436,000) relating to the above lease liabilities has been included in Finance
Costs for the year.
As at 31 December the maturity profile of lease liabilities was as follows:
2024
2023
USD’000
USD’000
3 months or less
128
163
3 to 12 months
403
670
1 to 5 years
1,930
1,806
Over 5 years
1,828
2,512
────────
────────
4,289
5,151
══════
══════
The Group had total cash outflows relating to leases of USD 1,958,000 in 2024 (2023: USD 2,062,000). This is
the total of short-term lease payments from note 13 and payments from note 20.
21
EMPLOYEES’ END OF SERVICE BENEFITS
Movements in the provision recognised in the consolidated statement of financial position are as follows:
2024
2023
USD’000
USD’000
As at 1 January
1,502
928
Provided during the year
700
859
End of service benefits paid
(332)
(285)
────────
────────
As at 31 December
1,870
1,502
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
59
22
TRADE AND OTHER PAYABLES
2024
2023
USD’000
USD’000
Trade payables
7,140
6,321
Accrued expenses
2,097
2,338
Accrued tax expense
313
193
Customer advances
1,523
1,914
────────
────────
11,073
10,766
══════
══════
All customer advances recorded at 31 December 2023 were subsequently recognised as revenue in 2024 and all
customer advances held at 31 December 2024 were subsequently recognised as revenue in 2025.
23
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
1 January
31 December
2024
Cash flows
New leases
Other
2024
USD’000
USD’000
USD’000
USD’000
USD’000
Non-current liabilities
Loan notes
13,495
—
—
—
13,495
Lease liabilities
4,318
—
268
(828)
3,758
Current liabilities
Loan notes
2,280
(2,280)
—
—
—
Lease liabilities
833
(1,293)
341
650
531
────────
────────
────────
────────
────────
20,926
(3,573)
609
(178)
17,784
══════
══════
══════
══════
══════
1 January
31 December
2023
Cash flows
New leases
Other
2023
USD’000
USD’000
USD’000
USD’000
USD’000
Non-current liabilities
Loan notes
14,000
1,775
—
(2,280)
13,495
Lease liabilities
4,556
—
286
(524)
4,318
Current liabilities
Loan notes
—
—
—
2,280
2,280
Lease liabilities
650
(1,409)
632
960
833
────────
────────
────────
────────
────────
19,206
366
918
436
20,926
══════
══════
══════
══════
══════
The ‘Other’ column includes the effect of reclassification of non-current portion of leases to current due to the
passage of time, the effect of disposals of leases during the period, and of accrued interest not yet paid.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
60
24
FINANCIAL INSTRUMENTS
As at 31 December the financial assets and liabilities recognised at amortised cost were as follows:
2024
2023
USD’000
USD’000
Assets
Trade and other receivables
12,483
15,741
Cash and cash equivalents
7,725
16,843
────────
────────
20,208
32,584
══════
══════
Liabilities
Loan notes
13,495
15,775
Lease liabilities
4,289
5,151
Trade and other payables
11,073
10,766
────────
────────
28,857
31,692
══════
══════
There are no financial assets and liabilities in these financial statements which are stated at fair value.
25
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Group was not exposed to any significant interest rate risk on its interest-
bearing liabilities.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange
rates relates primarily to the Group’s operating activities when revenue or expenses are denominated in a
different currency from the Group’s functional currency, as well as cash and cash equivalents held in foreign
currency accounts.
At 31 December 2024, the Group held foreign cash and cash equivalents of GBP 39,000 (USD 49,000).
Additionally, the Group held GBP denominated loans of GBP 1,807,000 (USD 2,271,000). UK pound sterling is
primarily held by the Group to settle payment obligations denominated in GBP. As at 31 December 2023, the
Group held GBP 948,000 (USD 1,207,000) and GBP denominated loans of GBP 2,239,000 (USD 2,850,000).
The Group’s exposure to foreign currency variances for all other currencies is not material.
Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the
other party to incur a financial loss. The Group is exposed to credit risk on its bank balances and receivables.
The Group seeks to limit its credit risk with respect to banks by only dealing with reputable financial institutions
as determined by the CODM and with respect to customers by only dealing with creditworthy customers and
continuously monitoring outstanding receivables. The Company’s 5 largest customers account for 67% of
outstanding trade receivables at 31 December 2024 (2023: 50%).
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
61
Receivables split by customer:
2024
2023
%
%
Customer A
20
18
Customer B
20
14
Customer C
10
9
Customer D
10
9
Customer H
7
—
Customer G
—
21
Other
33
29
────────
────────
100
100
══════
══════
No material credit risk is deemed to exist due to the nature of the Group’s customers, who are predominantly
governments and large intragovernmental organisations.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group
limits its liquidity risk by ensuring bank facilities are available.
The Group’s terms of sale generally require amounts to be paid within 30 days of the date of sale. Trade payables
are settled depending on the supplier credit terms, which are generally 30 days from the date of delivery of
goods or services.
As at 31 December the maturity profile of trade payables and loan notes was as follows:
As at 31 December 2024
Less than
3 to 6
6 to 12
Over 12
3 months
Months
Months
Months
Total
USD’000
USD’000
USD’000
USD’000
USD’000
Loan notes
—
—
—
13,495
13,495
Trade payables
7,140
—
—
—
7,140
────────
────────
────────
────────
────────
7,140
—
—
13,495
20,635
══════
══════
══════
══════
══════
As at 31 December 2023
Less than
3 to 6
6 to 12
Over 12
3 months
Months
Months
Months
Total
USD’000
USD’000
USD’000
USD’000
USD’000
Loan notes
—
—
2,280
13,495
15,775
Trade payables
6,321
—
—
—
6,321
────────
────────
────────
────────
────────
6,321
—
2,280
13,495
22,096
══════
══════
══════
══════
══════
Liabilities falling due within twelve months are recognised as current on the consolidated statement of financial
position. Liabilities falling due after twelve months are recognised as non-current.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
62
The unutilised bank overdraft facilities at 31 December 2024 amounted to USD 10,000,000 (2023: USD
10,000,000) and carry interest of 1m Term SOFR +3.50% per annum (2023: 1m Term SOFR +3.50%). The facilities
require a 100% cash margin guarantee to be paid upfront.
The Group manages its liquidity risk by maintaining significant cash reserves.
The Group’s cash and cash equivalents balance is substantially all held in institutions holding a Moody’s long-
term deposit rating of Aa3 or above.
Capital management
The primary objective of the Group’s capital management is to ensure that it maintains a healthy capital ratio in
order to support its business and maximise shareholder value. The Group manages its capital structure and
makes adjustments to it in light of changes in business conditions.
No changes were made in the objectives, policies or processes during the year ended 31 December 2024.
Capital comprises share capital, merger reserve, treasury shares, and retained earnings and is measured at USD
16,726,000 as at 31 December 2024 (2023: USD 24,914,000).
26
RELATED PARTY DISCLOSURES
Related parties represent shareholders, directors and key management personnel of the Group, and entities
controlled, jointly controlled, or significantly influenced by such parties. Pricing policies and terms of these
transactions are approved by the Group’s management.
There were no transactions with related parties during the year (2023: USD nil). No outstanding balances with
related parties are included in the consolidated statement of financial position at 31 December 2024 (2023: USD
nil).
27
ULTIMATE CONTROLLING PARTY
The ultimate controlling party of the company, as shown within the substantial shareholders breakdown
within the Directors’ Report, is Soraya Narfeldt.
28
COMPENSATION
Compensation of key management personnel
The remuneration of key management during the year was as follows:
2024
2023
USD’000
USD’000
Short-term benefits
1,175
1,272
══════
══════
The key management personnel comprise of 3 (2023: 3) individuals. Included in key management personnel are
2 (2023: 2) Directors.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
63
Compensation of directors
The remuneration of directors during the year was as follows:
2024
2023
USD’000
USD’000
Fees/basic salary
922
1,200
Benefits in kind
53
61
Other remuneration
91
150
────────
────────
1,065
1,411
══════
══════
Highest paid director
The remuneration of the highest paid director during the year was as follows:
2024
2023
USD’000
USD’000
Short-term benefits
508
492
══════
══════
The amount disclosed in the tables is the amount recognised as an expense during the reporting year related to
key management personnel and directors of the Group.
29
STANDARDS ISSUED BUT NOT YET EFFECTIVE
No other standards and interpretations that are issued, but not yet effective, up to the date of issuance of the
Group’s financial statements are expected to have a material impact on the Group.
30
SUBSEQUENT EVENTS
The admission of the Company’s Ordinary Shares to trading on AIM has been cancelled with effect from 11
March 2025.
RA International Group plc
FINANCIAL STATEMENTS
As at 31 December 2024
64
Company statement of financial position
2024
2023
Notes
USD’000
USD’000
Assets
Non-current assets
Investments
4
28,606
28,606
Loan to subsidiary
5
1,000
1,000
────────
────────
29,606
29,606
Current assets
Trade and other receivables
6
3,381
4,190
Cash and cash equivalents
252
320
────────
────────
3,633
4,510
────────
────────
Total assets
33,239
34,116
════════
════════
Equity and liabilities
Equity
Share capital
7
24,300
24,300
Treasury shares
8
(201)
—
Retained earnings
8,866
9,408
────────
────────
Total equity
32,965
33,708
────────
────────
Liabilities
Current liabilities
Trade and other payables
9
274
408
────────
────────
Total liabilities
274
408
────────
────────
Total equity and liabilities
33,239
34,116
══════
══════
The Company has taken the exemption conferred by section 408 of the Companies Act 2006 not to publish the
profit and loss of the parent company within these accounts. The result for the Company for the year was a
loss of USD 542,000 (2023: USD 592,000).
The financial statements of the Company (registration number 11252957) were approved by the Board of
Directors on 06 May 2025 and signed on its behalf by:
Soraya Narfeldt
Chief Executive Officer
The attached notes 1 to 10 form part of the Financial Statements.
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
65
Company statement of changes in equity
Share
Based
Share
Share
Treasury
Payment
Retained
Capital
Premium
Shares
Reserve
Earnings
Total
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
As at 1 January
2023
24,300
18,254
—
574
(8,680)
34,448
Total
comprehensive
income for the
period
—
—
—
—
(592)
(592)
Share based
payments
—
—
—
57
—
57
Lapsed
/cancelled share
options
—
—
—
(631)
426
(205)
Capital
reduction
—
(18,254)
—
—
18,254
—
────────
────────
────────
────────
────────
────────
As at 31
December 2023
24,300
—
—
—
9,408
33,708
Total
comprehensive
income for the
period
—
—
—
—
(542)
(542)
Purchase of
treasury shares
—
—
(201)
—
—
(201)
────────
────────
────────
────────
────────
────────
As at 31
December 2024
24,300
—
(201)
—
8,866
32,965
══════
══════
══════
══════
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
66
Notes to the company financial statements
1
BASIS OF PREPARATION
The financial statements have been prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and the Companies Act 2006), including Financial
Reporting Standard 101 ‘Reduced Disclosure Framework’ (“FRS101”) under the historical cost basis and have
been presented in USD, being the functional currency of the Company.
The Company has applied a number of exemptions available under FRS 101. Specifically, the requirement(s) of:
(a) paragraphs 91-99 of IFRS 13 “Fair Value Measurement”;
(b) paragraph 38 of IAS 1 “Presentation of Financial Statements” to present comparative information in
respect of paragraph 79(a)(iv) of IAS 1;
(c) paragraphs 10(d), 10(f), and 134-136 of IAS 1 “Presentation of Financial Statements”;
(d) IAS 7 “Statement of Cash Flows”;
(e) paragraphs 30 and 31 of IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”;
(f) paragraph 17 of IAS 24 “Related Party Disclosures” to disclose related party transactions entered into
between two or more members of a group, provided that any subsidiary which is a party to the
transaction is wholly owned by such a member; and
(g) paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 “Impairment of Assets”.
2
SIGNIFICANT ACCOUNTING POLICIES
Except noted below, all accounting policies applied to the Company are consistent with that of the Group.
Investments
Investments held by the company are stated at cost less provision for diminution in value.
3
EMPLOYEE EXPENSES
The average number of employees employed during the period was:
2024
2023
Directors
4
5
══════
══════
The aggregate remuneration of the above employees was:
2024
2023
USD’000
USD’000
Wages and salaries
269
389
Social security costs
31
43
────────
────────
300
432
══════
══════
4
INVESTMENTS
2024
2023
USD’000
USD’000
As at 1 January and 31 December
28,606
28,606
══════
══════
During the year, management has performed assessments of the carrying value of investments and concluded
that there is no impairment provision to be recognised (2023: USD nil).
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
67
5
LOAN TO SUBSIDIARY
2024
2023
USD’000
USD’000
As at 1 January and 31 December
1,000
1,000
══════
══════
In 2022, the Company advanced a loan of USD 1,000,000 to a subsidiary. This note carries an annual fixed interest
rate of 9.56%. The term of the note issuance was 25 months with the principal to be repaid as a bullet payment
upon maturity in November 2024. In December 2024, the loan was extended by 14 months to January 2026.
Interest is to be received on an annual basis.
6
TRADE AND OTHER RECEIVABLES
2024
2023
USD’000
USD’000
Prepayments
57
99
Due from subsidiary
3,290
4,057
VAT recoverable
34
34
────────
────────
3,381
4,190
══════
══════
Amounts due from subsidiary represent amounts due from RA International FZCO, an immediate subsidiary, and
are non-interest bearing and payable on demand.
7
SHARE CAPITAL
2024
2024
2023
2023
Number
USD’000
Number
USD’000
Authorised, issued, and fully paid:
Ordinary shares of GBP 0.10 each
173,575,741
24,300
173,575,741
24,300
══════
══════
══════
══════
8
TREASURY SHARES
2024
2024
2023
2023
Number
USD’000
Number
USD’000
As at 1 January
—
—
—
—
Issued in the period
(1,987,215)
(201)
—
—
────────
────────
────────
────────
As at 31 December
(1,987,215)
(201)
—
—
══════
══════
══════
══════
RA International Group plc
FINANCIAL STATEMENTS
For the year ended 31 December 2024
68
9
TRADE AND OTHER PAYABLES
2024
2023
USD’000
USD’000
Trade payables
32
149
Accruals
242
259
────────
────────
274
408
══════
══════
10 RELATED PARTY TRANSACTIONS
The Directors have taken advantage of the exemption under paragraph 8(j) and 8(k) of FRS101 and have not
disclosed transactions with other wholly owned Group undertakings. There are no other related party
transactions.
RA International Group plc
SHAREHOLDER INFORMATION
For the year ended 31 December 2024
SHAREHOLDER INFORMATION
Registered office
One Fleet Place
London
EC4M 7WS
Website www.raints.com
Registered number 11252957
Legal entity identifier code 213800N6RTATELJU6797
Date of Annual General Meeting 24 June 2025
Solicitors to the company
Dentons UK and Middle East LLP
One Fleet Place
London
EC4M 7WS
Auditors
PKF Littlejohn LLP
15 Westferry Circus
London
E14 4HD
Registrars
Equiniti Limited
Aspect House
Spencer Road
Lancing
BN99 6DA
Company Secretary
Elemental Company Secretary Limited
27 Old Gloucester Street
London
WC1N 3AX
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