Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to UK£1.04, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 19x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 639% over the past three years. Ankündigung • May 27
RTC Group plc to Report First Half, 2026 Results on Jul 27, 2026 RTC Group plc announced that they will report first half, 2026 results on Jul 27, 2026 Upcoming Dividend • May 21
Upcoming dividend of UK£0.055 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.5%). Ankündigung • May 15
RTC Group plc Appoints Andrew Kitchingman to the Board, Chair of the Audit Committee and Serve on the Remuneration Committee, with Effect from 1 June 2026 RTC Group plc announced the appointment of Andrew Kitchingman to the Board of RTC as an independent non-executive director with effect from 1 June 2026. Andrew will assume the role of Chair of the Audit Committee and will also serve on the Remuneration Committee, while Nick Spoliar will remain Senior Independent Non-Executive Director and Chair of the Remuneration Committee. Andrew is a very experienced non-executive director. He is currently Chair of Mpac Group Plc, where he also chairs the Nomination Committee and is a member of the Audit and Remuneration Committees. He is a non-executive director and chair of the Audit Committee at the AIM-quoted companies Andrews Sykes Group plc and London Security plc and is Chair of the British Board of Agrément. Andrew is a Fellow of the Institute of Chartered Accountants in England and Wales and formerly worked in corporate finance at a number of firms, including KPMG, Hill Samuel, Albert E Sharp, Brewin Dolphin and WH Ireland, during which time he worked with and advised both AIM- listed and private recruitment businesses. The names of all companies and partnerships of which Andrew Kitchingman, aged 62, is, or has been a director or partner at any time in the previous five years are set out below: Current directorships or partnerships:- Andrews Sykes Group Plc, British Board of Agrément Holdings Limited, London Security Plc, ESE Direct Limited, H C Slingsby Plc, Northern Aldborough Festival, British Board of Agrément, Mpac Group Plc. Previous directorships or partnerships (in the last five years): Surface Transforms Plc, Southworks UK Limited, MorHomes Plc. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to UK£1.34, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 19x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 801% over the past three years. Declared Dividend • Mar 25
Final dividend increased to UK£0.055 Dividend of UK£0.055 is 10.0% higher than last year. Ex-date: 28th May 2026 Payment date: 26th June 2026 Dividend yield will be 6.2%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (0.793% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: UK£0.14 (vs UK£0.13 in FY 2024) Full year 2025 results: EPS: UK£0.14. Revenue: UK£95.5m (down 1.3% from FY 2024). Net income: UK£1.81m (down 3.2% from FY 2024). Profit margin: 1.9% (in line with FY 2024). New Risk • Feb 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (UK£14.1m market cap, or US$19.2m). Ankündigung • Nov 26
RTC Group plc to Report Fiscal Year 2025 Results on Mar 23, 2026 RTC Group plc announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Mar 23, 2026 Ankündigung • Oct 30
RTC Group plc Announces Resignation of Wayne Thornhill, Non-Executive Director, Effective 28 November 2025 The Board of RTC Group plc announced that Wayne Thornhill, Non-Executive Director, has given notice to resign from the Board of Directors for personal reasons, effective 28 November 2025. The Company is currently collating a short-list of suitably qualified candidates to replace Wayne and will make a further announcement in due course. Upcoming Dividend • Aug 28
Upcoming dividend of UK£0.012 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 03 October 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of British dividend payers (5.4%). Higher than average of industry peers (1.8%). Declared Dividend • Jul 30
First half dividend increased to UK£0.012 Dividend of UK£0.012 is 10% higher than last year. Ex-date: 4th September 2025 Payment date: 3rd October 2025 Dividend yield will be 6.1%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 29
First half 2025 earnings released: EPS: UK£0.066 (vs UK£0.06 in 1H 2024) First half 2025 results: EPS: UK£0.066 (up from UK£0.06 in 1H 2024). Revenue: UK£48.3m (down 1.6% from 1H 2024). Net income: UK£887.0k (up 1.0% from 1H 2024). Profit margin: 1.8% (in line with 1H 2024). Over the last 3 years on average, earnings per share has increased by 74% per year and the company’s share price has also increased by 74% per year. Upcoming Dividend • May 22
Upcoming dividend of UK£0.05 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (1.9%). Ankündigung • May 21
RTC Group plc to Report First Half, 2025 Results on Jul 28, 2025 RTC Group plc announced that they will report first half, 2025 results on Jul 28, 2025 Declared Dividend • Mar 26
Final dividend increased to UK£0.05 Dividend of UK£0.05 is 11% higher than last year. Ex-date: 29th May 2025 Payment date: 27th June 2025 Dividend yield will be 6.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 24
Full year 2024 earnings released: EPS: UK£0.13 (vs UK£0.13 in FY 2023) Full year 2024 results: EPS: UK£0.13 (up from UK£0.13 in FY 2023). Revenue: UK£96.8m (down 2.0% from FY 2023). Net income: UK£1.87m (up 1.5% from FY 2023). Profit margin: 1.9% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 24
RTC Group plc, Annual General Meeting, May 21, 2025 RTC Group plc, Annual General Meeting, May 21, 2025. Location: the derby conference centre, london road, de24 8ux, derby United Kingdom New Risk • Feb 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (UK£13.3m market cap, or US$16.5m). Ankündigung • Nov 22
RTC Group plc to Report Fiscal Year 2024 Results on Mar 24, 2025 RTC Group plc announced that they will report fiscal year 2024 results on Mar 24, 2025 Ankündigung • Oct 16
RTC Group plc Appoints Wayne Thornhill as Non-Executive Director, Effective 1 November 2024 RTC Group plc announced the appointment of Wayne Thornhill to the board of RTC as non-executive director, effective 1 November 2024. Wayne will also take on the role of independent chair of the remuneration committee. Wayne is a Fellow of the Institute of Chartered Accountants in England & Wales and has extensive experience managing United Kingdom and international businesses, both publicly listed and privately owned, through periods of rapid growth and change. He has significant experience of corporate transactions including preparing companies for flotation, delisting, reverse-takeover, Class 1 transactions and mergers and acquisitions, and has handled both debt and equity fundraisings and refinancings. Wayne qualified with Arthur Andersen in London and has spent over 25 years working with boards and shareholders to drive shareholder value, typically in a main board CFO/COO capacity. Wayne is currently CEO of QStory, a leading provider of software solutions in the workforce management and engagement space. Wayne studied American History and Politics at the University of East Anglia and at the University of Colorado's Boulder campus. He hails from Manchester and lives in London with his family. The names of all companies and partnerships of which Wayne Thornhill, aged 59, is, or has been a director or partner at any time in the previous five years are set out below: Current directorships or partnerships: QStory Limited; QStory Inc; QStory Limited (Ireland); QStory South Africa (Pty); LS PMS Limited; Anchor Mews Management Company Limited. Previous directorships or partnerships (in the last five years): Ecotor Technologies Limited. Companies that went into liquidation or administration which Wayne Thornhill was a director of at the time or the twelve months preceding, include: BCCL Realisations Limited, which appointed administrators on 1 June 2007 and was dissolved following liquidation on 19 March 2010. Burgundy Global Limited, which appointed administrators on 1 June 2007 and was dissolved following liquidation on 18 March 2010. SQM3 Limited, was dissolved via compulsory strike-off on 23 January 2018, within twelve months of Wayne Thornhill resigning as director. SQI3 Solutions Limited, was dissolved via compulsory strike-off on 23 January 2018, within twelve months of Wayne Thornhill resigning as director. Mr. Thornhill does not currently hold any shares in the Company. Ankündigung • Oct 02
RTC Group plc Announces Appointment of Nick Spoliar as Non-Executive Director RTC Group plc announced the appointment of Nick Spoliar to the Board of the Company as Non-Executive Director effective 1 October 2024. Nick will also take on the role of independent chair of the audit committee. Nick is currently Director of Research at Zeus Capital. He is an experienced analyst who has followed a wide range of companies in the London market ranging from large cap to small over the past twenty-plus years and has been involved in numerous IPO's and fundraisings. As an analyst, he has focused primarily on the Support Services/Business Services sectors. He started his career as an analyst at the No. 1 rated Paper/Packaging team at Credit Lyonnais (Laing & Cruickshank) and has worked at firms with mid-Cap credentials such as Panmure Gordon, Bridgewell, Arbuthnot, and Altium. He holds a first-class degree from Oxford University, is a past winner of Starmine prizes, and in 2019 was short-listed for Small-Cap analyst of the Year by the Small Cap Network. Upcoming Dividend • Aug 29
Upcoming dividend of UK£0.011 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (1.8%). Reported Earnings • Jul 26
First half 2024 earnings released: EPS: UK£0.06 (vs UK£0.052 in 1H 2023) First half 2024 results: EPS: UK£0.06 (up from UK£0.052 in 1H 2023). Revenue: UK£49.0m (up 7.6% from 1H 2023). Net income: UK£878.0k (up 18% from 1H 2023). Profit margin: 1.8% (up from 1.6% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Ankündigung • Jul 24
RTC Group plc Proposes an Interim Dividend, Payable on 1 October 2024 The Directors of RTC Group plc proposed an interim dividend of 1.10 pence per share (2023: 1.0 pence per share). The interim dividend will be paid on 1 October 2024 to shareholders on the register on 6 September 2024. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to UK£1.15, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 20x in the Professional Services industry in the United Kingdom. Total returns to shareholders of 146% over the past three years. Ankündigung • May 31
RTC Group plc Announces the Appointment of Paul Crompton to the Board as Executive Director, Effective 1 July 2024 RTC Group plc announced the appointment of Paul Crompton to the Board of the Company as Executive Director effective 1 July 2024. Paul is a highly experienced civil engineer with over 25 years of expertise across various industries including transportation, energy, and recruitment. Graduating in 1995, he honed his expertise in engineering and project management through roles at Volker Rail and Bechtel, contributing to the successful delivery of several major projects in the UK, including High Speed 1. Transitioning into the recruitment sector in 2005, Paul initially served as an Operations Director for Vital Rail before assuming the role of Managing Director at Ganymede Solutions Limited, a subsidiary of RTC Group Plc, in 2013. Under his leadership, Ganymede has grown into one of the UK's leading suppliers of recruitment and workforce solutions in safety critical environments. Paul has also been instrumental in the development and growth of Ganymede's Energy division. Paul's appointment to the Board is well-deserved and he will be a key contributor to the development and enhancement of RTC Group strategy. Paul Stewart Crompton, 49, is currently a director of the following companies: Ganymede Solutions Limited. Upcoming Dividend • May 30
Upcoming dividend of UK£0.045 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 08 July 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.8%). Buy Or Sell Opportunity • May 18
Now 20% undervalued Over the last 90 days, the stock has risen 33% to UK£0.90. The fair value is estimated to be UK£1.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 13
Now 22% undervalued Over the last 90 days, the stock has risen 40% to UK£0.88. The fair value is estimated to be UK£1.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: UK£0.13 (vs UK£0.024 loss in FY 2022) Full year 2023 results: EPS: UK£0.13 (up from UK£0.024 loss in FY 2022). Revenue: UK£98.8m (up 37% from FY 2022). Net income: UK£1.85m (up UK£2.20m from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 25
RTC Group plc, Annual General Meeting, Jun 05, 2024 RTC Group plc, Annual General Meeting, Jun 05, 2024, at 11:00 Coordinated Universal Time. Location: Derby Conference Centre, London Road London United Kingdom New Risk • Feb 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (UK£10.4m market cap, or US$13.1m). Ankündigung • Nov 29
RTC Group plc to Report Fiscal Year 2023 Results on Mar 25, 2024 RTC Group plc announced that they will report fiscal year 2023 results on Mar 25, 2024 New Risk • Nov 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (UK£7.62m market cap, or US$9.49m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Ankündigung • Aug 10
RTC Group plc Appoints Andy Pendlebury as Executive Chairman RTC Group plc announced that, in addition to his role as chief executive officer, Andy Pendlebury has been appointed executive chairman with immediate effect. Ankündigung • Aug 01
RTC Group plc Announces Demise of Chairman Bill Douie RTC Group Plc announced that its founder and chairman, Bill Douie, has died suddenly. Reported Earnings • Jul 27
First half 2023 earnings released: EPS: UK£0.052 (vs UK£0.024 loss in 1H 2022) First half 2023 results: EPS: UK£0.052 (up from UK£0.024 loss in 1H 2022). Revenue: UK£45.6m (up 32% from 1H 2022). Net income: UK£747.0k (up UK£1.09m from 1H 2022). Profit margin: 1.6% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 28
Full year 2022 earnings released: UK£0.024 loss per share (vs UK£0 in FY 2021) Full year 2022 results: UK£0.024 loss per share (further deteriorated from UK£0 in FY 2021). Revenue: UK£71.9m (down 7.5% from FY 2021). Net loss: UK£351.0k (down UK£356.0k from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Group Finance Director, Company Secretary & Director Sarah Dye was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£109.0k from profit in 1H 2021). Profit margin: (down from 0.3% in 1H 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). Group Finance Director, Company Secretary & Director Sarah Dye was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: UK£0 (vs UK£0.047 in FY 2020) Full year 2021 results: EPS: UK£0 (down from UK£0.047 in FY 2020). Revenue: UK£77.7m (down 4.5% from FY 2020). Net income: UK£5.0k (down 99% from FY 2020). Profit margin: 0% (down from 0.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Ankündigung • Mar 29
RTC Group plc, Annual General Meeting, Jun 01, 2022 RTC Group plc, Annual General Meeting, Jun 01, 2022, at 11:30 Coordinated Universal Time. Location: Derby Conference Centre, London Road Derby United Kingdom Ankündigung • Feb 10
RTC Group plc to Report Fiscal Year 2021 Results on Mar 28, 2022 RTC Group plc announced that they will report fiscal year 2021 results on Mar 28, 2022 Reported Earnings • Jul 28
First half 2021 earnings released: EPS UK£0.008 (vs UK£0.012 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: UK£40.5m (up 1.6% from 1H 2020). Net income: UK£109.0k (down 36% from 1H 2020). Profit margin: 0.3% (down from 0.4% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Executive Departure • May 05
Senior Independent Non-Executive Director has left the company On the 30th of April, Brian May's tenure as Senior Independent Non-Executive Director ended after 5.6 years in the role. As of December 2020, Brian personally held only 30.00k shares (UK£13k worth at the time). Brian is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS UK£0.047 (vs UK£0.096 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: UK£81.4m (down 14% from FY 2019). Net income: UK£666.0k (down 51% from FY 2019). Profit margin: 0.8% (down from 1.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Is New 90 Day High Low • Feb 18
New 90-day high: UK£0.45 The company is up 27% from its price of UK£0.35 on 20 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: UK£0.45 The company is up 19% from its price of UK£0.38 on 23 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: UK£0.41 The company is up 8.0% from its price of UK£0.39 on 25 August 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: UK£0.35 The company is down 4.0% from its price of UK£0.37 on 29 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 1.0% over the same period. Ankündigung • Jun 17
RTC Group plc to Report First Half, 2020 Results on Aug 03, 2020 RTC Group plc announced that they will report first half, 2020 results on Aug 03, 2020