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Interim Results

RPS reports significant profit improvement

04 August 2017 07:30

RPS reported significant profit improvement over H1 2016, resulting from organic growth, margin improvement, reduced re-organisation costs and currency benefit.

Highlights:

- PBTA up 35% to £27.2m (2016: £20.2m)

- Adjusted EPS (basic) up 35% to 8.71p (2016: 6.44p)

- Statutory profit before tax up 88% to £20.4m (2016: £10.9m)

- Net bank borrowings £93.4m (June 2016: £95m)

- Leverage reduced to 1.5 times (June 2016: 2.2 times)

- Cash conversion 62% (2016: 101%)

- Dividend increased 3% to 4.8p (2016: 4.66p)

- Three regional segments working well

- Platform established to return to growth in 2017

CEO Alan Hearne said: "The Group's strategy of building a diverse international business has enabled RPS to emerge rapidly and effectively from the severe oil and gas downturn of the last two years.

"The creation of our three regional businesses enables us to look confidently to the future.

"In recent years our acquisitions in both Norway and Australia have been directed towards project management consultancy, particularly in respect of large scale infrastructure projects.

"These businesses performed well. We see this as an important new activity for the Group, reducing our dependency on the resources sectors and providing a more flexible business model.

"The reduction in our dependence upon the oil and gas market, the continuing impact of good cost management and the strong results for the first half of the year enable us to anticipate modestly exceeding market expectations for the full year."

Story provided by StockMarketWire.com

Related Company: RPS

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