18th Sep 2014 06:38
LONDON (Alliance News) - RPS Group PLC Thursday said it has secured a deal to buy Australian project management consultancy Point Project Management Pty Ltd for up to AUD31 million.
RPS, the FTSE 250 energy resources and environmental consultancy, will buy the entire issued share capital of Canberra-based Point for AUD31 million in cash. The two directors selling the business and all other Point staff will remain with the company.
RPS said Point posted pretax profit of AUD6.2 million on revenue of AUD32.5 million in the year to June 30.
"Point has an excellent reputation and track record, particularly in the Australian defence sector. Its skills will complement the services RPS currently provides in Australia and enable us further to rebalance our business towards the non-resources parts of the economy," said RPS Chief Executive Alan Hearne.
Hearne added Point will add to its profit in the second half of the year and would make a "significant contribution" in 2015. He briefly cautioned, however, that its contribution for this year would be held back by the reduced activity seen in the group's energy arm due to the political unrest in Kurdistan and Iraq.
By Sam Unsted; [email protected]; @SamUAtAlliance
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