27th Feb 2014 11:55
LONDON (Alliance News) - RPS Group PLC Thursday said its pretax profit increased in 2013 as revenues rose, buoyed by consultancy sales to the energy sector, and it expects a good performance in 2014 driven by the acquisitions it made.
The energy resources and environmental consultancy said its pretax profit increased 8.5% to GBP43.6 million, from GBP40.2 million in 2012, as revenues increased 2.1% to GBP567.6 million from GBP555.9 million in 2012.
The company said its increased revenues were down to significant improvements in consultancy sales to the energy sector, which offset falls in revenues from its Australia Asia Pacific division, which is heavily exposed to the resources sector. Commodities prices came under pressure in 2013, meaning resources companies are cutting spending.
RPS increased its full year dividend by 15% to 7.36 pence from 6.40 pence the previous year, which it said marked the twentieth consecutive annual increase of this scale.
The company said bought six companies for a total of GBP77 million in 2013 - one training company, two oil and gas consultancies, one project management business, an oceanographic consultancy and a linear infrastructure consultancy.
"We continued to deliver our strategy by investing in a number of high quality acquisitions in attractive markets. The board is confident this will enable us to perform well in 2014," Chairman Brook Land said in a statement.
RPS Group shares were up 1.8% to 322.00 pence, putting it in the top FTSE 250 risers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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