1st May 2018 08:49
LONDON (Alliance News) - Engineering services firm RPS Group PLC said Tuesday its first quarter trading was "steady" and in line with its expectations, with profit slightly ahead despite the Easter break dragging on profit for the period.
For the three months ended March, fee income rose to GBP141.9 million from GBP141.3 million the year prior on a reported basis. At constant currency, revenue rose to GBP141.9 million from GBP135.9 million the year before.
Profitability, however, was lower than the same period the last year. Nonetheless, profit remained "slightly above" management expectations. Profit performance was hampered by the Easter holiday break falling into part of March in 2018, in addition to the effect of foreign currency movements.
RPS said its Built & Natural Environment unit was experiencing "steady" market conditions in all its main markets. In BNE North American, however, it was finding it difficult to recruit staff which was hampering progress but said market conditions remained "good." In BNE Australia Asia Pacific markt conditions were described as "generally favourable."
The Energy unit at RPS had seen a "marked increase" in the level of enquiries and general market activity. This additional interest and activity, however, "has yet to translate into additional work".
Net debt grew to GBP87.0 million from GBP80.6 million the year prior.
Shares in RPS were 1.0% higher at 261.00 pence on Tuesday.
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RPS.L