17th Apr 2008 07:01
RPS Group PLC17 April 2008 RPS GROUP PLC ("RPS" or "the Group") Acquisition of The GeoCet Group LLC ("GeoCet") Notification of Publication of Interim Management Statement RPS announces the acquisition of Geocet, a consultancy based in the US, whichprovides environmental advice to the oil and gas and other industries, togetherwith notification of the date of its first Interim Management Statement. GeoCet was established as a Texas Limited Liability Company in 2002 and operatesfrom offices in Houston. It provides a range of environmental services and hasa particular specialism in environmental compliance and mitigation includingmarine mammal observation. The company has extensive experience working withoil and gas exploration companies and government agencies writing andimplementing protected species watch programmes during geophysical operationsand marine construction projects. GeoCet will be integrated with RPS's existing energy business in the US. Thebusiness was purchased from the two founder directors both of whom have signedservice agreements and will be remaining with RPS for at least two years. Theother 29 GeoCet staff are also remaining with RPS. In the year ended 31 December 2007, GeoCet had revenues of $4.0million (£2.1million), profit before tax of $1.1 million (£0.6 million) and net assets of$0.3 million (£0.16 million). RPS is acquiring the entire share capital of GeoCet for a maximum total cashconsideration of $2.3 million (£1.2 million), of which $1.15 million (£0.6million) was paid at completion. Subject to certain operational conditionsbeing met, the balance of the consideration, $1.15 million (£0.6 million), willbe paid, in two equal parts, on 16 April in 2009 and 2010 respectively. RPS will publish an Interim Management Statement describing the Group's progressduring the first quarter of 2008 at 7am on 23 April. Brook Land, Chairman of RPS commented: "GeoCet is a niche business with an excellent reputation. The skills which itsstaff bring to RPS extend further the range of support we can give our clientsin the oil and gas exploration and production sector." 17 April 2008 RPS is an international consultancy providing advice upon the development ofnatural resources, land and property, the management of the natural and builtenvironments and the health and safety of people. We trade in the UK, Ireland,the Netherlands, Poland, North America, South East Asia and Australia andundertake projects in many other parts of the world. ENQUIRIES RPS Group plcDr Alan Hearne, Chief Executive Tel: 01235 863 206Gary Young, Group Finance Director College HillJustine Warren /Matthew Smallwood Tel: 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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