4th Feb 2010 07:00
RPS GROUP PLC
("RPS" or "the Group")
Preliminary Results Notification
RPS intends to announce Preliminary Results for the year ended 31 December 2009 on 3 March 2010.
Based on unaudited management accounts the Board expects full year profit (before tax and amortisation) to be within the range of published analysts forecasts. Working capital management during the year was good with the result that net bank debt at the year end was approximately £33 million. The Group has bank facilities of £125 million in place until 2013.
Following the acquisition of Conics in July 2009 we reviewed the segmentation of the business and have made two changes.
1. in respect of Planning and Development we have separated the results for the businesses in Britain, Ireland and Australia;
2. we have moved the results of those activities in Environmental Management which primarily supply services to energy clients and projects to the Energy segment.
The effect of these changes on the 2008 results is given below in note 1. These will be directly comparable to the 2009 results when published. The effect of the changes on the 2009 interim results is given in note 2. These will be directly comparable to the 2010 interim results when published. The effect of these changes on the 2008 interim results is given in note 3.
4 February 2010
|
ENQUIRIES
|
|
|
RPS Group plc |
Tel: 01235 863 206 |
|
Dr Alan Hearne, Chief Executive |
|
|
Gary Young, Group Finance Director
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|
|
College Hill |
Tel: 020 7457 2020 |
|
Justine Warren Matthew Smallwood |
|
RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We trade in the UK, Ireland, the Netherlands, North America and Australia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good Indices.
Note 1
Revised business segment results for the year ended 31 December 2008
|
£'000 |
Fees |
Recharged expenses |
Inter-segment revenue |
External revenue
|
|
Planning & Development
|
|
|
|
|
|
GB
|
81,962 |
13,274 |
(1,692) |
93,544 |
|
Ireland
|
69,569 |
23,111 |
(299) |
92,381 |
|
Australia |
15,840 |
7,069 |
(113) |
22,796
|
|
Intra P&D eliminations
|
(521) |
- |
521 |
- |
|
Total Planning & Development |
166,850 |
43,454 |
(1,583) |
208,721 |
|
Energy
|
157,990 |
24,334 |
(443) |
181,881 |
|
Environmental Management |
70,260 |
10,581
|
(978) |
79,863 |
|
Group eliminations
|
(3,004) |
- |
3,004 |
- |
|
Total |
392,096 |
78,369 |
0 |
470,465 |
|
£'000 |
Underlying Profit |
Reorganisation costs |
Amortisation of acquired intangibles |
Segment result
|
|
Planning & Development
|
|
|
|
|
|
GB
|
17,672 |
(1,013) |
(844) |
15,815 |
|
Ireland
|
7,699 |
- |
- |
7,699 |
|
Australia |
5,183 |
- |
(213) |
4,970
|
|
Total Planning & Development |
30,554 |
(1,013) |
(1,057) |
28,484 |
|
Energy
|
30,463 |
- |
(1,069) |
29,394 |
|
Environmental Management
|
8,982 |
-
|
(564) |
8,418 |
|
Total |
69,999 |
(1,013) |
(2,690) |
66,296 |
Reconciliation of previously reported to revised segment results for the year ended 31 December 2008
|
£'000 |
Planning & Development |
Energy |
Environmental Management |
Group eliminations |
Total
|
|
Fees |
|
|
|
|
|
|
Previously reported |
165,180 |
139,586 |
92,741 |
(5,411) |
392,096 |
|
Re-allocation |
1,670 |
18,404 |
(22,481) |
2,407 |
- |
|
Revised |
166,850 |
157,990 |
70,260 |
(3,004) |
392,096 |
|
|
|
|
|
|
|
|
Re-charged expenses |
|
|
|
|
|
|
Previously report |
(41,341) |
(21,802) |
(15,226) |
- |
(78,369) |
|
Re-allocation |
(2,113) |
(2,532) |
4,645 |
- |
- |
|
Revised |
(43,454) |
(24,334) |
(10,581) |
- |
(78,369) |
|
|
|
|
|
|
|
|
Inter-segment revenue |
|
|
|
|
|
|
Previously reported |
- |
- |
- |
- |
- |
|
Re-allocation |
(1,583) |
(443) |
(978) |
3,004 |
- |
|
Revised |
(1,583) |
(443) |
(978) |
3,004 |
- |
|
|
|
|
|
|
|
|
External revenue |
|
|
|
|
|
|
Previously reported |
206,521 |
161,388 |
107,967 |
(5,411) |
470,465 |
|
Re-allocation |
2,200 |
20,493 |
(28,104) |
5,411 |
- |
|
Revised |
208,721 |
181,881 |
79,863 |
- |
470,465 |
|
|
|
|
|
|
|
|
Underlying profit |
|
|
|
|
|
|
Previously reported |
30,316 |
25,842 |
13,841 |
- |
69,999 |
|
Re-allocation |
238 |
4,621 |
(4,859) |
- |
- |
|
Revised |
30,554 |
30,463 |
8,982 |
- |
69,999 |
|
|
|
|
|
|
|
|
Re-organisation costs |
|
|
|
|
|
|
Previously reported |
(1,013) |
- |
- |
- |
(1,013) |
|
Re-allocation |
- |
- |
- |
- |
- |
|
Revised |
(1,013) |
- |
- |
- |
(1,013) |
|
|
|
|
|
|
|
|
Amortisation of acquired intangibles |
|
|
|
|
|
|
Previously reported |
(1,057) |
(663) |
(970) |
- |
(2,690) |
|
Re-allocation |
- |
(406) |
406 |
- |
- |
|
Revised |
(1,057) |
(1,069) |
(564) |
- |
(2,690) |
|
|
|
|
|
|
|
|
Segment result |
|
|
|
|
|
|
Previously reported |
28,246 |
25,179 |
12,871 |
- |
66,296 |
|
Re-allocation |
238 |
4,215 |
(4,453) |
- |
- |
|
Revised |
28,484 |
29,394 |
8,418 |
- |
66,296 |
|
|
|
|
|
|
|
Note 2
Revised segment results for the six months ended 30 June 2009
|
£'000 |
Fees |
Recharged expenses |
Inter-segment revenue |
External revenue
|
|
Planning & Development
|
|
|
|
|
|
GB
|
34,649 |
4,388 |
(868) |
38,169 |
|
Ireland
|
33,154 |
9,206 |
(78) |
42,282 |
|
Australia |
7,991 |
4,118 |
- |
12,109
|
|
Intra P&D eliminations
|
(433) |
- |
433 |
- |
|
Total Planning & Development |
75,361 |
17,712 |
(513) |
92,560 |
|
Energy
|
76,610 |
13,290 |
(225) |
89,675 |
|
Environmental Management
|
35,136 |
4,579
|
(420) |
39,295 |
|
Group eliminations
|
(1,158) |
- |
1,158 |
- |
|
Total |
185,949 |
35,581 |
- |
221,530 |
|
£'000 |
Underlying Profit |
Reorganisation costs |
Amortisation of acquired intangibles |
Segment result
|
|
Planning & Development
|
|
|
|
|
|
GB
|
7,866 |
(1,319) |
(468) |
6,079 |
|
Ireland
|
3,712 |
(494) |
- |
3,218 |
|
Australia |
2,417 |
(10) |
(131) |
2,276
|
|
Total Planning & Development |
13,995 |
(1,823) |
(599) |
11,573 |
|
Energy
|
15,965 |
(168) |
(926) |
14,871 |
|
Environmental Management
|
5,472 |
(180)
|
(184) |
5,108 |
|
Total |
35,432 |
(2,171) |
(1,709) |
31,552 |
Reconciliation of previously reported to revised segment results for the six months ended 30 June 2009
|
£'000 |
Planning & Development |
Energy |
Environmental Management |
Group eliminations |
Total
|
|
Fees |
|
|
|
|
|
|
Previously reported |
77,021 |
64,743 |
46,697 |
(2,512) |
185,949 |
|
Re-allocation |
(1,660) |
11,867 |
(11,561) |
1,354 |
- |
|
Revised |
75,361 |
76,610 |
35,136 |
(1,158) |
185,949 |
|
|
|
|
|
|
|
|
Re-charged expenses |
|
|
|
|
|
|
Previously report |
(17,582) |
(11,985) |
(6,014) |
- |
(35,581) |
|
Re-allocation |
(130) |
(1,305) |
1,435 |
- |
- |
|
Revised |
(17,712) |
(13,290) |
(4,579) |
- |
(35,581) |
|
|
|
|
|
|
|
|
Inter-segment revenue |
|
|
|
|
|
|
Previously reported |
- |
- |
- |
- |
- |
|
Re-allocation |
(513) |
(225) |
(420) |
1,158 |
- |
|
Revised |
(513) |
(225) |
(420) |
1,158 |
- |
|
|
|
|
|
|
|
|
External revenue |
|
|
|
|
|
|
Previously reported |
94,603 |
76,728 |
52,711 |
(2,512) |
221,530 |
|
Re-allocation |
(2,043) |
12,947 |
(13,416) |
2,512 |
- |
|
Revised |
92,560 |
89,675 |
39,295 |
- |
221,530 |
|
|
|
|
|
|
|
|
Underlying profit |
|
|
|
|
|
|
Previously reported |
14,276 |
12,381 |
8,775 |
- |
35,432 |
|
Re-allocation |
(281) |
3,584 |
(3,303) |
- |
- |
|
Revised |
13,995 |
15,965 |
5,472 |
- |
35,432 |
|
|
|
|
|
|
|
|
Re-organisation costs |
|
|
|
|
|
|
Previously reported |
(1,826) |
(139) |
(206) |
- |
(2,171) |
|
Re-allocation |
3 |
(29) |
26 |
- |
- |
|
Revised |
(1,823) |
(168) |
(180) |
- |
(2,171) |
|
|
|
|
|
|
|
|
Amortisation of acquired intangibles |
|
|
|
|
|
|
Previously reported |
(791) |
(565) |
(353) |
- |
(1,709) |
|
Re-allocation |
192 |
(361) |
169 |
- |
- |
|
Revised |
(599) |
(926) |
(184) |
- |
(1,709) |
|
|
|
|
|
|
|
|
Segment result |
|
|
|
|
|
|
Previously reported |
11,659 |
11,677 |
8,216 |
- |
31,552 |
|
Re-allocation |
(86) |
3,194 |
(3,108) |
- |
- |
|
Revised |
11,573 |
14,871 |
5,108 |
- |
31,552 |
Note 3
Revised segment results for the six months ended 30 June 2008
|
£'000 |
Fees |
Recharged expenses |
Inter-segment revenue |
External revenue
|
|
Planning & Development
|
|
|
|
|
|
GB
|
42,397 |
5,732 |
(489) |
47,640 |
|
Ireland
|
34,104 |
10,087 |
(47) |
44,144 |
|
Australia |
7,117 |
2,977 |
(75) |
10,019
|
|
Intra P&D eliminations
|
(187) |
- |
187 |
- |
|
Total Planning & Development |
83,431 |
18,796 |
(424) |
101,803 |
|
Energy
|
72,400 |
11,758 |
(331) |
83,827 |
|
Environmental Management
|
35,454 |
5,390
|
(607) |
40,237 |
|
Group eliminations
|
(1,362) |
- |
1,362 |
- |
|
Total |
189,923 |
35,944 |
- |
225,867 |
|
£'000 |
Underlying Profit |
Reorganisation costs |
Amortisation of acquired intangibles |
Segment result
|
|
Planning & Development
|
|
|
|
|
|
GB
|
9,313 |
- |
(338) |
8,975 |
|
Ireland
|
3,500 |
- |
- |
3,500 |
|
Australia |
2,538 |
- |
(98) |
2,440
|
|
Total Planning & Development |
15,351 |
- |
(436) |
14,915 |
|
Energy
|
14,385 |
- |
(459) |
13,926 |
|
Environmental Management
|
4,601 |
-
|
(242) |
4,359 |
|
Total |
34,337 |
- |
(1,137) |
33,200 |
Reconciliation of previously reported to revised segment results for the six months ended 30 June 2008
|
£'000 |
Planning & Development |
Energy |
Environmental Management |
Group Eliminations |
Total
|
|
Fees |
|
|
|
|
|
|
Previously reported |
80,915 |
64,942 |
46,313 |
(2,247) |
189,923 |
|
Re-allocation |
2,516 |
7,458 |
(10,859) |
885 |
- |
|
Revised |
83,431 |
72,400 |
35,454 |
(1,362) |
189,923 |
|
|
|
|
|
|
|
|
Re-charged expenses |
|
|
|
|
|
|
Previously reported |
(17,645) |
(10,507) |
(7,792) |
- |
(35,944) |
|
Re-allocation |
(1,151) |
(1,251) |
2,402 |
- |
- |
|
Revised |
(18,796) |
(11,758) |
(5,390) |
- |
(35,944) |
|
|
|
|
|
|
|
|
Inter-segment revenue |
|
|
|
|
|
|
Previously reported |
- |
- |
- |
- |
- |
|
Re-allocation |
(424) |
(331) |
(607) |
1,362 |
- |
|
Revised |
(424) |
(331) |
(607) |
1,362 |
- |
|
|
|
|
|
|
|
|
External revenue |
|
|
|
|
|
|
Previously reported |
98,560 |
75,449 |
54,105 |
(2,247) |
225,867 |
|
Re-allocation |
3,243 |
8,378 |
(13,868) |
2,247 |
- |
|
Revised |
101,803 |
83,827 |
40,237 |
- |
225,867 |
|
|
|
|
|
|
|
|
Underlying profit |
|
|
|
|
|
|
Previously reported |
15,057 |
12,445 |
6,835 |
- |
34,337 |
|
Re-allocation |
294 |
1,940 |
(2,234) |
- |
- |
|
Revised |
15,351 |
14,385 |
4,601 |
- |
34,337 |
|
|
|
|
|
|
|
|
Amortisation of acquired intangibles |
|
|
|
|
|
|
Previously reported |
(439) |
(231) |
(467) |
- |
(1,137) |
|
Re-allocation |
3 |
(228) |
225 |
- |
- |
|
Revised |
(436) |
(459) |
(242) |
- |
(1,137) |
|
|
|
|
|
|
|
Forward-looking statements
This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of RPS Group PLC. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. The current range of published analysts forecasts for profit (before tax and amortisation) for 2009, which the RPS board is aware of, is £52.0 million to £54.7 million.
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