5th Mar 2008 07:00
RPS Group PLC05 March 2008 RPS GROUP PLC Preliminary Results for the Year ended 31 December 2007 RPS Group Plc ("RPS" or "the Group") today announces record results for the yearended 31 December 2007 with profit (before tax and amortisation) up 30% andearnings per share up 26%. 2007 2006 Revenue (£m) 362.7 296.8 +22%Fee income (£m) 305.1 246.0 +24%Profit before taxation* (£m) 45.0 34.7 +30%Earnings per share* (basic) (pence) 15.17 12.01 +26% * before amortisation of acquired intangible assets of £0.5m (2006: £0.1m). Highlights • all three segments of the Group performed well • excellent conversion of profit to cash • the acquisition of quality businesses has continued and the pipeline is encouraging • dividend raised 15% for 8th consecutive year • balance sheet remains strong with net borrowings at £32.6m (2006: £30.1m) • committed bank facilities recently increased from £70m to £100m and extended to 2013 • accelerating concerns about global energy supply and climate change provide major opportunities for future growth • identified as one of Britain's top 20 employers for 2008 • the Board remains confident about the Group's prospects. Brook Land, Chairman, commenting on the results, said: "2007 was another very successful year for RPS. All parts of the Group performedwell. Our strategy of supplementing good organic growth with the acquisition ofquality businesses continued to be successfully implemented, while cash flow andthe balance sheet were kept under firm control. Acquisitions made in 2007support our continued growth and further acquisitions are likely. We are ideally positioned to assist our clients deal with the related problemsof climate change and the need to access safe and secure sources of energy. Wefinished 2007 strongly and the Board anticipates that this momentum will enableRPS to deliver another good result in 2008." 5 March 2008 ENQUIRIES RPS Group plc Today: 020 7457 2020Dr Alan Hearne, Chief Executive Thereafter: 01235 863206Gary Young, Finance Director College HillJustine Warren Tel: 020 7457 2020Matthew Smallwood RPS is an international consultancy providing advice upon the development ofnatural resources, land and property, the management of the environment and thehealth and safety of people. We trade in the UK, Ireland, the Netherlands,North America, South East Asia and Australia and undertake projects in manyother parts of the world. The Group is a constituent of both the FTSE 250 andFTSE 4 Good Indices. In order to assist in the reduction of greenhouse gas emissions and eventuallyreduce global warming the staff of RPS have set themselves the task of reducingenergy consumption by 5% each year, using 2007 as the base. If successful wewill halve our (per capita) energy use by 2020. Introduction RPS is an international consultancy providing advice upon the development ofnatural resources, land and property, the management of the environment and thehealth and safety of people. The Group seeks to ensure continuous improvement in the range and quality of ourservices and our financial performance by: • operating in markets where we can add value to our clients' activities; • endeavouring to achieve leadership in those markets; and • making acquisitions of quality businesses in order to extend our expertise and geographical presence. The Board remains confident that this strategy will continue to offer our staffchallenging and rewarding careers, whilst continuing to deliver growth and goodreturns for our shareholders. 2007 Results Profit (before tax and amortisation of acquired intangibles) was £45.0 million(2006: £34.7 million). Basic earnings per share (before amortisation) were15.17 pence (2006: 12.01 pence). Operating cash flow was £45.4 million (2006:£40.7 million). After funding acquisition consideration of £26.6 million, theGroup had net borrowings of £32.6 million at 31 December (2006: £30.1 million). Dividend The Board is recommending a final dividend of 1.66 pence per share payable on 29May 2008 to shareholders on the register on 11 April 2008. The total dividendfor the full year will be 3.18 pence, an increase of 15% (2006: 2.76 pence).Our dividend has risen at this rate for a number of years, providingshareholders with a significant increase in real income. Operations and Markets Energy We provide consultancy services on an international basis to the oil and gasindustries from bases in the UK, USA, Canada, Australia, Malaysia and Singapore. In the UK we also provide advice to both the onshore and offshore renewablesindustry. The business had another outstanding year; fee income, profit andmargin all grew substantially. Strong organic growth was coupled with a numberof important acquisitions. 2007 2006 Fee income (£m's) 101.2 76.0 +33%Segment profit* (£m's) 18.7 12.7 +47%Margin 18.4% 16.7% * before amortisation of acquired intangible assets of £155k (2006: £2k) Demand for our services from oil and gas exploration and production companiesreached record levels. This reflects both buoyant market conditions and ourposition as a world leader in this sector. The requirements of the developedworld to identify and secure long term supplies of energy, coupled with theincreasing energy needs of developing nations, suggest that activity in thismarket will remain at a high level for the foreseeable future. We seeincreasing interest from clients in the combination of the geological,engineering, environmental and safety expertise that we provide. RPS's reputation within the financial community in respect of determination ofoil and gas reserves for reporting purposes, and in support of corporateactivity, developed encouragingly during the year. The oil and gas companies andtheir advisors value the breadth and depth of our expertise, including ourenvironmental experience. Our increasing profile has enabled us to develop successful recruitment andretention strategies, despite continuing demands for skilled staff in thesector. The acquisitions made during the course of 2007 enhanced our staffbase, whilst also enabling us to develop materially our businesses in NorthAmerica and Australia. The geological, engineering and environmental skills we have are proving to beof significant value to developers of offshore wind farms around the UK coast.Working with the planning and environmental assessment capability we have in ourPlanning & Development business, our Energy staff have been involved in schemeswhich account for about 90% of the UK offshore wind farm capacity, including theLondon Array, the world's largest offshore scheme. The UK Government recentlyannounced further major expansion in offshore wind capacity; this should alsobenefit us. JD Consulting, acquired in December 2007 and located in Texas, iscurrently advising upon a proposal for one of the world's largest onshore windfarms. Planning and Development Within this business we provide consultancy services in respect of town andcountry planning, building, landscape and urban design, transport planning andhighway design and environmental assessment. We remain leaders in this market inthe UK, Ireland and Western Australia, operating for blue chip clients in boththe public and private sectors. These businesses all performed well in 2007 andhave ambitious plans for 2008; in part these are built upon the increasingrequirement for all new development to be sustainable. 2007 2006 Fee income (£m's) 138.3 113.2 +22%Segment profit* (£m's) 26.2 21.0 +25%Margin 19.0% 18.6% * before amortisation of acquired intangible assets of £296k (2006: £127k) In the UK our ability to advise upon the full range of issues relevant to thedevelopment of sustainable communities and secure planning permission for largecomplex schemes remains attractive to clients. In consequence, we continue towork on some of the UK's largest regeneration and infrastructure projects. Ourability to handle complex sustainability issues helps us to secure this work andexecute it at the high level needed to secure the permissions needed by ourclients. We are also involved in both the waste and minerals sectors, in whichsecuring planning permission has become far more complex. Our relationshipswith the UK's largest housebuilders remain good, as they continue to seek to addto the value of their land banks. Our planning business is also able to assist clients in other parts of the Groupsecure planning permissions for capital projects, for example, in the energy andwater sectors. The UK Government has recently confirmed its support for theconstruction of a new generation of nuclear power stations. We are alreadyactive in this market and are anticipating a significant involvement in theprocess of securing the permissions necessary before these new facilities can beconstructed; this would provide work over a number of years. The Irish Government continues to invest in ambitious plans for theinfrastructure development made necessary by the economic growth alreadyexperienced and that anticipated. The National Development Plan 2007-2013targets "Economic Infrastructure" as its main priority, with €54.6bn identifiedfor expenditure on roads, public transport, water, airports and energyinfrastructure. We benefit significantly from this investment. Our work in theprivate sector in Ireland also remains buoyant, as economic investment followsthis public expenditure. We are also managing the Climate Change AwarenessCampaign, the largest ever Government funded public information campaign inIreland. Our activities in the planning and development market in Australia continue toexpand rapidly. The long term potential of this market has encouraged us todevelop a plan to grow these activities substantially. We are now seeing thebenefits of this and continue to expect our Australian business to growsignificantly in coming years. As climate change, energy efficiency and other environmental issues grow inimportance, our competitive advantage in these markets should continue toincrease. Environmental Management This business provides consultancy services in respect of health, safety, riskand environmental management in the UK and the Netherlands and the management ofwater resources in the UK. During the course of the year through theacquisition of MetOcean in Australia we extended both the range of our servicesand geographical reach of the business. The results in 2007 were excellent. 2007 2006 Fee income (£m's) 70.4 61.3 +15%Segment profit* (£m's) 9.2 7.6 +22%Margin 13.0% 12.3% * before amortisation of acquired intangible assets of £80k (2006: nil) Our business servicing the UK water industry had another good year. We areworking on long term commissions for the majority of the water companies. RPS'sspecific strengths in the water industry coupled with our environmentalcredentials position us well to help with problems created by water shortagesand legislation seeking to secure environmental improvement. The UK market inhealth & safety consultancy has generally remained strong, driven by increasingstatutory obligations as awareness of the importance of managing these mattersmore carefully has heightened. The imminent introduction of the requirement forowners of certain types of commercial property to secure Energy PerformanceCertificates illustrates the opportunities likely to arise as a result of theneed to use energy more efficiently. In the Netherlands the recent acquisition of Kraan signals our increasingconfidence in both the market and prospects for our business. Funding The conversion of profit into cash continued at a high level and our balancesheet remains strong. Net borrowings at the year end were £32.6 million. TheGroup's overall debt position benefited from the disposal of property in Irelandand the UK with resulting proceeds of £4.1 million. The profit from thosedisposals was offset entirely by dilapidations liabilities in respect of certainleasehold properties and a significant onerous lease provision. Since the year end the Group has completed the acquisition of Kraan in theNetherlands. This, together with the acquisitions made in 2007, means that wehave maximum cash commitments in respect of deferred consideration andoutstanding loan notes related to acquisitions of £9.1 million in 2008, £9.6million in 2009 and £3.5 million in 2010. Shares to the value of £0.2 millionwill be issued in 2008 to the vendors of acquired businesses. We have recently increased our committed bank facilities from £70 million to£100 million and extended them until 2013. Our cash generation, in conjunctionwith these facilities and an ability to use equity in transactions, means thatwe are well positioned to continue our acquisition strategy. We have a numberof encouraging prospects in the pipeline; these in conjunction with those maderecently will assist in the maintenance of good levels of growth. Review of Business Prospects The excellent growth we have achieved in recent years has been recognised by therecent KPMG survey of the 500 fastest growing European companies.(1) At thesame time we have recently been identified as one of the top 20 best employersin Britain.(2) This suggests we have dealt well with the challenge ofrecruiting and retaining the high quality staff we need to sustain our growth.As a result of our acquisition strategy we have also developed good skills inbringing together teams of high quality professionals from a range ofdisciplines and helping them work together. In the coming years we are likelyto deploy these skills on an increasingly international basis. The last year has seen a dramatic increase in the profile given to thepotentially severe effect of climate change and the actions necessary to containand eventually reverse the global warming process. Balancing the way energy issecured from various sources, managing its use to limit further environmentaldamage whilst planning further economic growth and urban development has becomea fundamental challenge of this century. It is one which RPS is extremely wellpositioned to advise upon and will enable us to build further momentum andprovides opportunities for all our businesses. The Board believes theseopportunities will more than outweigh any potential adverse consequences ofpossible economic turbulence. Our continued investment in the energy sector has enabled us to internationaliseour activities in a significant but measured way. Consequently, we now havestrong businesses in the USA, Canada and Australia as well as substantialcontracts relating to oil and gas exploration and production in many parts ofthe developing world, including India, Russia and China. We have successfully begun the process of expanding our activities in Australiainto planning and development and environmental management. Whilst this processis in the early stages we are confident it can be extended substantially.Australia is also a good base from which to develop our activities in Asia,where we already have offices in Malaysia and Singapore. In a similar fashion, there are opportunities to develop the full range of ouractivities in both the USA and Canada. As in Europe and Australia, the planningand development and environmental management sectors in North America are highlyfragmented and will provide a good long term basis for growth. On 23 January we announced that RPS had a strong end to trading in 2007; thismomentum has carried into the start of 2008. The opportunities available to usare significant and wide ranging. We have a diverse, robust and resilientbusiness and remain confident about continuing the growth of RPS. Board of Directors RPS Group plc 5 March 2008Consolidated income statement Notes year year ended 31 ended 31 December December 2007 2006 audited audited £000's £000's Revenue 2 362,674 296,843 Recharged expenses 2 (57,566) (50,832) Fee income 2 305,108 246,011 Operating profit 2,3 47,975 37,482 Interest payable and similar charges 4 (3,792) (3,052) Interest receivable 4 296 160 Profit before tax and amortisation of acquired 45,010 34,719 intangibles Amortisation of acquired intangibles (531) (129) Profit before tax 44,479 34,590 Tax expense 5 (13,569) (10,508) Profit for the year attributable to equity 30,910 24,082 holders of the parent Basic earnings per share (pence) 6 14.99 11.94 Diluted earnings per share (pence) 6 14.78 11.68 Basic earnings per share before amortisation of 6 15.17 12.01 acquired intangibles (pence) Diluted earnings per share before amortisation of 6 14.95 11.74 acquired intangibles (pence) Consolidated statement of recognised income and expense year ended 31 year ended 31 December December 2007 2006 audited audited £000's £000's Exchange differences 5,787 (1,939)Actuarial loss on defined benefit pension scheme - (88)Tax recognised directly in equity 743 1,690Income and (expense) recognised directly in equity 6,530 (337) Profit for the year 30,910 24,082 Total recognised income for the year attributable to equity 37,440 23,745holders of the parent Consolidated balance sheet as at as at 31 December 31 December 2007 2006 audited audited Notes £000's £000's Assets Non-current assets Intangible assets 210,839 176,929 Property, plant and equipment 21,706 18,344 Deferred tax assets 114 2,465 232,659 197,738 Current assets Trade and other receivables 119,504 93,296 Cash at bank 10,884 9,964 130,388 103,260 Liabilities Current liabilities Borrowings 174 410 Deferred consideration 8,939 11,559 Trade and other payables 62,750 48,863 Corporation tax liabilities 3,434 4,330 Provisions 595 361 75,892 65,523 Net current assets 54,496 37,737 Non-current liabilities Borrowings 43,340 39,683 Deferred consideration 10,453 6,895 Other creditors 1,320 330 Provisions 4,508 1,633 59,621 48,541 Net assets 227,534 186,934 Equity Share capital 7 6,319 6,163 Share premium 7 93,225 89,836 Other reserves 8 17,516 11,107 Retained earnings 7 110,474 79,828 Total shareholders' equity 7 227,534 186,934 Consolidated cash flow statement year year ended 31 ended 31 December December audited audited 2007 2006 Notes £000's £000's Cash generated from operations 45,393 40,663 9Interest paid (3,967) (2,930)Interest received 296 160Income taxes paid (12,925) (10,291)Net cash from operating activities 28,797 27,602 Cash flows from investing activitiesPurchases of subsidiaries net of cash acquired (15,758) (12,184)Deferred consideration (10,846) (10,220)Purchase of property, plant and equipment (5,811) (4,481)Sale of property, plant and equipment 4,239 712Net cash used in investing activities (28,176) (26,173) Cash flows from financing activitiesProceeds from issue of share capital 1,730 1,030Proceeds from sale of own shares 1,293 -Proceeds from bank borrowings 3,001 4,504Payment of finance lease liabilities (149) (109)Dividends paid (6,144) (5,201) Payment of pre-acquisition dividend - (500)Net cash used in financing activities (269) (276) Net increase in cash and cash equivalents 352 1,153 Cash and cash equivalents at beginning of year 9,805 9,593 Effect of exchange rate fluctuations 727 (941) Cash and cash equivalents at end of year 10,884 9,805 9 Cash and cash equivalents comprise:Cash at bank 10,884 9,964Bank overdraft - (159) Cash and cash equivalents at end of year 10,884 9,805 Notes to the consolidated financial statements 1. Basis of preparation The consolidated financial statements, as well as comparatives for 2006, havebeen prepared under International Financial Reporting Standards (IFRS) adoptedby the EU. They are presented in pounds sterling, rounded to the nearestthousand. The accounting policies used have been applied consistently to all periodspresented in these financial statements. The accounting policies used are thesame as set out in detail in the Report and Accounts 2006. 2. Business segments The Group comprises the following business segments: Planning and Development - consultancy services in the UK, Ireland and Australiarelated to town and country planning, urban design, architecture, transportplanning and highway design, environmental impact assessment and provision ofwater and waste utilities and energy infrastructure. Environmental Management - consultancy services in the UK, the Netherlands andAustralia related to health, safety and risk management, environmental scienceand the management of water services. Energy - the provision of consultancy services, on an international basis, tothe oil and gas and renewable energy sectors. Segment results for the year ended 31 December 2007 Planning & Environmental Energy Eliminations Consolidated Development Management £000's £000's £000's £000's £000's Revenue 164,972 83,199 119,327 (4,824) 362,674Recharged expenses (26,721) (12,754) (18,091) - (57,566)Fee Income 138,251 70,445 101,236 (4,824) 305,108 Segment profit 26,209 9,174 18,662 - 54,045Amortisation (296) (80) (155) - (531) 53,514 Unallocated expenses (5,539) Operating profit 47,975 Segment results for the year ended 31 December 2006 Planning & Environmental Energy Eliminations Consolidated Development Management £000's £000's £000's £000's £000's Revenue 134,377 73,143 93,807 (4,484) 296,843Recharged expenses (21,147) (11,874) (17,811) - (50,832)Fee Income 113,230 61,269 75,996 (4,484) 246,011 Segment profit 21,026 7,550 12,729 - 41,305Amortisation (127) - (2) - (129) 41,176 Unallocated expenses (3,694) Operating profit 37,482 As previously reported on 28 June 2007 certain changes were made to thecomposition of the segments. The results for the year ended 31 December 2006 inthe table above reflect those changes. 3. Operating profit The following items have been included in arriving at operating profit duringthe year ended 31 December 2007 (2006: nil): £000's Profit on disposal of freehold property 3,135 Provision for dilapidations (2,514)Onerous property lease provision (585) 36 4. Net financing costs year ended year ended 31 Dec 31 Dec 2007 2006 £000's £000'sInterest payable and similar chargesInterest on loans, overdraft and finance leases (2,838) (2,258)Interest imputed on deferred consideration (655) (629)Interest payable on deferred consideration (299) (165) (3,792) (3,052)Interest receivableDeposit interest receivable 296 160 Net financing costs (3,496) (2,892) 5. Income taxes year ended year ended 31 Dec 31 Dec 2007 2006 £000's £000'sCurrent tax UK corporation tax 7,817 6,716 Foreign tax 5,394 2,500 13,211 9,216 Deferred tax expense 358 1,292 Tax expense for the year 13,569 10,508 6. Earnings per share The calculations of basic and diluted earnings per share were based on theprofit attributable to ordinary shareholders and a weighted average number ofordinary shares outstanding during the related period as shown in the tablesbelow: year ended 31 year ended 31 Dec Dec 2007 2006 £000's £000's Profit attributable to ordinary shareholders 30,910 24,082 000's 000's Weighted average number of ordinary shares 206,256 201,635Dilutive shares to be issued as deferred consideration 92 1,059Diluted effect of employee shares schemes 2,827 3,518Diluted weighted average number of ordinary shares 209,175 206,212 Basic earning per share (pence) 14.99 11.94 Diluted earnings per share (pence) 14.78 11.68 The directors consider that earnings per share before amortisation provides amore meaningful measure of the Group's performance than statutory earnings pershare. The calculation of basic and diluted earnings per share beforeamortisation were based on the weighted average number of ordinary sharesoutstanding during the year as shown above and the profit attributable toordinary shareholders before the amortisation on acquired intangible assets andthe tax thereon as shown in the table below: year ended year ended 31 Dec 31 Dec 2007 2006 £000's £000's Profit attributable to ordinary shareholders 30,910 24,082Amortisation of acquired intangibles 531 129 Tax on amortisation of acquired intangibles (159) -Adjusted profit attributable to ordinary shareholders 31,282 24,211 Basic earnings before per share before amortisation (pence) 15.17 12.01 Diluted earnings per share before amortisation (pence) 14.95 11.74 7. Statement of changes in equity Share Share Retained Other Total equity capital premium earnings reserves £000's £000's £000's £000's £000's At 1 January 2006 6,048 88,043 59,345 8,435 161,871Changes in equity during 2006Actuarial loss - - (88) - (88)Tax recognised directly in equity - - 1,690 - 1,690Exchange differences - - - (1,939) (1,939)Net income recognised directly in equity - - 1,602 (1,939) (337)Profit for the year - - 24,082 24,082Total recognised income and expense for the - - 25,684 (1,939) 23,745yearIssue of new ordinary shares 115 1,793 - 3,151 5,059Own shares issued - - - (642) (642)Share based payment expense - - - 1,659 1,659Shares to be issued - - - 443 443Dividends - - (5,201) - (5,201)At 31 December 2006 6,163 89,836 79,828 11,107 186,934 Changes in equity during 2007Tax recognised directly in equity - - 743 - 743Exchange differences - - - 5,787 5,787Net income recognised directly in equity - - 743 5,787 6,530Profit for the year - - 30,910 - 30,910Total recognised income and expense for the - - 31,653 5,787 37,440yearTransfer (note 8) - - 4,053 (4,053) -Issue of new ordinary shares 156 3,451 (1,281) 4,057 6,383Sale of own shares - - 671 622 1,293Share based payment expense - - 2,142 - 2,142Tax on share based payment expense - - (448) - (448)Expenses of issue of equity shares - (62) - - (62)Shares to be issued - - - (4) (4)Dividends - - (6,144) - (6,144)At 31 December 2007 6,319 93,225 110,474 17,516 227,534 8. Other reserves Merger Employee Share scheme Shares to be Translation Total other reserve trust shares reserve issued reserve reserves £000's £000's £000's £000's £000's £000's At 1 January 2006 5,738 (2,400) 2,394 3,307 (604) 8,435Changes in equity during 2006Exchange differences - - - - (1,939) (1,939)Issue of new shares 4,904 - - (1,753) - 3,151Own shares issued - (642) - - - (642)Share based payment expense - 1,659 - - 1,659Shares to be issued - - - 443 - 443At 31 December 2006 10,642 (3,042) 4,053 1,997 (2,543) 11,107 Changes in equity during 2007Exchange differences - - - - 5,787 5,787Transfer to retained earnings - - (4,053) (4,053)Issue of new shares 6,351 (523) - (1,771) - 4,057Sale of own shares - 622 - - - 622Shares to be issued - - - (4) - (4)At 31 December 2007 16,993 (2,943) - 222 3,244 17,516 9. Notes to the consolidated cash flow statement year ended year ended 31 Dec 31 Dec 2007 2006 £000's £000's Profit before tax 44,479 34,590Adjustments for: Interest payable and similar charges 3,792 3,052 Interest receivable (296) (160) Depreciation 4,758 4,001 Amortisation of acquired intangibles 531 129 Share based payment expense 2,142 1,659 Profit on sale of property, plant and equipment (3,224) - Provision for dilapidations 2,514 - Provision for onerous lease 585 - Increase in trade and other receivables (14,018) (7,422) Increase in trade and other payables 4,130 4,814 Cash generated from operations 45,393 40,663 The table below provides an analysis of net borrowings, comprising cash and cashequivalents, interest bearing bank loans and finance leases, during the yearended 31 December 2007. At 31 Dec Cash flow Foreign At 31 Dec 2006 exchange 2007 £000's £000's £000's £000's Cash and cash equivalents 9,805 352 727 10,884Bank loans (39,624) (3,001) (721) (43,346)Finance lease creditor (310) 149 (7) (168) Net borrowings (30,129) (2,500) (1) (32,630) 10. Events after the balance sheet date On 6 February 2008, RPS Groep BV completed the acquisition of 100% of theshare capital of Kraan Consulting Holding BV for a maximum total considerationof €6,475,000 (£4,798,000) payable in cash. Consideration paid at completion was€4,025,000 (£2,983,000). Subject to certain operational requirements being met,a further €1,200,000 (£889,000) will be paid on 1 March 2009 and €1,250,000(£926,000) will be paid on 1 March 2010. 11. The financial information set out above does not constitute the company'sfull statutory accounts for the year ended 31 December 2007 for the purposes ofsection 240 of the Companies Act 1985, but it is derived from those accountsthat have been audited. Statutory accounts for 2006 have been delivered to theRegistrar of Companies. The auditors have reported on those accounts; theirreport was unqualified and did not include an emphasis of matter statement. Theauditor's report did not contain statements under the Companies Act 1985, S237(2) or (3). 12. It is expected that the annual report and accounts will be posted toshareholders on or before 21 April 2008. Further copies may be obtained afterthat date from the Company Secretary, RPS Group plc, Centurion Court, 85 MiltonPark, Abingdon, Oxfordshire OX14 4RY. Forward-looking statements This announcement contains certain forward-looking statements with respect tothe financial condition, results of operations and businesses of RPS Group PLC.These statements involve risk and uncertainty because they relate to events anddepend upon circumstances that will occur in the future. There are a number offactors that could cause actual results or developments to differ materiallyfrom those expressed or implied by these forward-looking statements. Nothing inthis announcement should be construed as a profit forecast. -------------------------- (1) "Europe's Top 500 Job Creating companies "(October 2007). (2) "Britain's Top Employers 2008", Guardian Books. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RPS.L