Acquisition of WTW and Associates Ltd ("WTW")
18 March 2008
WTW was established in 2002. From its base in the UK it provides geological and engineering consultancy services to major oil and gas companies on an international basis. The business is complementary to that currently operated by RPS's existing energy business, particularly in respect of its work for National Oil Companies and in the Middle East. It will be integrated with RPS Energy and the managing director and staff are remaining with RPS.
In the year ended 30 June 2007 WTW had revenues of £3.6 million and adjusted profit before tax of £0.3 million (having normalised certain vendor costs). Net assets at 30 June 2007 were £0.5 million.
RPS is acquiring the entire share capital of WTW, from six individual owners, for a total cash consideration of £1.85 million. £1.35 million was paid at completion. A further £0.5 million will be paid over the next two years provided certain operational conditions are met.
Alan Hearne, CEO of RPS commented:
"Despite its relatively small size WTW has an excellent reputation. Access to RPS's additional resources and expertise will enable it to enhance the service it offers its clients and grow into the next stage of its development."
18 March 2008
RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the natural and built environments and the health and safety of people. We trade in the UK, Ireland, the Netherlands, Poland, North America, South East Asia and Australia and undertake projects in many other parts of the world.
|RPS Group plc|
|Dr Alan Hearne, Chief Executive||Tel: 01235 863 206|
|Gary Young, Group Finance Director|
|Justine Warren||Tel: 020 7457 2020|