At the time of the publication of our 2008 Interim Results on 31 July, we indicated that the Group's trading in the first half of the year was robust. That trend has continued and the Group remains well positioned to deliver results for the full year in line with expectations. As was the case in the first half of the year, Energy and Environmental Management continued to perform well, compensating for some UK Planning and Development clients postponing investment decisions.
The integration of the seven acquisitions made in the first half of the year has continued successfully. During the second half we have announced, on 19 September, the acquisition of a specialist laboratory, Mountainheath Services Ltd, for a maximum consideration of £1.9 million. This is now part of the Environmental Management business. On 10 October we announced the acquisition of a further Energy business, Paras Ltd, for a maximum consideration of £6.4 million. We continue to review acquisition opportunities across the Group.
The Group's balance sheet remains strong. We have bank facilities of £100 million in place until 2013. At the end of September, following good conversion of profit into cash, the Group's net bank debt was £36.7 million, down from £38.8 million at 30 June 2008
Brook Land, Chairman, commented:
"RPS is diverse and resilient with a proven business model. Our broad range of services, combined with our expanding geographic footprint, give the Board continued confidence about the outlook for the current year."
29 October 2008
|RPS Group plc|
|Dr Alan Hearne, Chief Executive||Tel: 01235 863 206|
|Gary Young, Finance Director|
|Justine Warren/Matthew Smallwood||Tel: 020 7457 2020|
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, Australia and South East Asia 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.
Forward looking statements
This announcement contains certain forward looking statements with respect to the financial conditions, 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.