Group Results for 2016
02 February 2017
These Results are available in PDF format
The Group's results for 2016 will be announced on 2 March 2017.
Unaudited management accounts indicate that the Group's trading result for 2016, as measured by PBTA, approached the level of the 2015 audited result. The second half performance in 2016 was materially better than the first half, having benefited from improved profitability in Energy, significant currency movements and a lower level of reorganisation cost.
The Group's 2015 result included a £7.0 million provision for doubtful debts in Energy. Towards the end of 2016 a significant proportion of the debt provided was recovered, resulting in the reversal of provisions totalling approximately £4.2m. Even excluding this provision reversal, the Group result was still well above current market expectations.
The Group's conversion of profit into cash in the year was, once again, strong. Year end net bank debt reduced to about £84 million, from £95 million at the end of June. As a result, year end leverage (net bank debt plus deferred consideration to adjusted ebitda) reduced to approximately 1.6 times, from 2.2 at the end of June. The Board anticipates recommending a final dividend per share which, if approved, would result in an unchanged full year dividend of 9.74 pence.
2 February 2017
|RPS Group plc||Tel: 01235 863206|
|Dr Alan Hearne, Chief Executive|
|Gary Young, Finance Director|
|Instinctif Partners||Tel: 020 7457 2020|
RPS define, design and manage projects in the property, energy, transport water, defence and security and resources sectors across 125 countries. We have offices in the UK, Ireland, the Netherlands, Norway, the United States, Canada and Australia Asia Pacific and undertake projects in many other parts of the world.
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.