Investor Relations

Group results for the year ended 31 December 2017

Group results for the year ended 31 December 2017

01 February 2018

Group results for the year ended 31 December 2017

The Group's final results for the year ended 31 December 2017 will be announced on 1 March 2018.

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Unaudited results suggest that the Group's trading result for 2017, as measured by PBTA, was approximately £54m (2016 £50.7m). Profits from each of our segments increased year on year although Energy profits are lower than we expected.

In light of the lower than expected performance of the Energy businesses and uncertain longer-term prospects of the oil industry, the Board has decided to make a goodwill impairment charge of approximately £40m in respect of the Energy businesses.

The Board is committed to revitalising our international oil and gas businesses and meeting the challenges of a changing hydrocarbons market and emerging alternatives.

Our conversion of profit into operating cash flow was again strong. Net bank borrowing at 31 December 2017 was approximately £80.6m (December 2016 £83.4m).

RPS will report its 2017 segmental results consistent with the presentation that was used in 2016 which reported the results of Energy as a separate segment. The appendix to this announcement shows the Interim Results for the six months ended 30 June 2017 restated to be consistent with this revised segmentation.

1 February 2018

 

Enquiries:  
RPS Group plc Tel: 01235 863206
John Douglas, Chief Executive  
Gary Young, Finance Director  
   
Instinctif Partners Tel: 020 7457 2020
Justine Warren  
Matthew Smallwood  

 

The above announcement contains inside information for the purposes of the Market Abuse Regulation.

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, Australia, Malaysia, New Zealand 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.

 

Appendix

Segmental Results for the 6 months ended 30 June 2017 as restated

£000s Fees Expenses Intersegment revenue External Revenue
BNE - Europe 147,014 20,006 (536) 166,484
BNE - North America 35,221 2,232 (123) 37,330
Energy 33,209 5,835 (686) 38,358
AAP 66,970 5,593 (219) 72,344
Group eliminations (1,359) (205) 1,564 -
Total 281,055 33,461 - 314,516

 

£000s Underlying profit Reorganisation costs Segment profit
BNE - Europe 19,517 - 19,517
BNE - North America 4,411 (109) 4,302
Energy 2,998 (236) 2,762
AAP 8,302 (349) 7,953
Total 35,228 (694) 34,534

Segmental Results for the 6 months ended 30 June 2017 as originally presented

£000s Fees Expenses Intersegment revenue External Revenue
Europe 164,449 23,474 (398) 187,525
North America 50,335 4,509 (197) 54,647
AAP 66,970 5,593 (219) 72,344
Group eliminations (699) (115) 814 -
Total 281,055 33,461 - 314,516

 

£000s Underlying profit Reorganisation costs Segment profit
Europe 21,432 (229) 21,203
North America 5,494 (116) 5,378
AAP 8,302 (349) 7,953
Total 35,228 (694) 34,534

Detailed reclassification for the 6 months ended 30 June 2017

£000s Fees Expenses Intersegment revenue External Revenue
Europe (17,435) (3,468) (138) (21,041)
North America (15,114) (2,277) 74 (17,317)
Energy 33,209 5,835 (686) 38,358
AAP - - - -
Group eliminations (660) (90) 750 -
Total - - - -

 

£000s Underlying profit Reorganisation costs Segment profit
Europe (1,915) 229 (1,686)
North America (1,083) 7 (1,076)
Energy 2,998 (236) 2,762
AAP - - -
Total - - -

 

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