Final Results

19 February 2020

‘FY 2019 in line with expectations, continued strategic progress’

RPS, a leading multi-sector global professional services firm, today announces its Final Results for the year ended 31 December 2019 (‘FY 2019’).


These Results are available in PDF format

Click here to download pdf


FY 2019 FY 2018 FY 2018 at constant currency (1)
Revenue (£m) 612.6 637.4 634.3
Fee income (1) (£m) 556.5 574.2 571.4
PBTA(1) (£m) 37.3 50.2 49.9
Adjusted diluted earnings per share (1) (p) 12.31 16.34 16.24
Total dividend per share (p) 4.42 9.88 9.88
Statutory profit before tax (£m) 4.8 41.0 40.8
Statutory diluted (loss) / earnings per share (p) (0.54) 13.23 13.16


Financial headlines

  • Fee income £556.5m (FY 2018: £574.2m)
  • PBTA £37.3m (FY 2018: £50.2m)
  • EPS (adjusted, diluted) 12.31p (FY 2018: 16.34p)
  • Exceptional items totalling £23.4m (FY 2018: £nil) including goodwill impairment in AAP of £19.8m (FY 2018: £nil)
  • Statutory profit before tax £4.8m (FY 2018: £41.0m)
  • Strong cash conversion 90% (FY 2018: 94%)
  • Net bank borrowing £94.1m (FY 2018: £73.9m; H1 2019: £101.3m); leverage 2.0x (FY 2018: 1.3x)
  • Successfully refinanced the RCF with a committed £100m facility and uncommitted £60m accordion facility
  • Proposed final dividend of 2.00p (FY 2018: 5.08p) providing full year dividend of 4.42p (FY 2018: 9.88p). This follows the rebasing of the dividend announced at H1 2019 and reflects the stated new, sustainable dividend policy of paying out 40% of adjusted earnings

Operational highlights

  • Energy growth strong, reflecting continuing recovery in oil and gas markets
  • Republic of Ireland and Northern Ireland performed well in Consulting
  • As expected, Services impacted ahead of new water regulatory cycle in England and Wales
  • North America impacted by retention and recruitment issues
  • Market conditions in Australia improved in the second half of the year after a difficult first half
  • Designed and built global ERP, implemented in Netherlands and part of Australia

Commenting on the Final Results, John Douglas, Chief Executive, said:

“In FY2019 we had to contend with several headwinds which significantly impacted on the results. We responded to difficult trading conditions, particularly in our Australia Asia Pacific segment. Pleasingly, we saw some stabilisation of market conditions in the UK and elsewhere towards the end of the year.

Despite these headwinds, we made considerable progress in respect of our strategic priorities. We have revitalised our energy business, launched a bold, client-driven brand delivered effectively with measurable impact, are making RPS a great place to do great work and are increasing the connectivity of our businesses. I would like to thank all our people who have worked tirelessly to deliver this progress.

As we enter 2020, trading conditions in our markets are generally satisfactory and we anticipate more stable results from our segments. We will continue to invest, especially to deliver better connectivity, but we will do so in a measured way. We remain focused on building a business that in due course is capable of delivering mid-single digit rates of organic growth and a double-digit operating margin. The Board remains confident in the medium term outlook for the Group and anticipates that the year ahead will be broadly in line with 2019 with growth accelerating in 2021.”


(1) Alternative Performance Measures are used consistently throughout this announcement: these include PBTA, fee income, items prefaced ‘adjusted' such as adjusted EPS, segment profit, underlying profit, underlying operating profit, amounts labelled ‘at constant currency', EBITDAS, conversion of profit into cash, net bank borrowings, leverage. For further details of their purpose, definition and reconciliation to the equivalent statutory measures see note 2.

(2) The Board considers market expectations to be the consensus fee income, PBTA and fully diluted adjusted earnings per share published in the notes of those analysts who regularly follow and interact with the Group.


A meeting for analysts will be held at the office of Buchanan, 107 Cheapside, London, EC2V 6DN commencing at 9.30am. Attendance is strictly limited.

A video webcast of the meeting will be available from 12 noon via the following link:


RPS Group plc
John Douglas, Chief Executive 19 February: +44 (0) 20 7466 5000
Gary Young, Finance Director Thereafter: +44 (0) 1235 863 206
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected]


Founded in 1970, RPS is a leading global professional services firm of 5,000 consultants and service providers. Having operated in 125 countries across six continents RPS defines, designs and manages projects that create shared value for a complex, urbanising and resource scarce world.

RPS delivers a broad range of services in six sectors: property, energy, transport, water, defence and government services and resources. Services provided across RPS' six sectors cover twelve service clusters: project and program management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, heath, safety and risk, oceans and coastal, laboratories, training and communication and creative services.

RPS stands out for its clients by using its deep expertise to solve problems that matter, making them easy to understand. Making complex easy.

RPS' London Stock Exchange ticker is RPS.L. For further information, please visit

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 many 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.

Next trading update: RPS will announce a Q1 2020 trading update in late April 2020.



PBTA was £37.3m (2018: £50.2m, £49.9m at constant currency) on fee income of £556.5m (2018: £574.2m, £571.4m at constant currency). Exceptional items in the year resulted in charges totalling £23.4m (2018: £nil). Profit before tax was £4.8m (2018: £41.0m). The effective rate of tax on PBTA is 25.4% (2018: 26.8%). Adjusted diluted EPS was 12.31p (2018: 16.34p, 16.24p at constant currency). Statutory diluted loss per share was 0.54p (2018 earnings: 13.23p, 13.16p at constant currency).

Profit in FY 2019 suffered marginally from exchange movements on the conversion of non-UK results in comparison to FY 2018. PBTA would have been £0.3m higher than reported had 2018 exchange rates repeated in 2019. PBTA in FY 2018 would have been £0.3m lower than reported if 2019 rates had prevailed in 2018. Statutory profit before tax in FY 2018 would have been £0.2m lower than reported if 2019 exchange rates prevailed in 2018.

Trading performance

£m FY 2019 FY 2018 FY 2018 at constant currency
Energy 11.1 8.9 9.1
Consulting UK and Ireland 15.1 15.4 15.4
Services UK and Netherlands 10.8 13.5 13.5
Norway 6.0 6.2 5.9
North America 3.4 5.1 5.4
AAP 6.4 13.3 12.9
Total segment profit 52.7 62.4 62.2
Unallocated expenses (9.3) (8.4) (8.4)
Adjusted operating profit 43.4 54.0 53.8


Notwithstanding a good performance from Energy, 2019 was a difficult year. Energy benefited from improving market conditions and had a good year. The political uncertainty in the UK impacted on Consulting UK and Ireland for much of the year, although the uncertainty was significantly reduced by the UK general election that took place in December. The performance of Services UK and Netherlands was impacted, as anticipated, by the usual reduction in activity on the England and Wales water business as the current AMP regulatory cycle entered its final year. Despite strong markets in North America our performance was disappointing, largely due to ongoing retention and recruitment challenges in the region and management has accordingly been strengthened, as it was in Norway where we were impacted by the loss of some senior staff during the year. The results of AAP were impacted by the hiatus caused by state and federal elections at the start of the year and a slow property market, although there was some improvement in trading conditions in the latter part of the year. The increase in unallocated costs reflects increased investment in IT to improve the connectivity of our various businesses.

Borrowings and cash flow

Net bank borrowings at the year end were £94.1m (31 December 2018: £73.9m). Net cash from operating activities remained strong at £37.6m (2018: £44.5m). Our conversion of profit into operating cash was again good at 90% (2018: 94%) reflecting our continued focus on collections. Excluding the effect of exceptional items our conversion was 89%. Net cash used in investing activities was £30.9m (2018: £13.4m), the increase reflecting investment in new acquisitions of £10.1m (2018: £0.2m) and higher net capital expenditure of £20.8m (2018: £11.7m) mainly due to investment in a new ERP. The amount paid in respect of dividends was £16.9m (2018: £22.1m).

Deferred consideration outstanding at the year end was £8.7m (31 December 2018: £0.3m). Our leverage (being net bank debt plus deferred consideration expressed as a ratio of adjusted EBITDA) was 2.0x at the year end (31 December 2018: 1.3x). This is at the top end of our desired operating range of between 1.0x and 2.0x other than immediately following an acquisition.

Net finance costs were £6.1m (2018: £3.9m) and include IFRS16 interest of £1.9m (2018: £nil). We expect that net finance costs will rise in 2020 due to a higher average total borrowings and deferred consideration than in 2019.

In July 2019 the Group successfully refinanced its revolving credit facility. We arranged a committed £100m facility and an uncommitted £60m accordion facility. The facilities have a term of three years with the possibility of extending for another two years, with NatWest joining Lloyds Bank and HSBC who provided the original facility.

IFRS 16 ‘Leases' was applied from 1 January 2019 (see note 17) and has impacted the balance sheet and the profit for the year. Right-of-use assets have been recognised at the year end totalling £44.8m (31 December 2018: £nil) whilst lease liabilities associated with those assets totalled £49.8m (31 December 2018: £nil). PBTA in 2019 was reduced by £0.6m (2018: £nil), operating profit increased by £1.3m and finance costs increased by £1.9m.

Amortisation of intangible assets and transaction-related costs

Amortisation of intangible assets and transaction-related costs totalled £9.1m (2018: £9.2m), of which £8.6m was amortisation (2018: £9.2m).

Exceptional items

Exceptional items in 2019 resulted in costs totalling £23.4m (2018: £nil).

These included a goodwill impairment charge of £19.8m relating to the impairment of our business in AAP. Performance of this business was poor in the first half of 2019 and although it improved in the second half, was not as good as anticipated. The Board considered the risks faced by the Australian economy and concluded that the prospects for the business, particularly from historic acquisitions, are less certain than in previous impairment reviews. Consequently, this resulted in the impairment of goodwill.

We completed the global rebranding of RPS, which included a new logo, colour scheme, office signage and a new website for a total cost of £1.0m.

Legal fees totalling £1.4m were incurred investigating potential issues regarding the administration of US government contracts and/or projects. We are continuing to investigate this matter and identify the implications if any of the conduct under review. The impact if any is unknown. The investigation is ongoing and further exceptional costs for legal fees will be incurred in 2020.

Our new ERP has been implemented in the Netherlands and part of Australia. The amount expensed in 2019 in respect of change management and data migration was £1.2m (2018: £nil). Further exceptional cost of this nature will be incurred in 2020 as the roll out of the ERP continues.

We anticipate that total exceptional costs in 2020 will be broadly similar to the amount incurred in 2019 excluding the goodwill impairment charge of £19.8m.


In the Group's Interim Results issued on 1 August 2019 we announced that the dividend had been rebased to reflect a new, sustainable dividend policy. The total dividend payment for the year will be 40% of the adjusted earnings (being profit after tax before amortisation of intangibles and transaction-related costs and tax thereon) for the financial year. Accordingly, the total (paid and proposed) dividend for the year amounts to £10.0m (2018: £22.1m), equivalent to 4.42p per share (2018: 9.88p). The proposed final dividend amounts to £4.5m, equivalent to 2.00p per share (2018: 5.08p) and will be paid on 15 May 2020 to shareholders on the register of members at close of business on 24 April 2020.

Markets and trading


FY 2019 FY 2018 FY 2018 at constant currency
Fee income (£m) 110.6 101.1 102.1
Segment profit * (£m) 11.1 8.9 9.1
Margin (%) 10.0 8.8 8.9

* after reorganisation costs: 2019 £nil, 2018 £0.7m; IFRS 16 adjustment credit: 2019 £0.1m, 2018 £nil


The oil and gas industry continued to recover, especially marine exploration and development, and we benefited from strong demand for our exploration and development, oceans and coastal, and training services. Following debt recoveries, £0.4m of associated bad debt provisions (2018: £1.2m) were reversed in the year. Our work advising clients on renewables is increasing and we remain confident this will provide a robust revenue stream in the future. We intend to invest further in functional support in 2020 and as we do not expect any further bad debt provision reversals, anticipate a broadly similar profit performance to that in 2019.

Consulting - UK and Ireland

FY 2019 FY 2018 FY 2018 at constant currency
Fee income (£m) 127.6 122.1 121.8
Segment profit * (£m) 15.1 15.4 15.4
Margin (%) 11.8 12.6 12.7

* after reorganisation costs: 2019 £nil, 2018 £0.1m; IFRS 16 adjustment credit: 2019 £0.5m, 2018 £nil


Demand for our Consulting services in the Republic of Ireland and Northern Ireland was strong, leading to good fee growth. In the rest of the United Kingdom, market conditions were affected by political uncertainty which impacted clients' investment decisions leading to lower demand in some of our higher margin business units. Following the general election in the UK in December 2019 political uncertainty has reduced although activity levels currently remain subdued in the UK. The segment is capable of fee growth in 2020 but investment in strategic priorities, including preparation for the new ERP, will temper profit performance that we expect will be slightly down compared to 2019.

Services - UK and Netherlands

FY 2019 FY 2018 FY 2018 at constant currency
Fee income (£m) 101.4 110.6 110.2
Segment profit * (£m) 10.8 13.5 13.5
Margin (%) 10.6 12.2 12.2

* after reorganisation costs: 2019 £nil, 2018 £0.1m; IFRS 16 adjustment credit: 2019 £0.1m, 2018 £nil


The demand for our water services in England and Wales was adversely impacted, as expected, as the industry prepared for the new AMP cycle that will commence in April 2020. The Netherlands business performed well, growing both fees and profit having benefitted from organic investments made in 2018. Our health and safety business, which is the smallest division within the segment, had a disappointing year, especially in the provision of occupational health services. Prospects for the segment in FY 2020 rely on the ability of our strong water services business to take advantage of the anticipated cyclical upturn in the sector arising in H2 2020. Our Netherlands business is diversified and operating in satisfactory markets and we expect an improvement in the performance of our health and safety business. Overall, we anticipate growth in this segment in 2020.


FY 2019 FY 2018 FY 2018 at constant currency
Fee income (£m) 64.7 69.0 66.4
Segment profit * (£m) 6.0 6.2 5.9
Margin (%) 9.2 9.0 8.9

* after reorganisation costs: 2019 £0.1m, 2018 £0.8m; IFRS 16 adjustment credit: 2019 £0.1m, 2018 £nil


We remain a leading project and program management services provider in a very attractive and stable economy. The co-location of our teams in Oslo was completed and we are benefitting from working as a fully integrated business. Performance in the first half of the year was good. However, due to the loss of senior staff following the end of acquisition-related restrictive covenants, our second half performance suffered. The process to replace those staff who left us is almost complete. We expect that market conditions will remain stable and anticipate a similar performance in 2020.

North America

FY 2019 FY 2018 FY 2018 at constant currency
Fee income (£m) 58.3 58.7 61.2
Segment profit * (£m) 3.4 5.1 5.4
Margin (%) 5.8 8.7 8.9

* after reorganisation costs: 2019 £0.1m, 2018 £0.1m; IFRS 16 adjustment credit: 2019 £0.2m, 2018 £nil


Ongoing retention and recruitment challenges posed serious challenges in strong markets. During the first half we suffered low work levels in our environment business and project delays in our design and development business During H2 2019 we felt the impact of the loss of a small environmental risk team in California whilst recruitment challenges in very strong design and development markets made it difficult to fulfil all available work. Our ocean and coastal business had a consistently good year. After a difficult year for this segment we are better positioned to take advantage of good market conditions in 2020 and anticipate no further decline.

Australia Asia Pacific

FY 2019 FY 2018 FY 2018 at constant currency
Fee income (£m) 98.3 116.8 113.8
Segment profit * (£m) 6.4 13.3 12.9
Margin (%) 6.5 11.4 11.3

* after reorganisation costs: 2019 £0.6m, 2018 £0.1m; IFRS 16 adjustment credit: 2019 £0.3m, 2018 £nil


Our performance in H1 2019 was adversely affected by state elections that impacted on infrastructure spend and a federal election that impacted the release of major defence projects. Additionally, the property market was subdued. During H2 2019 we witnessed a more buoyant defence sector and the hiatus in infrastructure spend has abated, although the property market remains subdued. After a very challenging first half but with some recovery in the second half of 2019, we move into FY 2020 anticipating modest progress.

Unallocated expenses

Unallocated expenses comprise the costs of the main Board and the Group marketing, people, finance and IT functions. The total unallocated costs for 2019 were £9.3m (2018: £8.4m) with the increase mainly due to investment in IT. Unallocated costs are expected to increase in 2020, mainly due to further investment in IT and our Group people function.


RPS is transitioning from a conglomerate of small consulting and service businesses to becoming a leading mid-sized global firm that uses its combined expertise to deliver professional services around the world. We have made solid progress in respect of each of our strategic priorities:

We have implemented improved processes throughout the Group and have increased the percentage of staff receiving performance reviews to more than 95% this year end (2018: 81%). At the start of 2020 we started the roll-out of a learning and development system that will support all our staff, especially our young professional fee earners. We believe that the measures that we now have in place will lead to further improved employee retention rates in FY 2020 and beyond.

The relaunch of the RPS brand, which commenced towards the end of 2018 and was completed in 2019, has had and continues to provide, a positive impact on the Group. We now have a modern, fresh image that resonates with clients and staff. Our new website is generating increased traffic and enables us to communicate our story and range of services much better to our existing and potential clients.

We have successfully completed the design of our new global ERP system and implemented it in the Netherlands and in a division within our AAP segment. During 2020, we will continue to roll out the system to the remainder of AAP and prepare for implementation in the UK and Ireland. We anticipate that once the system has been fully implemented in 2021, this will provide a substantial competitive edge to the way in which RPS does business.

Our priority to revitalise the Energy business has been successful. We have stabilised and grown this business during the last two years and positioned it to take greater advantage of increasing opportunities in the renewables space on a global basis.

Organic growth and selective acquisition:
The strategic priority to focus on organic growth supported by selective acquisitions remains integral to the Group. In 2019, we announced two exciting acquisitions. The integration of Corview, which we acquired in February 2019, has now been successfully completed. This has added depth to our existing strong advisory capability in AAP. In September 2019, we acquired Reservoir Imaging Limited in the UK, a complementary addition to our Energy segment that strengthened our expertise in the global offshore oil and gas sector, a market that is showing strong signs of good recovery.

Board Change / Global Leadership Team

Today, RPS has also announced the retirement of Gary Young, Group Finance Director, who will be stepping down from the Board at the time of the Company's Annual General Meeting on 30th April 2020. Gary has been with RPS for twenty years and has been a very loyal and devoted member of the Board. Gary provided much needed continuity at the time of significant Board renewal in 2017, for which his colleagues on the Board offer sincere thanks. The time is now right to make way for his successor, Judith Cottrell, currently RPS Group Strategy Director, who will be appointed at the Annual General Meeting.

At the Group's AGM on 1 May 2019, having not sought re-election, Robert Miller-Bakewell, a Non-Executive Director resigned as a Director of the Company. On the same date, Liz Peace was appointed as the Senior Independent Director and Catherine Glickman was appointed as Chairman of the Remuneration Committee.

Post period end, Peter Fearn retired as President and CEO of RPS North America and his successor is Doug Matthys, who has also become a member of the Group Leadership Team. Doug has been with RPS for 12 years and has held a range of roles, most recently as Chief Operating Officer for North America. The Board welcomes Doug to his new role and would also like to extend its sincere thanks to Peter for his extensive contribution to RPS over many years.

Group prospects

The future for RPS is about being at the forefront of changing market trends, identifying growth opportunities and delivering complex solutions in a way that is easy to understand and implement. 2020 will see a continuation of the focus on our people and investing in connectivity across the Group allowing us to build on the deep expertise that our clients have recognised and provide us with a stronger competitive edge in all the markets that we operate in.

As we enter 2020, trading conditions in our markets are generally satisfactory and we anticipate more stable results from our segments. We will continue to invest, especially to deliver better connectivity, but we will do so in a measured way. We remain focused on building a business that in due course is capable of delivering mid-single digit rates of organic growth and a double-digit operating margin. The Board remains confident in the medium term outlook for the Group and anticipates that the year ahead will be broadly in line with 2019 with growth accelerating in 2021.


Board of Directors

RPS Group plc
19 February 2020


Consolidated income statement

Notes Year ended
31 December
Year ended
31 December
£000's 2019 2018
Revenue 3 612,599 637,383
Recharged expenses 2, 3 (56,099) (63,226)
Fee income 2, 3 556,500 574,157
Adjusted operating profit 2, 3 43,377 54,041
Amortisation of acquired intangibles and transaction-related costs 4 (9,106) (9,181)
Exceptional items 5 (23,359) -
Operating profit 10,912 44,860
Finance costs 6 (6,243) (4,111)
Finance income 6 172 232
Profit before tax, amortisation of acquired intangibles, transaction-related costs and exceptional items 2 37,306 50,162
Profit before tax 4,841 40,981
Tax expense 7 (6,072) (11,240)
(Loss) / profit for the year attributable to equity holders of the parent (1,231) 29,741
Basic (loss) / earnings per share (pence) 8 (0.55) 13.34
Diluted (loss) / earnings per share (pence) 8 (0.54) 13.23
Adjusted basic earnings per share (pence) 2, 8 12.43 16.47
Adjusted diluted earnings per share (pence) 2, 8 12.31 16.34


Consolidated statement of comprehensive income

Year ended
31 December
Year ended
31 December
£000's 2019 2018
(Loss) / profit for the year (1,231) 29,741
Actuarial gains and losses on remeasurement of defined benefit pension scheme (83) 677
Tax on remeasurement of defined benefit pension scheme (18) (149)
Exchange differences* (12,263) (2,174)
Total other comprehensive expense (12,364) (1,646)
Total recognised comprehensive (loss) / income for the year attributable to equity holders of the parent (13,595) 28,095

* may be reclassified to profit or loss in accordance with IFRS


Consolidated balance sheet

As at
31 December
As at
31 December
£000's Notes 2019 2018
Non-current assets:
Intangible assets 378,723 385,699
Property, plant and equipment 32,300 32,005
Right-of-use assets 44,766 -
Deferred tax asset 3,856 3,795
459,645 421,499
Current assets:
Trade and other receivables 9 156,990 165,783
Corporation tax receivable 961 635
Cash at bank 17,731 17,986
175,682 184,404
Current liabilities:
Borrowings 11 1,361 2,581
Lease liabilities 10,011 -
Deferred consideration 13 3,105 53
Trade and other payables 10 104,786 117,914
Corporation tax liability - 3,648
Provisions 913 2,119
120,176 126,315
Net current assets 55,506 58,089
Non-current liabilities:
Borrowings 11 110,465 89,280
Lease liabilities 39,784 -
Deferred consideration 13 5,642 249
Other payables 1,474 1,719
Deferred tax liability 6,328 6,405
Provisions 2,921 4,363
166,614 102,016
Net assets 348,537 377,572
Share capital 6,814 6,783
Share premium 121,937 120,400
Retained earnings 195,652 213,656
Merger reserve 21,256 21,256
Employee trust (10,085) (9,801)
Translation reserve 12,963 25,278
Total shareholders' equity 348,537 377,572


Consolidated cash flow statement

Year ended
31 December
Year ended
31 December
£000's Notes 2019 2018
Net cash from operating activities 12 37,602 44,488
Cash flows from investing activities:
Purchases of subsidiaries net of cash acquired (10,053) (165)
Deferred consideration (51) (1,611)
Purchase of property, plant and equipment (13,325) (11,872)
Purchase of intangible assets (7,835) -
Proceeds from sale of assets 384 222
Net cash used in investing activities (30,880) (13,426)
Cash flows from financing activities:
Costs of issue of share capital - (9)
Increase in bank borrowings 23,449 (8,891)
Payment of bank arrangement fees (670) -
Payment of lease liabilities (9,240) -
Dividends paid (16,855) (22,115)
Net cash used in financing activities (3,316) (31,015)
Net increase in cash and cash equivalents 3,406 47
Cash and cash equivalents at beginning of year 15,405 15,376
Effect of exchange rate fluctuations (2,441) (18)
Cash and cash equivalents at end of year 16,370 15,405
Cash and cash equivalents comprise:
Cash at bank 12 17,731 17,986
Bank overdraft 12 (1,361) (2,581)
Cash and cash equivalents at end of year 16,370 15,405


Consolidated statement of changes in equity

At 1 January 2018 6,745 117,790 205,143 21,256 (8,602) 27,452 369,784
Effect of changes in accounting standards - - (521) - - - (521)
Profit for the year - - 29,741 - - - 29,741
Other comprehensive income/(expense) - - 528 - - (2,174) (1,646)
Total comprehensive income/(expense) for the year - - 30,269 - - (2,174) 28,095
Issue of new ordinary shares 38 2,610 (799) - (1,858) - (9)
Share-based payment expense - - 2,338 - - - 2,338
Transfer on release of shares - - (659) - 659 - -
Dividends paid - - (22,115) - - - (22,115)
At 31 December 2018 6,783 120,400 213,656 21,256 (9,801) 25,278 377,572
Effect of changes in accounting standards - - (1,240) - - (52) (1,292)
Loss for the year - - (1,231) - - - (1,231)
Other comprehensive expense - - (101) - - (12,263) (12,364)
Total comprehensive expense for the year - - (1,332) - - (12,263) (13,595)
Issue of new ordinary shares 31 1,537 (566) - (1,002) - -
Share-based payment expense - - 2,707 - - - 2,707
Transfer on release of shares - - (718) - 718 - -
Dividends paid - - (16,855) - - - (16,855)
At 31 December 2019 6,814 121,937 195,652 21,256 (10,085) 12,963 348,537