RNS Announcements

2020

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2019

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2018

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2017

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2016

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2015

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2014

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2013

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2012

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2011

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2010

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2009

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m

 

2008

Accounting policy changes

22 April 2020

RPS, a leading multi-sector global professional services firm, announces that the Board has approved the following changes in accounting policy for our non-IFRS revenue measures:

  • Definition of Fee Income amended
  • New category of revenue called Pass Through Costs introduced
  • Recharged Expenses no longer reported

These changes take effect from 1 January 2020.  There is no impact on profit or cash flow as a result of these changes in any reporting period.  The decision to make these changes in accounting policy has been taken in line with the Group's plan to improve its financial framework in conjunction with the previously announced ERP programme and is not related to any actions initiated by RPS due to the COVID-19 pandemic.

The definition of Fee Income and related Recharged Expenses as stated in the Group's 2019 Annual Report is as follows:

'Fee Income represents the Group's personnel, subcontractor and equipment time and expertise sold to clients.  Recharged Expenses is the recharge of costs incidental to fulfilling the Group's contracts, for example mileage, flights, subsistence, accommodation, and subcontractor costs on which a negligible margin is earned by the Group.'

To date Fee Income, which in future will be called Fee Revenue, has included the revenue from subcontractors on which a non-negligible margin is earned by the Group.

The revised definition of Fee Revenue and the definition of Pass Through Costs are as follows:

'Fee Revenue is revenue from activity where RPS adds value.  Specifically, this is the revenue from the Group's resource pool, that consists of its employees and associates, equipment and software, plus profit on Pass Through Costs.  Pass Though Costs is a category of revenue representing costs incurred when delivering projects that are not directly related to the Group's resource pool. Such costs are recovered from clients and examples include the cost of subcontractors, travel, accommodation and subsistence.'

The effects of the change in definitions are that (1) the revenue from recharging the cost of subcontractors will be treated as Pass Through Costs and will not be included in Fee Revenue and (2) the profit earned on recharging sub-contractor costs and other incidental costs will be reported in Fee Revenue.

The key reasons for the revised definitions are that they:

  • Reduce judgement when deciding what is Fee Revenue;
  • Provide a better reflection of the underlying growth in revenue that adds value;
  • Give improved information on resource requirements and the size and nature of the resource pool;
  • Allow a better reflection of productivity and profitability of the Group's own resources.

The change in definition will necessitate a restatement of previously announced results for the three months ended 31 March 2019, the six months ended 30 June 2019, the three months ended 30 September 2019 and the year ended 31 December 2019.

The restatement of these results is shown below in Appendix 1.

For further information:

RPS Group plc
John Douglas, Chief Executive
Gary Young, Finance Director
Tel: +44 (0) 1235 863 206
www.rpsgroup.com


Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tilly Abraham Tel: +44 (0) 20 7466 5000
[email protected] www.buchanan.uk.com

 

Notes to Editors

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 programme management, design and development, water services, environment, advisory and management consulting, exploration and development, planning and approvals, health, safety and risk, oceans and coastal, laboratories, training and communications, creative & digital 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 www.rpsgroup.com.

 

Appendix 1

Fee Revenue for six months ended 30 June 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

47,500

8,700

(402)

55,798

 

Consulting UK & Ireland

63,939

14,602

(823)

77,718

 

Services UK & NL

50,944

7,210

(1,071)

57,083

 

Norway

36,148

437

(81)

36,504

 

North America

23,433

6,842

(142)

30,133

 

AAP

44,079

8,515

(153)

52,441

 

Eliminations

-

(2,672)

2,672

-

 

Total

266,043

43,634

-

309,677

 

 

 

 

 

 

 

Fee Income for six months ended 30 June 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

50,467

5,733

(402)

55,798

 

Consulting UK & Ireland

63,414

15,127

(823)

77,718

 

Services UK & NL

53,320

4,834

(1,071)

57,083

 

Norway

36,150

435

(81)

36,504

 

North America

29,796

479

(142)

30,133

 

AAP

49,289

3,305

(153)

52,441

 

Eliminations

(2,185)

(487)

2,672

-

 

Total

280,251

29,426

-

309,677

 

 

 

 

 

 

 

Restatement adjustments for the six months ended 30 June 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(2,967)

8,700

(5,733)

-

-

Consulting UK & Ireland

525

14,602

(15,127)

-

-

Services UK & NL

(2,376)

7,210

(4,834)

-

-

Norway

(2)

437

(435)

-

-

North America

(6,363)

6,842

(479)

-

-

AAP

(5,210)

8,515

(3,305)

-

-

Eliminations

2,185

(2,672)

487

-

-

Total

(14,208)

43,634

(29,426)

-

-

 

 

 

 

 

 

 

Fee Revenue for year ended 31 December 2019 as restated

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Inter-segment revenue

External revenue

 

Energy

104,323

16,782

(1,000)

120,105

 

Consulting UK & Ireland

126,157

29,189

(1,279)

154,067

 

Services UK & NL

96,577

14,549

(1,729)

109,397

 

Norway

64,744

839

(184)

65,399

 

North America

46,088

13,263

(509)

58,842

 

AAP

90,314

14,690

(215)

104,789

 

Eliminations

-

(4,916)

4,916

-

 

Total

528,203

84,396

-

612,599

 

 

 

 

 

 

 

Fee Income for year ended 31 December 2019 as originally presented

 

 

 

 

 

 

£000's

Fee revenue

Recharged expenses

Inter-segment revenue

External revenue

 

Energy

110,571

10,534

(1,000)

120,105

 

Consulting UK & Ireland

127,589

27,757

(1,279)

154,067

 

Services UK & NL

101,390

9,736

(1,729)

109,397

 

Norway

64,746

837

(184)

65,399

 

North America

58,305

1,046

(509)

58,842

 

AAP

98,314

6,690

(215)

104,789

 

Eliminations

(4,415)

(501)

4,916

-

 

Total

556,500

56,099

-

612,599

 

 

 

 

 

 

 

Restatement adjustments for the year ended 31 December 2019

 

 

 

 

 

 

£000's

Fee revenue

Pass through costs

Recharged expenses

Inter-segment revenue

External revenue

Energy

(6,248)

16,782

(10,534)

-

-

Consulting UK & Ireland

(1,432)

29,189

(27,757)

-

-

Services UK & NL

(4,813)

14,549

(9,736)

-

-

Norway

(2)

839

(837)

-

-

North America

(12,217)

13,263

(1,046)

-

-

AAP

(8,000)

14,690

(6,690)

-

-

Eliminations

4,415

(4,916)

501

-

-

Total

(28,297)

84,396

(56,099)

-

-

 

 

 

 

 

 

Fee Revenue for the 3 months ended 31 March 2019 as restated

£134.3m

Fee Income for the 3 months ended 31 March 2019 as originally presented

£140.8m

Fee Revenue for the 3 months ended 30 September 2019 as restated

£132.0m

Fee Income for the 3 months ended 30 September 2019 as originally presented

£140m