Archived Announcements

Director/PDMR Shareholding

23 Dec

RPS GROUP PLC (The Company)

On 23 December 2008 as a result of the purchase and allotment by the RPS Group Plc Share Incentive Plan (an HM Revenue & Customs approved all employee share purchase plan), the executive directors of the Company and persons discharging management responsibility have the following interests as a result of their personal participation in the Plan:-

 

Purchase of Shares on 23 December 2008 £1.405 per share

Allotment of Matching Shares on 23 December £1.405 per share

Total number of Partnership, Matching and Dividend shares held on 23 December 2008

Andrew Troup 89 89 3,440
Gary Young 88 88 6,284
Alan Hearne 89 89 3,282

The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

23 December 2008

Director Shareholding

07 Nov

The Company announces that on 6 November 2008 it was informed that Roger Devlin a Non-Executive Director of the Company had on that day purchased 30,000 ordinary shares of 3p each in the Company at a price of 169 pence per share.

7 November 2008

Enquiries:

RPS Group plc

Tel: 01235 438016

Nicholas Rowe, Company Secretary



The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

Director Shareholding

07 Nov

The Company announces that on 6 November 2008 it was informed that Roger Devlin a Non-Executive Director of the Company had on that day purchased 30,000 ordinary shares of 3p each in the Company at a price of 169 pence per share.

7 November 2008

Enquiries:

RPS Group plc

Tel: 01235 438016

Nicholas Rowe, Company Secretary



The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

Director/PDMR Shareholding

31 Oct

On 31 October 2008 as a result of the purchase and allotment by the RPS Group Plc Share Incentive Plan (an HM Revenue & Customs approved all employee share purchase plan), the executive directors of the Company and persons discharging management responsibility have the following interests as a result of their personal participation in the Plan:-

31 October 2008

 

Purchase of Shares on 31 October 2008 £1.506791 per share
Allotment of Matching Shares on 31 October 2008 £1.506791 per share
Total number of Partnership, Matching and Dividend shares held on 31 October 2008

Andrew Troup

83
83
3,025

Gary Young

84
84
5,828
Alan Hearne
84
84
2,868


The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

Director/PDMR Shareholding

31 Oct

On 31 October 2008 as a result of the purchase and allotment by the RPS Group Plc Share Incentive Plan (an HM Revenue & Customs approved all employee share purchase plan), the executive directors of the Company and persons discharging management responsibility have the following interests as a result of their personal participation in the Plan:-

31 October 2008

 

Purchase of Shares on 31 October 2008 £1.506791 per share
Allotment of Matching Shares on 31 October 2008 £1.506791 per share
Total number of Partnership, Matching and Dividend shares held on 31 October 2008

Andrew Troup

83
83
3,025

Gary Young

84
84
5,828
Alan Hearne
84
84
2,868


The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

Voting Rights and Capital

30 Oct

In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following:

RPS Group plc's capital consists of 212,210,656 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (63,428) from those announced on 30 September 2008 relate to the employee share option scheme, the employee Share Incentive Plan and the UK employee SAYE scheme.

Therefore, the total number of voting rights in RPS Group plc is 212,210,656.

The above figure (212,210,656) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, RPS Group plc under the FSA's Disclosure and Transparency Rules.

30 October 2008

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

Gary Young, Finance Director

College Hill
Justine Warren
Tel: 020 7457 2020


RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We trade in the UK, Ireland, the Netherlands, North America, Australia and South East Asia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good Indices.

Forward looking statements

This announcement contains certain forward looking statements with respect to the financial conditions, results of operations and businesses of RPS Group Plc. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

Voting Rights and Capital

30 Oct

In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following:

RPS Group plc's capital consists of 212,210,656 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (63,428) from those announced on 30 September 2008 relate to the employee share option scheme, the employee Share Incentive Plan and the UK employee SAYE scheme.

Therefore, the total number of voting rights in RPS Group plc is 212,210,656.

The above figure (212,210,656) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, RPS Group plc under the FSA's Disclosure and Transparency Rules.

30 October 2008

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

Gary Young, Finance Director

College Hill
Justine Warren
Tel: 020 7457 2020


RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We trade in the UK, Ireland, the Netherlands, North America, Australia and South East Asia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good Indices.

Forward looking statements

This announcement contains certain forward looking statements with respect to the financial conditions, results of operations and businesses of RPS Group Plc. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

Interim Management Statement

29 Oct

At the time of the publication of our 2008 Interim Results on 31 July, we indicated that the Group’s trading in the first half of the year was robust. That trend has continued and the Group remains well positioned to deliver results for the full year in line with expectations. As was the case in the first half of the year, Energy and Environmental Management continued to perform well, compensating for some UK Planning and Development clients postponing investment decisions.

The integration of the seven acquisitions made in the first half of the year has continued successfully. During the second half we have announced, on 19 September, the acquisition of a specialist laboratory, Mountainheath Services Ltd, for a maximum consideration of £1.9 million. This is now part of the Environmental Management business. On 10 October we announced the acquisition of a further Energy business, Paras Ltd, for a maximum consideration of £6.4 million. We continue to review acquisition opportunities across the Group.

The Group’s balance sheet remains strong. We have bank facilities of £100 million in place until 2013. At the end of September, following good conversion of profit into cash, the Group’s net bank debt was £36.7 million, down from £38.8 million at 30 June 2008

Brook Land, Chairman, commented:

"RPS is diverse and resilient with a proven business model. Our broad range of services, combined with our expanding geographic footprint, give the Board continued confidence about the outlook for the current year."

29 October 2008

ENQUIRIES

RPS Group plc

Dr Alan Hearne, Chief Executive

Tel: 01235 863 206

Gary Young, Finance Director

College Hill
Justine Warren/Matthew Smallwood
Tel: 020 7457 2020


RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We trade in the UK, Ireland, the Netherlands, North America, Australia and South East Asia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good Indices.

Forward looking statements

This announcement contains certain forward looking statements with respect to the financial conditions, results of operations and businesses of RPS Group Plc. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

Interim Management Statement

29 Oct

At the time of the publication of our 2008 Interim Results on 31 July, we indicated that the Group’s trading in the first half of the year was robust. That trend has continued and the Group remains well positioned to deliver results for the full year in line with expectations. As was the case in the first half of the year, Energy and Environmental Management continued to perform well, compensating for some UK Planning and Development clients postponing investment decisions.

The integration of the seven acquisitions made in the first half of the year has continued successfully. During the second half we have announced, on 19 September, the acquisition of a specialist laboratory, Mountainheath Services Ltd, for a maximum consideration of £1.9 million. This is now part of the Environmental Management business. On 10 October we announced the acquisition of a further Energy business, Paras Ltd, for a maximum consideration of £6.4 million. We continue to review acquisition opportunities across the Group.

The Group’s balance sheet remains strong. We have bank facilities of £100 million in place until 2013. At the end of September, following good conversion of profit into cash, the Group’s net bank debt was £36.7 million, down from £38.8 million at 30 June 2008

Brook Land, Chairman, commented:

"RPS is diverse and resilient with a proven business model. Our broad range of services, combined with our expanding geographic footprint, give the Board continued confidence about the outlook for the current year."

29 October 2008

ENQUIRIES

RPS Group plc

Dr Alan Hearne, Chief Executive

Tel: 01235 863 206

Gary Young, Finance Director

College Hill
Justine Warren/Matthew Smallwood
Tel: 020 7457 2020


RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We trade in the UK, Ireland, the Netherlands, North America, Australia and South East Asia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good Indices.

Forward looking statements

This announcement contains certain forward looking statements with respect to the financial conditions, results of operations and businesses of RPS Group Plc. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

Acquisition of Paras Ltd

10 Oct

Paras was formed in 1993 and has developed to become a leading provider of information management and strategy consultancy services to the energy sector. It is headquartered in London and undertakes projects on an international basis.

The company works with major international energy companies to help define and implement successful exploration investment strategies worldwide. It also assists those companies in managing their information more effectively, a particularly important role in an industry that relies heavily on the use of complex data to support its exploration and production processes. Clients include BP, ConocoPhillips and BG Group.

In the year ended 31 October 2007, Paras had revenues of £3.0 million and profit before tax, adjusted to reflect ongoing employment costs for the directors, of £1.0 million. Net assets as at 31 October 2007 were £1.2 million, including £0.9 million of cash.

RPS is acquiring the entire share capital of Paras, for a maximum total consideration of £6.4 million. Consideration paid at completion was £4.7 million, comprising £3.5 million cash and 513,095 new RPS shares at a price of £2.34 per share with a total value of £1.2 million. Subject to certain operational conditions being met, a further £0.6 million will be paid on each of the first and second anniversaries of the transaction and £0.5 million on the third anniversary of the transaction. The vendors of the business are the three executives of Paras, who are remaining with RPS, and four others not employed in the business, including the two non executive directors, who retired from the Paras board at completion of the transaction.

The new RPS shares will rank pari passu in all respects with the existing issued ordinary share capital of RPS. Application will be made to the UK Listing Authority and the London Stock Exchange for the new RPS shares to be admitted to trading on the Official List. Admission is expected to become effective by 17 October 2008.

Alan Hearne, Chief Executive of RPS, commented:

"RPS remains committed to expanding our fast growing international Energy business with further acquisitions. The addition of Paras significantly enhances the high value advisory skills we have developed over the last few years and will assist our Energy business in consolidating its market leading position. The Group’s balance sheet remains strong and further acquisitions are under negotiation."

10 October 2008

RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the natural and built environments and the health and safety of people. We have offices in the UK, Ireland, the Netherlands, North America, Eastern Europe, South East Asia and Australia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good indices.

ENQUIRIES

RPS Group plc

Dr Alan Hearne, Chief Executive

Tel: 01235 863 206

Gary Young, Group Finance Director

College Hill
Justine Warren/Matthew Smallwood
Tel: 020 7457 2020
 
   

Acquisition of Paras Ltd

10 Oct

Paras was formed in 1993 and has developed to become a leading provider of information management and strategy consultancy services to the energy sector. It is headquartered in London and undertakes projects on an international basis.

The company works with major international energy companies to help define and implement successful exploration investment strategies worldwide. It also assists those companies in managing their information more effectively, a particularly important role in an industry that relies heavily on the use of complex data to support its exploration and production processes. Clients include BP, ConocoPhillips and BG Group.

In the year ended 31 October 2007, Paras had revenues of £3.0 million and profit before tax, adjusted to reflect ongoing employment costs for the directors, of £1.0 million. Net assets as at 31 October 2007 were £1.2 million, including £0.9 million of cash.

RPS is acquiring the entire share capital of Paras, for a maximum total consideration of £6.4 million. Consideration paid at completion was £4.7 million, comprising £3.5 million cash and 513,095 new RPS shares at a price of £2.34 per share with a total value of £1.2 million. Subject to certain operational conditions being met, a further £0.6 million will be paid on each of the first and second anniversaries of the transaction and £0.5 million on the third anniversary of the transaction. The vendors of the business are the three executives of Paras, who are remaining with RPS, and four others not employed in the business, including the two non executive directors, who retired from the Paras board at completion of the transaction.

The new RPS shares will rank pari passu in all respects with the existing issued ordinary share capital of RPS. Application will be made to the UK Listing Authority and the London Stock Exchange for the new RPS shares to be admitted to trading on the Official List. Admission is expected to become effective by 17 October 2008.

Alan Hearne, Chief Executive of RPS, commented:

"RPS remains committed to expanding our fast growing international Energy business with further acquisitions. The addition of Paras significantly enhances the high value advisory skills we have developed over the last few years and will assist our Energy business in consolidating its market leading position. The Group’s balance sheet remains strong and further acquisitions are under negotiation."

10 October 2008

RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the natural and built environments and the health and safety of people. We have offices in the UK, Ireland, the Netherlands, North America, Eastern Europe, South East Asia and Australia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good indices.

ENQUIRIES

RPS Group plc

Dr Alan Hearne, Chief Executive

Tel: 01235 863 206

Gary Young, Group Finance Director

College Hill
Justine Warren/Matthew Smallwood
Tel: 020 7457 2020
 
   

Voting Rights and Capital

01 Oct

In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following:

RPS Group plc's capital consists of 212,147,228 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (20,380) from those announced on 28 August 2008 relate to the employee share option scheme and the employee Share Incentive Plan.

Therefore, the total number of voting rights in RPS Group plc is 212,147,228.

The above figure (212,147,228) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, RPS Group plc under the FSA's Disclosure and Transparency Rules.

30 September 2008

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206
 
College Hill
Justine Warren
Tel: 020 7457 2020

Voting Rights and Capital

01 Oct

In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following:

RPS Group plc's capital consists of 212,147,228 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (20,380) from those announced on 28 August 2008 relate to the employee share option scheme and the employee Share Incentive Plan.

Therefore, the total number of voting rights in RPS Group plc is 212,147,228.

The above figure (212,147,228) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, RPS Group plc under the FSA's Disclosure and Transparency Rules.

30 September 2008

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206
 
College Hill
Justine Warren
Tel: 020 7457 2020

Acquisition of Mountainheath
Services Ltd

19 Sep

RPS announces the acquisition of MSL, a provider of specialist laboratory services to industry in the UK and mainland Europe.

MSL was established in 1995 and provides analytical services to the environmental service industry from its laboratory in Letchworth, Hertfordshire.
The acquisition of MSL complements RPS’s existing laboratory capabilities in the UK and the Netherlands. MSL specialises in the analysis of pesticide and
persistent organic pollutants, an area of growing importance as these can cause significant harm both to humans and the natural environment. The three directors and
MSL staff are remaining with RPS.

In the year ended 31 March 2008, MSL had revenues of £1.2 million and profit before tax, adjusted to reflect ongoing employment costs for the MSL directors, of £0.4 million. Net assets at 31 March 2008, adjusted for agreed pre-acquisition dividends settled prior to completion, were £0.4 million, including cash of £0.2 million.

RPS is acquiring the entire share capital of MSL, from the three directors, for a maximum total consideration of £1.9 million, payable in cash. Consideration paid at completion was £1.2 million. Subject to certain operational conditions being met, a further £0.35 million will be paid on each of the first and second anniversaries of the transaction.

Alan Hearne, Chief Executive of RPS, commented:

"RPS completed a number of transactions in the first half of 2008. The integration of those businesses is proceeding well. Our balance sheet remains strong and we have sufficient resources to continue our acquisition strategy. We have begun, therefore, exploring a range of new opportunities. The completion of the transaction with MSL is a useful step in the development of our specialist laboratory activities. Discussions with other businesses in all three segments of the Group are progressing positively."

19 September 2008

RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We have offices in the UK, Ireland, the Netherlands, North America, Eastern Europe, South East Asia and Australia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good indices.

ENQUIRIES

RPS Group plc

Dr Alan Hearne Chief Executive

Tel: 01235 863 206
 
College Hill
Justine Warren
Tel: 020 7457 2020

Acquisition of Mountainheath
Services Ltd

19 Sep

RPS announces the acquisition of MSL, a provider of specialist laboratory services to industry in the UK and mainland Europe.

MSL was established in 1995 and provides analytical services to the environmental service industry from its laboratory in Letchworth, Hertfordshire.
The acquisition of MSL complements RPS’s existing laboratory capabilities in the UK and the Netherlands. MSL specialises in the analysis of pesticide and
persistent organic pollutants, an area of growing importance as these can cause significant harm both to humans and the natural environment. The three directors and
MSL staff are remaining with RPS.

In the year ended 31 March 2008, MSL had revenues of £1.2 million and profit before tax, adjusted to reflect ongoing employment costs for the MSL directors, of £0.4 million. Net assets at 31 March 2008, adjusted for agreed pre-acquisition dividends settled prior to completion, were £0.4 million, including cash of £0.2 million.

RPS is acquiring the entire share capital of MSL, from the three directors, for a maximum total consideration of £1.9 million, payable in cash. Consideration paid at completion was £1.2 million. Subject to certain operational conditions being met, a further £0.35 million will be paid on each of the first and second anniversaries of the transaction.

Alan Hearne, Chief Executive of RPS, commented:

"RPS completed a number of transactions in the first half of 2008. The integration of those businesses is proceeding well. Our balance sheet remains strong and we have sufficient resources to continue our acquisition strategy. We have begun, therefore, exploring a range of new opportunities. The completion of the transaction with MSL is a useful step in the development of our specialist laboratory activities. Discussions with other businesses in all three segments of the Group are progressing positively."

19 September 2008

RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people. We have offices in the UK, Ireland, the Netherlands, North America, Eastern Europe, South East Asia and Australia and undertake projects in many other parts of the world. The Group is a constituent of both the FTSE 250 and FTSE 4 Good indices.

ENQUIRIES

RPS Group plc

Dr Alan Hearne Chief Executive

Tel: 01235 863 206
 
College Hill
Justine Warren
Tel: 020 7457 2020

Director/PDMR Shareholding

02 Sep

On 29 August 2008 as a result of the purchase and allotment by the RPS Group Plc Share Incentive Plan (an HM Revenue & Customs approved all employee share purchase plan), the executive directors of the Company and persons discharging management responsibility have the following interests as a result of their personal participation in the Plan:-

2 September 2008

 

Purchase of Shares on 29 August 2008 £3.00 per share

Allotment of Matching Shares on 29 August 2008 £3.00 per share

Total number of Partnership, Matching and Dividend shares held on 29 August 2008

Andrew Troup

42

42

2,757

Gary Young

42

42

5,560

April Rigby

42

42

5,560

Alan Hearne

42

42

2,600


The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

Voting Rights and Capital

28 Aug

In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following:

RPS Group plc's capital consists of 212,126,848 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (124,350) from those announced on 31 July 2008 relate to the employee share option scheme, the employee Share Incentive Plan and the employee Performance Share Plan.

Therefore, the total number of voting rights in RPS Group plc is 212,126,848.

The above figure (212,126,848) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, RPS Group plc under the FSA's Disclosure and Transparency Rules.

28 August 2008

RPS Group plc

 

Mrs April Rigby, Company Secretary

Tel:  01235 863 206

 

 

College Hill

 
Justine Warren Tel: 020 7457 2020

 

 

Director Shareholding

05 Aug
The Company was informed on 4 August 2008 that on that date Andrew Troup, Executive Director of the Company, exercised 118,246 shares granted under the Executive Option Scheme and sold the shares at a price of 305.5 pence per share.  Following this disposal Mr Troup is beneficially interested in 269,266 shares which represents 0.127% of the issued share capital of the Company.

Director/PDMR Shareholding

04 Aug

On 31 July 2008 as a result of the purchase and allotment by the RPS Group Plc Share Incentive Plan (an HM Revenue & Customs approved all employee share purchase plan), the executive directors of the Company and persons discharging management responsibility have the following interests as a result of their personal participation in the Plan:-

 
Purchase of Shares on 31 July  2008 £3.15 per share
Allotment of Matching Shares on 31 July  2008 £3.15 per share
Total number of Partnership, Matching and Dividend shares held on 31 July 2008
Andrew Troup
39
39
2,673
Gary Young
39
39
5,476
April Rigby
39
39
5,476
Alan Hearne
39
39
2,516


The beneficial ownership of the Matching Shares will pass to the directors in three years time subject to continued employment and the retention of the underlying Partnership Shares.

Voting Rights and Capital

01 Aug

In conformity with the Transparency Directive's transitional provision 6 we would like to notify the market of the following:

RPS Group plc's capital consists of 212,002,498 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (83,781) from those announced on 26 June 2008 relate to the employee share option scheme, the employee Share Incentive Plan and the employee Performance Share Plan.

Therefore, the total number of voting rights in RPS Group plc is 212,002,498.

The above figure (212,002,498) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, RPS Group plc under the FSA's Disclosure and Transparency Rules.

1st August 2008

RPS Group plc

 

Mrs April Rigby, Company Secretary

Tel:  01235 863 206

 

 

College Hill

 
Justine Warren Tel: 020 7457 2020

 

 

Interim Results for the six months ended 30 June 2008

31 Jul

RPS Group Plc (“RPS” or “the Group”) today announces excellent results for the six months ended 30 June 2008 with profit (before tax and amortisation) up 32% and earnings per share up 30%

 

2008

2007
 

Revenue (£m)

225.9
173.9
+30%
Fee income (£m)
189.9
144.4
+32%

Profit before taxation* (£m)

28.5
21.6
+32%
Earnings per share* (basic) (pence)
9.49
7.31
+30%
* before amortisation of acquired intangible assets of £1.1m (2007: £0.2m


Highlights

  • all three segments of the Group substantially increased operating profit
  • excellent conversion of profit into cash
  • the international footprint of the Group continues to extend
  • the acquisition of quality businesses has continued
  • dividend raised 15% to 1.75p (2007: 1.52p)
  • balance sheet remains strong with net bank borrowings at £38.8m (2007: £27.4m)
  • committed bank facilities increased from £70m to £100m and extended to 2013
  • major opportunities for future growth are developing from accelerating concerns about global energy supply and climate change
  • the Board remains confident about the Group’s prospects.

Brook Land, Chairman, commenting on the results, said:

“Trading in the first half of 2008 was robust. All parts of the Group grew significantly.  Our strategy of supplementing organic growth with the acquisition of quality businesses continued to be successfully implemented.  Acquisitions made in 2007 and the first half of 2008 support our growth and further acquisitions are being considered.  The Group’s balance sheet remains strong.

“The integrated services offered by our three successful businesses mean we remain well positioned to assist our clients deal with the related challenges of adapting to climate change and the need to access sustainable, safe and secure sources of energy.

“RPS is diverse and resilient, with a proven business model.  Our broad range of services combined with our expanding geographic footprint, gives the Board continuing confidence about prospects for the Group.” 

31 July 2008

ENQUIRIES

RPS Group plc Today: 020 7457 2020
Dr Alan Hearne, Chief Executive Thereafter: 01235 863206
Gary Young, Finance Director  
   
College Hill  
Justine Warren Tel: 020 7457 2020
Matthew Smallwood  


RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people.  We have offices in the UK, Ireland, the Netherlands, North America, Eastern Europe, South East Asia and Australia and undertake projects in many other parts of the world.  The Group is a constituent of both the FTSE 250 and FTSE 4 Good Indices.

In order to assist in the reduction of greenhouse gas emissions and eventually reduce global warming, the staff of RPS have set themselves the task of reducing energy consumption by 5% each year, using 2007 as the base.  If successful we will halve our (per capita) energy use by 2020.

Introduction
RPS is an international consultancy providing advice upon the development of natural resources, land and property, the management of the environment and the health and safety of people.

The Group seeks to ensure continuous improvement in the range and quality of our services and our financial performance by:

  • operating in markets where we can add value to our clients’ activities;
  • endeavouring to achieve and maintain leadership in those markets; and
  • making acquisitions of quality businesses in order to extend our expertise and geographical presence.

The Board remains confident that this strategy will continue to offer our staff challenging and rewarding careers, whilst continuing to deliver growth and good returns for our shareholders. 

Results

Profit (before tax and amortisation of acquired intangibles) was £28.5 million (2007: £21.6 million).  Basic earnings per share (before amortisation) were 9.49 pence (2007: 7.31 pence).  Cash generated from operations was £29.0 million (2007: £21.9 million).  After funding acquisition consideration of £22.1 million, the Group had net borrowings of £38.8 million at 30 June (2007: £27.4 million).

The Board has increased the interim dividend by 15% to 1.75 pence per share (2007: 1.52 pence) payable on 23rd October 2008 to shareholders on the register on 26th September 2008.  Our dividend has risen at this rate for a number of years.

Operations and Markets

Energy

 

2008

2007
 
Fee income (£m)
64.9
46.9
+39%

Segment profit* (£m)

12.4
8.6
+44%
Margin
19.2%
18.4%
 
* before amortisation of acquired intangible assets of £0.2m (2007: £0.1m)

We provide consultancy services on an international basis to the oil and gas industries from bases in the UK, USA, Canada, Australia, Malaysia and Singapore.  Projects are undertaken in many other countries including China, India, Brazil and Russia. In the UK we also provide advice to the renewables industry.  The business continued to perform extremely well, with good organic growth being supplemented by further acquisitions.  This reflects both buoyant market conditions, which we expect to continue, as well as our position as a world leader in this sector.

Demand for our services from oil and, increasingly, gas exploration and production companies continues to grow.  We see accelerating interest from clients in the combination of the geological, engineering, environmental and safety expertise that we provide.   The requirements of the developed world to identify and secure long term supplies of energy, coupled with the increasing energy needs of developing nations, suggest that activity in this market will remain at a high level for the foreseeable future. The acquisition of WTW has expanded our operational capability and Oceanfix has enabled us to become more involved in the planning of survey aspects of offshore construction, another fast growing area.

RPS’s reputation within the financial community in respect of determination of oil and gas reserves for reporting purposes, and in support of corporate activity developed encouragingly. The oil and gas companies and their advisors value the breadth and depth of our expertise, including our environmental experience. 

Our international profile has helped us to create successful staff recruitment and retention strategies.  Rising fee rates have enabled us to increase rewards to our staff, a trend we see continuing.  The acquisitions made during the course of 2007 and the first half of this year enhanced our staff base, whilst also enabling us to develop our businesses in North America and Australia.

High oil and gas prices support not only our business in those markets, but also investment in renewable energy.  The geological, engineering and environmental skills we have are proving to be of significant value to developers of offshore wind farms and other offshore renewable technologies around the UK coast.  Working with the planning and environmental assessment capability we have in our Planning & Development business, our Energy staff have been involved in schemes which account for about 90% of the UK offshore wind farm capacity.  Recent policy statements from the UK government are expected to bring forward further significant investment in wind farm development, from which we are likely to benefit.

Planning and Development

 

2008

2007
 
Fee income (£m)
80.9
65.1
+24%

Segment profit* (£m)

15.1
12.7
+18%
Margin
18.6%
19.6%
 
* before amortisation of acquired intangible assets of £0.4m (2007: £0.1m)


Within this business we provide consultancy services in respect of town and country planning, building, landscape and urban design, transport planning and highway design, environmental assessment and energy use and efficiency. The growth in this part of the Group was encouraging with the operating margin remaining high.  We remain leaders in this market in the UK, Ireland, and Western Australia, acting for blue chip clients in both the public and private sectors.

Our planning business is also able to assist clients in other parts of the Group secure planning permissions for capital projects, for example, in the energy and water sectors.  This is particularly marked in Australia, but is increasingly the case in the UK, Ireland and the US, where JD Consulting, acquired in December 2007 and located in Texas, is currently advising upon a proposal for one of the world’s largest onshore wind farms.

In the UK our ability to advise upon the full range of issues relevant to the development of sustainable communities and secure planning permission for large complex schemes remains attractive to clients.  Our ability to handle complex sustainability issues helps us to secure this work and execute it at the high level needed to achieve the permissions required by our clients.  In consequence, we continue to work on some of the  largest regeneration and infrastructure projects; these provide long term activity for us.  We are also involved in both the waste and minerals sectors, in which securing planning permission has become far more complex.  Current economic circumstances are affecting the volume of housebuilding and other speculative property development undertaken by some of our clients.  The limited effect of this on our UK Planning and Development business is being mitigated by opportunities in new markets which continue to develop, particularly in respect of securing planning permissions for energy infrastructure investment.  This involves projects such as LNG plants, new nuclear power stations, renewable energy schemes and gas storage facilities. We also benefit from the need to integrate energy efficiency into planning proposals and development schemes.  The acquisition of RW Gregory increased our capability in this field materially.

Our activities in the planning and development market in Australia showed good growth.  The long term potential of this market has encouraged us to develop a plan to grow these activities substantially. We are now seeing the benefits of this and expect our Australian business to continue to grow in the coming years.

The Irish Government maintains its commitment to invest in ambitious plans for infrastructure development, despite a slowdown in the economy.  Implementing The National Development Plan 2007-2013 which targets “Economic Infrastructure” remains a priority, with €54.6bn identified for expenditure on roads, public transport, water, airports and energy infrastructure. We benefit significantly from this investment and, as in the UK, our sustainability credentials give us a competitive advantage.

Environmental Management

 

2008

2007
 
Fee income (£m)
46.3
34.6
+34%

Segment profit* (£m)

6.8
4.3
+57%
Margin
14.8%
12.6%
 
* before amortisation of acquired intangible assets of £0.5m (2007: nil)

This business provides consultancy services in respect of health, safety, risk and environmental management in the UK and the Netherlands and the management of water resources in the UK.  The results in the first half were excellent. Through the acquisition of MetOcean in Australia in the second half of 2007, we extended both the range of our services and geographical reach of the business.  The acquisitions of RBA and Geocet increased our capability to provide oil and gas clients with health, safety and environmental expertise directly relevant to their activities. Our growing health, safety and risk management involvement with the oil and gas and nuclear industries is becoming strategically important.  Our Dutch business performed well; the acquisition of Kraan signals our increasing confidence in both the market and prospects for our business there. 

RPS’s strength in the water industry, coupled with our environmental credentials, position us well to advise our clients in the water sector on a broad range of issues.  As a result our business servicing the UK water industry, which had a good year in 2007, continued this performance into 2008.  We are working on long term commissions for the majority of the privatised water companies, as well as undertaking significant work in Scotland.  The UK markets in health and safety and occupational health and hygiene have generally remained strong, driven by increasing statutory obligations. Although some clients in this market are confronted with economic uncertainty, awareness of the importance of managing these matters more carefully has heightened.

Funding

The conversion of profit into cash continued at a good level and our balance sheet remains strong.  Net borrowings at 30 June were £38.8 million. 

Following the seven acquisitions made in the period the book value of deferred consideration and outstanding loan notes related to acquisitions amounts to  £4.7 million falling due for settlement in cash during the second half of 2008, £13.8 million in 2009, £7.2 million in 2010 and £1.1 million in 2011. 

We have increased our committed bank facilities from £70 million to £100 million and extended them until 2013, on broadly unchanged terms.  Our cash generation, in conjunction with these facilities and an ability to use equity in transactions, means that we are able to continue our acquisition strategy. 

Prospects

Balancing the way energy is secured from various sources, managing its use to limit environmental damage, whilst planning further economic growth and urban development has become a fundamental challenge of this century. It is one which RPS is extremely well positioned to advise upon and will enable us to build further momentum and provides opportunities for all our businesses. The Board believes these opportunities will continue to outweigh the adverse consequences of economic  turbulence.

Our continued investment in the energy sector has enabled us to internationalise our activities in a significant way. As a result, we now have strong businesses in the USA, Canada and Australia as well as substantial contracts relating to oil and gas exploration and production in many parts of the developing world, including India, Russia and China.

We have successfully begun the process of expanding our activities in Australia into planning and development and environmental management.  We are confident these can be extended substantially.  Australia is also a good base from which to develop our activities in Asia.  Opportunities also exist to develop the full range of our activities in both the USA and Canada.

The integrated services offered by our three successful businesses mean we remain well positioned to assist our clients deal with the related challenges of adapting to climate change and the need to access sustainable, safe and secure sources of energy.

RPS is diverse and resilient with a proven business model.  Our broad range of services, coupled with our expanding geographic footprint, gives the Board continuing confidence about prospects for the Group.

Board of Directors
RPS Group plc
31 July 2008

Condensed consolidated income statement

 

 

 

 

 

 

Notes

Six months
ended
30 June

Six months
ended
30 June

Year
ended 31
December

 

 

2008

2007

2007

 

 

unaudited

unaudited

audited

 

 

£000’s

£000’s

£000’s

 

 

 

 

 

Revenue

3

225,867

173,908

362,674

Recharged expenses

3

(35,944)

(29,542)

(57,566)

Fee income  

3

189,923

144,366

305,108

 

 

 

 

 

Operating profit

3

29,526

23,024

47,975

 

 

 

 

 

Finance costs  

 

(2,299)

(1,755)

(3,792)

Finance income

 

172

132

296

 

 

 

 

 

Profit before tax and amortisation
of acquired intangibles

 

28,536

21,607

45,010

Amortisation of acquired intangibles

 

(1,137)

(206)

(531)

 

 

 

 

 

Profit before tax

 

27,399

21,401

44,479

 

 

 

 

 

Tax expense

4

(8,302)

(6,588)

(13,569)

 

Profit for the period attributable to
equity holders of the parent

 

 

19,097

 

14,813

 

30,910

 

 

 

 

 

Basic earnings per share (pence)

5

9.10

7.24

14.99

 

 

 

 

 

Diluted earnings per share (pence)

5

8.97

7.07

14.78

 

 

 

 

 

Basic earnings per share before
amortisation of acquired
intangibles (pence)

5

9.49

7.31

15.17

Diluted earnings per share before
amortisation of acquired
intangibles (pence)

5

9.36

7.14

14.95


Condensed consolidated statement
of recognised income and expense

 

 

 

 

Six months
ended
30 June

Six months
ended
30 June

Year
 ended 31
December

 

 

2008

2007

2007

 

 

unaudited

unaudited

audited

 

 

£000’s

£000’s

£000’s

 

 

 

 

 

Exchange differences

5,839

300

5,787

Tax recognised directly in equity

10

678

743

Income recognised directly in equity

5,849

978

6,530

 

 

 

 

Profit for the period

19,097

14,813

30,910

 

 

 

 

Total recognised income for the
period attributable to equity
holders of the parent

24,946

15,791

37,440


Condensed consolidated balance sheet

 

 

 

 

 

 

 

As at
30 June

As at
30 June

As at
31 December

 

 

2008

2007

2007

 

 

unaudited

unaudited

audited

 

Notes

£000’s

£000’s

£000’s

 

 

 

 

 

 Assets

 

 

 

 

Non-current assets

 

 

 

 

Intangible assets

 

245,828

187,019

210,839

Property, plant and equipment

6

22,779

19,202

21,706

Deferred tax assets

 

-

2,401

114

 

 

268,607

208,622

232,659

Current assets

 

 

 

 

Trade and other receivables

 

146.462

109,921

119,504

Cash at bank

 

13,584

10,052

10,884

 

 

160,046

119,973

130,388

 Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

 

204

262

174

Deferred consideration

 

12,753

9,745

8,939

Trade and other payables

 

78,842

60,351

62,750

Corporation tax liabilities

 

6,907

4,786

3,434

Provisions

 

1,279

332

595

 

 

99,985

75,476

75,892

Net current assets

 

60,061

44,497

54,496

Non-current liabilities

 

 

 

 

Borrowings

 

52,171

37,156

43,340

Deferred consideration

 

15,293

9,350

10,453

Other creditors

 

1,511

330

1,320

Deferred tax liabilities

 

3,844

-

-

Provisions

 

3,623

1,564

4,508

 

 

76,442

48,400

59,621

Net assets

 

252,226

204,719

227,534

 

 

 

 

 

Equity

 

 

 

 

Share capital  

9

6,359

6,217

6,319

Share premium  

9

94,337

91,561

93,225

Other reserves

10

24,804

13,918

17,516

Retained earnings

9

126,726

93,023

110,474

Total shareholders’ equity

9

252,226

204,719

227,534


Condensed consolidated cash flow statement

 

 

 

 

 

 

 

 

Six months
ended 30
June

Six months
ended 30
June

Year
ended 31 December

 

 

2008

2007

2007

 

Notes

unaudited
£000’s

unaudited
£000’s

audited
£000’s

 

 

 

 

 

Cash generated from operations

12

28,993

21,919

45,393

Interest paid

 

(2,009)

(1,888)

(3,967)

Interest received

 

172

132

296

Income taxes paid

 

(5,513)

(5,139)

(12,925)

Net cash from operating activities

 

21,643

15,024

28,797

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Purchases of subsidiaries net of cash acquired

 

(17,555)

(5,698)

(15,758)

Deferred consideration

 

(4,539)

(3,665)

(10,846)

Purchase of property, plant and equipment

 

(3,338)

(2,785)

(5,811)

Sale of property, plant and equipment

 

1,112

49

4,239

Net cash used in investing activities

 

(24,320)

(12,099)

(28,176)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds from issue of share capital

 

171

1,608

1,730

Proceeds from sale of own shares

 

-

1,293

1,293

Proceeds from bank borrowings

 

8,366

(2,635)

3,001

Payment of finance lease liabilities

 

(98)

(109)

(149)

Dividends paid

 

(3,498)

(2,967)

(6,144)

Payment of pre-acquisition dividend

 

(115)

-

-

Net cash used in financing activities

 

4,826

(2,810)

(269)

 

 

 

 

 

Net increase  in cash and cash  equivalents  

2,149

115

352

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

10,884

9,805

9,805

 

 

 

 

 

Effect of exchange rate fluctuations

 

551

39

727

 

 

 

 

 

Cash and cash equivalents at end of period

12

13,584

9,959

10,884

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents comprise:

 

 

 

 

Cash at bank

 

13,584

10,052

10,884

Bank overdraft

 

-

(93)

-

Cash and cash equivalents at end of period

 

13,584

9,959

10,884


Notes to the condensed consolidated financial statements

1. Basis of preparation

RPS Group plc (the “Company”) is a company domiciled in England.  The condensed consolidated interim financial statements of the Company for the six months ended 30 June 2008 comprise the Company and its subsidiaries (together referred to as the “Group”).

The condensed interim financial statements have been prepared using accounting policies set out in the  Report and Accounts 2007 and are in accordance with IAS 34.  The condensed interim financial statements are unaudited but have been reviewed by the Company’s auditors.  The results for the year end 31 December 2007 and the balance sheet as at that date are abridged from the Company’s Report and Accounts 2007 which have been delivered to the Registrar of Companies.  The auditors’ report on those accounts was unqualified, did not contain references to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain a statement under Section 272(2) or (3) of the Companies Act 1985.

The condensed interim financial statements do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985.

2. Responsibility Statement

The directors confirm that, to the best of their knowledge this condensed set of financial statements has been prepared in accordance with IAS 34  and that this Interim Report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

On behalf of the Board

A. S. Hearne G. Young
Chief Executive Group Finance Director

3. Business segments

The Board believes that one of the Group’s important strengths is the way in which we deploy our broad range of skills in an integrated way.  The success of this part of our strategy results in projects being undertaken in a multi-disciplinary way.  In consequence, there are Group activities which could be placed in more than one business segment.  This becomes increasingly the case as our energy and international activities grow.  The segments currently used to present and analyse the Group’s performance are described below. They are kept under review by the Board.

Planning and Development – consultancy services in the UK, Ireland, Australia and the US related to town and country planning, urban design, architecture, transport planning and highway design, environmental impact assessment and provision of water and waste utilities and energy infrastructure.  

Environmental Management – consultancy services in the UK, the Netherlands and Australia related to health, safety and risk management, environmental science and the management of water and energy resources.

Energy – the provision of technical consultancy services, on an international basis, to the upstream oil and gas and offshore renewable energy sectors.

Segment results for the six months ended 30 June 2008

 

Planning &
Development

Environmental
Management

Energy

Eliminations

Consolidated

 

£000’s

  £000’s

£000’s

£000’s

£000’s

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

98,560

54,105

75,449

(2,247)

225,867

Recharged expenses

(17,645)

(7,792)

(10,507)

-

(35,944)

Fee Income

80,915

46,313

64,942

(2,247)

189,923

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit

15,057

6,835

12,445

-

34,337

Amortisation

(439)

(467)

(231)

-

(1,137)

 

 

 

 

 

33,200

 

 

 

 

 

 

Unallocated expenses

 

 

 

 

(3,674)

 

 

 

 

 

 

Operating profit

 

 

 

29,526

 

 

 

 

 

 


Segment results for the six months ended 30 June 2007

 

Planning &
Development

Environmental
Management

Energy

Eliminations

Consolidated

 

£000’s

  £000’s

£000’s

£000’s

£000’s

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

78,547

40,909

56,585

(2,133)

173,908

Recharged expenses

(13,481)

(6,328)

(9,733)

-

(29,542)

Fee Income

65,066

34,581

46,852

(2,133)

144,366

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit

12,728

4,345

8,625

-

25,698

Amortisation

(146)

-

(60)

-

(206)

 

 

 

 

 

25,492

 

 

 

 

 

 

Unallocated expenses

 

 

 

 

(2,468)

 

 

 

 

 

 

Operating profit

 

 

 

23,024

 

 

 

 

 

 


4. Income taxes

The Group’s consolidated effective tax rate for the six months ended 30 June 2008 was 30.3%, (for the year ended 31 December 2007: 30.5%; for the six months ended 30 June 2007: 30.8%).
 

5. Earnings per share

The calculations of earnings per share are based on the profit attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding during the period as shown below:

 

Six months
 ended 30 June

Six months ended 30 June

Year ended 
 31 Dec

 

2008

2007

2007

 

£000’s

£000’s

£000’s

 

 

 

 

Profit attributable to ordinary shareholders

19,097

14,813

30,910

 

 

 

 

 

000’s

000’s

000’s

 

 

 

 

Weighted average number of ordinary shares for the purposes of basic earnings per share

209,865

204,592

206,256

Effect of shares to be issued as deferred consideration

505

1,059

92

Effect  of  employee share schemes

2,412

3,760

2,827

Weighted average number of ordinary shares for the purposes of diluted earnings per share

212,782

209,411

209,175

 

 

 

 

Basic earning per share (pence)

9.10

7.24

14.99

Diluted earnings per share (pence)

8.97

7.07

14.78


The directors consider that earnings per share before amortisation provides a more meaningful measure of the Group’s performance than statutory earnings per share. The calculation of basic and diluted earnings per share before amortisation is based on the weighted average number of ordinary shares outstanding during the year as shown above and the profit attributable to ordinary shareholders before the amortisation on acquired intangible assets and the tax thereon as shown in the table below and the weighted average number of ordinary shares during the period as shown above.

 

Six months
ended 30 June
2008

Six months
ended 30 June
2007

Year ended
31 Dec
2007

 

£000’s

£000’s

£000’s

 

 

 

 

Profit attributable to ordinary shareholders

19,097

14,813

30,910

Amortisation of acquired intangibles

1,137

206

531

Tax on amortisation of acquired intangibles

(318)

(62)

(159)

Adjusted profit attributable to ordinary shareholders

19,916

14,957

31,282

 

 

 

 

Basic earnings before per share before amortisation (pence)

9.49

7.31

15.17

 

 

 

 

Diluted earnings per share before amortisation (pence)

9.36

7.14

14.95


6. Property, plant and equipment
 
During the six months ended 30 June 2008, the Group acquired assets with a
cost of £4,036,000 (six months to 30 June 2007: £3,113,000), which includes  £698,000 acquired through business combinations (six months to 30 June 2007: £328,000).  Assets with a net book value of £932,000 were disposed of during the six months ended 30 June 2008 (six months ended 30 June 2007: £30,000).

7. Acquisitions
 
The Group completed the acquisition of seven businesses during the first half of 2008.  Each purchase has been accounted for as an acquisition.  Prior to completion of the transactions each acquired business kept its own management accounts.  Adding the results shown in these accounts to the Group results produces Group revenue for the period of  £233,708,000 and Group operating profit before amortisation of acquired intangibles of £30,316,000.

All intangible assets were recognised at their respective fair values. The residual excess over the net assets acquired, including intangible assets, is recognised as goodwill in the financial statements.

 

Date of Acquisition

Place of incorporation

Percentage of entity acquired

Nature of  business acquired

 

 

 

 

 

Kraan Consulting Holding BV

 6 Feb 2008

The Netherlands

100% of issued share capital

Urban planning
consultancy

RW Gregory LLP

12 Mar 2008

UK

Assets and certain
liabilities

Engineering
consultancy

WTW and Associates Ltd

17 Mar 2008

UK

100% of issued share capital

Oil and gas consultancy

Oceanfix International Ltd

19 Mar 2008

UK

100% of issued share capital

Oil and gas consultancy

Land Management Trust
(“Koltasz Smith”)

27 Mar 2008

Australia

Assets and certain
liabilities

Urban planning consultancy

Rudall Blanchard Associates Group Ltd

30 Mar 2008

UK

100% of issued share capital

Health and Safety consultancy

The GeoCet Group LLC

18 Apr 2008

USA

100% of issued share capital

Environmental consultancy


These businesses have been integrated with other parts of the Group and are no longer managed separately.  They share resources, revenues, costs and market opportunities with other parts of the Group and should no longer be considered individual businesses. Their contributions to the revenue and operating profit before amortisation of acquired intangibles to the Group’s results for the period, as shown below, reflects those relationships.  

 

Revenue £’000

Operating profit £’000

Kraan Consulting Holding BV

2,723

341

RW Gregory LLP

3,457

442

Oceanfix International Ltd

3,392

402

Land Management Trust

857

191

Rudall Blanchard Group Ltd

1,861

479

The GeoCet Group LLC

779

213


It is impracticable to identify separately the revenue and operating profit contribution of WTW and Associates Ltd for the period since acquisition as this entity has been fully hived up into existing Group operations.

Details of the carrying values of the acquired net assets and the provisional fair values assigned to them by the Group are as follows:

 

Intangible assets

 

 

 

 

 

 

Customer relationships

Order backlog

Trade names

Other intangibles

Property, plant & equipment

Cash

Other assets

Other liabilities

Net assets

 

 

£000’s

£000’s

£000’s

£000’s

£000’s

£000’s

£000’s

£000’s

£000’s

 

 

 

 

 

 

 

 

 

 

Pre acquisition carrying values