Archived Announcements

Voting Rights and Capital

23 Dec


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 218,138,273 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (185,473) from those announced on 30 November 2011 relate to the employee Share Incentive Plan scheme, the Performance Share Plan scheme and the Company's Executive Share Option scheme

Therefore, the total number of voting rights in RPS Group plc is 218,138,273.

The above figure (218,138,273) 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.

23 Decemeber 2011

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

SIP Announcement

06 Dec


On 01 December 2011 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 01 December 2011 1.876 per share

Purchase of Matching Shares on 01 December 2011 1.876 per share

Total number of Partnership, Matching and Dividend shares held on 06 December 2011

Gary
Young
66 66 11,361
Philip
Williams
66 66 5,799
Alan
Hearne
66 66 8,154

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 Nov


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 217,952,800 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (40,361) from those announced on 31 October 2011 relate to the employee Share Incentive Plan scheme and the Company's Executive Share Option scheme

Therefore, the total number of voting rights in RPS Group plc is 217,952,800.

The above figure (217,952,800) 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 Novemeber 2011

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

SIP Announcement

09 Nov


On 09 November 2011 as a result of the purchase 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 Dividend Shares on 09 November 2011 1.864 per share

Total number of Partnership, Matching and Dividend shares held on 09 November 2011

Gary
Young
154 11229
Philip
Williams
76 5667
Alan
Hearne
109 8022

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.

Interim Management Statement

03 Nov


Good third quarter trading; two acquisitions in the US.

After a good third quarter the Group remains on track to deliver an improved performance in the second half. This should enable market expectations for the current year to be met.

Energy: this business has continued to make good progress. The integration of both EHI (acquired in February) and Nautilus (acquired in March) has progressed positively. The build up of activity in the Gulf of Mexico has been relatively slow, but this has been compensated for by increased activity in other global markets, including unconventional oil and gas projects.

Planning and Development: although the level of commercial development activity across Australia remains subdued, we are benefiting from expenditure by clients developing infrastructure to serve gas, coal and coal seam gas projects. In the UK and Ireland, following the recent poor economic and financial news, our clients remain cautious, limiting our opportunities. Again we are benefiting from our involvement in energy infrastructure projects, but these are on a smaller scale than in Australia.

Environmental Management: our businesses in both the UK and the Netherlands continued to trade well; the activity in our water business in the UK was particularly good, reflecting the strong market position our team has built in recent years.

Debt and Funding: our balance sheet remains strong. Net bank debt at the end of September was £35.9 million (30 June 2011: £35.8 million), after investing £5.3 million in deferred consideration for prior acquisitions during the quarter. Our revolving credit facility of £125 million with Lloyds Banking Group remains in place until July 2013.

Acquisitions

The Group is moving forward with its acquisition strategy and the Board is pleased to report further expansion in our US business involving:

1) the acquisition of the entire share capital of Espey Consultants Incorporated (“Espey”), a US based consulting firm, for a maximum consideration of US $6.0 million (£3.8 million). Founded in 1993, Espey operates from its headquarters in Austin and other offices in Texas. It provides services to a broad range of complex engineering projects in water resource management.

In the year ended 31 December 2010 Espey had revenues of US$12.5 million (£7.9 million) and profit before tax of US$0.9 million (£0.6 million), after adjustment for non-recurring items. Net assets at 31 December 2010 were US$1.4 million (£0.9 million), after adjusting for assets excluded from the transaction. On the same basis, gross assets at 31 December 2010 were US$2.4 million (£1.5 million).

Consideration paid at completion was US $3.6 million (£2.3 million.) Subject to certain operational conditions being met, two further capital sums of US $1.2 million (£0.75 million), will be paid on the first and second anniversaries of the transaction. The five vendors of the business are directors of Espey; they, and the other 34 Espey staff, are remaining with RPS.

The acquisition of Espey marks a step change in our capabilities in water resource management in the south west states of the USA at a time when access to adequate water resources in the region is becoming of increasing concern.

2) the acquisition of the entire share capital of Applied Science Associates Inc (“ASA”), a US based oceanographic consulting firm, for a maximum consideration of US $13.5 million (£8.6 million). Founded in 1979, ASA operates in the US and other parts of the world from its headquarters in Rhode Island. It provides oceanographic and marine environment consulting and modelling services. The skills within ASA complement the oceanographic measurement services provided by Evans Hamilton Inc, which was acquired earlier this year, and those of our oceanographic business in Australia.

In the year ended 31 December 2010 ASA had revenues of US $9.7 million (£6.2 million) and profit before tax of US $2.3, million (£1.45 million), after adjustment for non-recurring items. Net assets at 31 December 2010 were US $2.9 million (£1.8 million), after adjusting for assets excluded from the transaction. On the same basis, gross assets at 31 December 2010 were US$ 6.3 million (£4.0 million).

Consideration paid at completion was US $6.75 million (£4.3 million). Subject to certain operational conditions being met, three further capital sums of US $2.7 million (£1.7 million), $2.7 million (£1.7 million) and $1.35 million (£0.9 million) will be paid on the first, second and third anniversaries of the transaction. The nine vendors of the business and the other 50 ASA staff, are remaining with RPS.

The extensive oceanographic capabilities that RPS now has globally places us in a strong position to serve oil and gas, LNG, ports and harbours and offshore renewable energy projects by helping clients predict oceanic and near-shore conditions in respect of wind, waves, tides and currents. By combining this expertise with our offshore engineering and environmental experience we offer a comprehensive consulting service in these specialist, high profile areas.

The Board’s strategy remains to diversify the Group activities geographically and by activity.  Further acquisitions are being pursued.

Organisation and Segmentation: the Board believes that our level of activity in Europe should benefit from greater integration of our existing businesses. We have, therefore, merged Planning and Development (UK and Ireland) and Environmental Management. As a result we will, in future, report the results of 2 primary segments:

Energy; and

Built and Natural Environment (“Environment”)

There have been no changes in the composition or management of Energy, other than in respect of recent acquisitions announced above. This business will continue to advise and support the oil and gas and offshore renewables industries on a global basis.

“Environment” is the amalgamation of the former “Planning and Development” and “Environmental Management” segments. It will have two sub segments “Australia Asia Pacific”, which was formerly the sub segment “Planning and Development (Australia)” and “Europe”, which comprises the former sub-segment “Planning and Development (UK and Ireland)” and “Environmental Management”.  We are well advanced in the process of reorganising the activity streams in this business to make our marketing and management more effective.

The results of the Group will be presented in this new reporting structure starting with the 2011 full year results.  In order to allow proper comparison with previous results the Group results for 2010 and the first half of 2011 are restated into these segments and sub segments in Note 2.  It can be seen from this that in the first half of 2011 the two primary segments made a similar contribution: Energy made an underlying profit of £14.3 million and “Environment” £13.7 million.

Board Composition: as previously announced, Tracey Graham joined the Board as a non-executive director on 12 September and Peter Dowen retired on 30 September after 22 years service on the board.  The board is fully compliant with all corporate governance code requirements.  It has also met its own diversity objective of females comprising at least a quarter of board members.  No further appointments are planned.


Brook Land, Chairman, commented:

“RPS remains in a strong position financially. Our strategy of investing in markets less affected by economic turbulence, whilst managing carefully in markets where client expenditure is subdued, continues to be successful. As a result the Group remains on course to meet market expectations this year and deliver further growth in 2012. The pace of that growth remains, in part, dependant on global economic circumstances. The acquisitions made this year have continued our international diversification. This is a trend we anticipate will continue, further strengthening our prospects.”

3 November 2011

 

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, the United States, Canada, Brazil, the Middle East and Australia/ Asia Pacific 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

Tel: 01235 863 206

Dr Alan Hearne, Chief Executive

 

Gary Young, Group Finance Director

 

 

 

College Hill

Tel: 020 7457 2020

Justine Warren /Matthew Smallwood

 

 

Note 1: This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of RPS Group plc. These statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. The continuing uncertainty in global economic outlook inevitable increases the risks to which the Group is exposed. Statements in respect of the Group’s performance in 2011 in the year to date are based upon unaudited management accounts for the period January to September 2011. The Board considers market expectations for 2011 are best defined by taking the range of forecasts of profit before tax and amortisation for the full year published by analysts who consistently follow the Group. The current range of forecasts of which the Board is aware is £49.1 to £53.7 million. Nothing in this announcement should be construed as a profit forecast.

Note 2: Starting with the 2011 Full Year Results the results of the Group will be presented in two primary segments, with one of those being divided into 2 sub-segments. The results for the year ended 31 December 2010 and the half year ended 30 June 2011 are shown below in those segments and sub-segments:

 

Segmental results as reported for the year ended 31 December 2010 as restated 

 

£’000

 

Fees

Recharged expenses

Inter-segment revenue

 

External revenue

 

Europe
Australia
Eliminations

 

172,873
76,032
(76)

 

26,836
12,096
-

 

(1,902)
(951)
76

 

197,807
87,177
-

Built and Natural Environment
Energy
Group eliminations

248,829
146,754
(2,321)

38,932
30,252
(616)

(2,777)
(160)
2,937

284,984
176,846
-

Total

393,262

68,568

-

461,830

 

 

£’000

 

Underlying Profit

 

Reorganisation costs

Amortisation of acquired intangibles

 

Segment
result

 

Europe
Australia

 

20,156
12,826

 

86
(1,161)

 

(1,224)
(2,513)

 

19,018
9,152

Built and Natural Environment
Energy

32,982
25,263

(1,075)
(192)

(3,737)
(1,787)

28,170
23,284

Total

58,245

(1,267)

(5,524)

51,454

 

Segment results for the year ended 31 December 2010 as previously reported

 

£’000

 

    Fees

Recharged expenses

Inter-segment revenue

 

 External revenue

 

UK and Ireland
Australia
Eliminations

 

105,150
76,032
(6)

 

18,118
12,096
-

 

(1,985)
(951)
6

 

121,283
87,177
-

Planning and Development
Energy
Environmental Management
Group eliminations

181,176
146,754
68,521
(3,189)

30,214
30,252
8,807
(705)

(2,930)
(160)
(804)
3,894

208,460
176,846
76,524
-

Total

393,262

68,568

-

461,830

 

 

£’000

 

Underlying Profit

 

Reorganisation costs

Amortisation of acquired intangibles

 

Segment
Results

 

UK and Ireland
Australia

 

10,442
12,826

 

384
(1,161)

 

(837)
(2,513)

 

9,989
9,152

Planning and Development
Energy
Environmental Management

23,268
25,263
9,714

(777)
(192)
(298)

(3,350)
(1,787)
(387)

19,141
23,284
9,029

Total

58,245

(1,267)

(5,524)

51,454

 

Segmental results the 6 months ended 30 June 2011 as restated  

 

£’000

 

Fees

Recharged expenses

Inter-segment revenue

 

External revenue

 

Europe
Australia
Eliminations

 

86,319
42,165
(31)

 

12,049
8,890
0

 

(763)
(334)
31

 

97,605
50,721
0

Built and Natural Environment
Energy
Group eliminations

128,453
85,503
(1,101)

20,939
17,882
(158)

(1,066)
(193)
1,259

148,326
103,192
-

Total

212,855

38,663

0

251,518

 

 

£’000

 

Underlying Profit

 

Reorganisation costs

Amortisation of acquired intangibles

 

Segment
Result

 

Europe
Australia

 

8,978
4,680

 

(986)
1,371

 

(612)
(1,388)

 

7,380
4,663

Built and Natural Environment
Energy

13,658
14,324

385
(488)

(2,000)
(2,844)

12,043
10,992

Total

27,982

(103)

(4,844)

23,035

 

Segment results the 6 months ended 30th June 2011 as previously reported

 

£’000

 

Fees

Recharged expenses

Inter-segment revenue

External revenue

 

UK and Ireland
Australia
Eliminations

 

45,335
42,165
(4)

 

7,846
8,890
0

 

(1,347)
(334)
4

 

51,834
50,721
0

Planning and Development
Energy
Environmental Management
Group eliminations

87,496
85,503
41,284
(1,428)

16,736
17,882
4,797
(752)

(1,677)
(193)
(310)
2,180

102,555
103,192
45,771
0

Total

212,855

38,663

0

251,518

 

 

£’000

 

Underlying Profit

 

Reorganisation costs

Amortisation of acquired intangibles

 

Segment
Result

 

UK and Ireland
Australia

 

3,326
4,680

 

(853)
1,371

 

(418)
(1,388)

 

2,055
4,663

Planning and Development
Energy
Environmental Management

8,006
14,324
5,652

518
(488)
(133)

(1,806)
(2,844)
(194)

6,718
10,992
5,325

Total

27,982

(103)

(4,844)

23,035

SIP Announcement

03 Nov


On 01 November 2011 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 01 November 2011 £1.785 per share

Allotment of Matching Shares 01 November 2011 £1.785 per share

Total number of Partnership, Matching and Dividend shares held on 03 November 2011

Gary
Young
70 70 11,075
Philip
Williams
70 70 5,591
Alan
Hearne
70 70 7,913

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

31 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 217,912,439 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (71,287) from those announced on 30 September 2011 relate to the employee Share Incentive Plan scheme and the Performance Share Plan scheme.

Therefore, the total number of voting rights in RPS Group plc is 217,912,439.

The above figure (217,912,439) 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.

31 October 2011

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

SIP Announcement

05 Oct


On 04 October 2011 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 04 October 2011 £1.602 per share

Allotment of Matching Shares 04 October 2011 £1.602 per share

Total number of Partnership, Matching and Dividend shares held on 05 October 2011

Gary
Young
78 78 10,935
Philip
Williams
78 78 5,451
Alan
Hearne
78 78 7,773

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 Sep


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 217,841,152 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (59,673) from those announced on 31 August 2011 relate to the employee Share Incentive Plan scheme and the Performance Share Plan scheme.

Therefore, the total number of voting rights in RPS Group plc is 217,841,152.

The above figure (217,841,152) 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 2011

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

Notification of Director Share Dealing

28 Sep

Notification of Director Share Dealing

RPS announces that on 28 September 2011, Tracey Graham purchased 5,000 ordinary shares in the company at a price of 167.96p.

RPS was notified of this dealing on 28 September 2011.

 

Download the full announcement

 

Nicholas Rowe
Company Secretary
01235 438016

RPS Group Appoints A Non-Executive Director

07 Sep

NED Appointment, Responsibilities and Diversity

RPS is pleased to announce the appointment of Tracey Graham as a non-executive director with effect from 12th September 2011.

Tracey (age 46) was Chief Executive of Talaris Ltd from 2008 to 2010, having previously held senior posts with De La Rue plc and AXA Insurance plc.

There are no matters requiring disclosure under paragraph 9.6.13 of the Listing Rules.

Tracey will, on appointment, take up the chair of the Group's remuneration committee and join the audit committee. The membership of all committees will then be compliant with the Corporate Governance Code. As previously announced, Peter Dowen will be retiring and stepping down from the Board at the end of September. At that point, the balance between executives and non executives will also be compliant and two of the Group's eight directors will be female, a diversity ratio with which the board is comfortable. Following Peter's retirement, Board responsibilities for the various parts of the Group will be reallocated.

Brook Land, Chairman of RPS said:
“Peter Dowen joined the Board in 1989 and we would like to express our gratitude to him for his contribution to RPS during his long tenure and wish him well in his retirement.

“We welcome Tracey to the Board. She will bring her experience and insight to us and provide further balance to the Board. We look forward to working with her in continuing RPS's long record of success”.

 

5th September 2011

RPS Group plc

 

Nick Rowe

Tel:  01235 438 016

 

 

College Hill

 
Matthew Smallwood / Justine Warren Tel: 020 7457 2020

TR-1: Notification of Major Interest in Shares

06 Sep


(1). Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

RPS GROUP PLC

2. Reason for the notification (please state Yes/No): ( )

An acquisition or disposal of voting rights: ( )

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: ( )

An event changing the breakdown of voting rights: ( )

Other (please specify): ( )

3. Full name of person(s) subject to the notification obligation:

OLD MUTUAL ASSET MANAGERS (UK) LTD

4. Full name of shareholder(s) (if different from 3.):

N/A

5. Date of the transaction and date on which the threshold is crossed or reached if different):
02/09/11
6. Date on which issuer notified:

05/09/11

7. Threshold(s) that is/are crossed or reached:

5%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE Situation previous to the Triggering transaction
  Number of shares Number of voting rights
GB0005794764 10,851,122 10,851,122

 

(UNDER S-198 ON 02/02/04)

Resulting situation after the triggering transaction


Class/type of shares if possible using the ISIN CODE Number of shares Number of voting rights % of voting rights
  Direct Direct Indirect Direct Indirect
  9,267,644 9,267,644   4.3%  

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction



Type of financial instrument Expiration Date Exercise/Conversion Period/ Date Number of voting acquired if the instrument is exercised/
converted.
% of voting right

CFD

    1,853,329 0.85%
Total (A+B)
Number of voting rights Percentage of voting rights
11,120,973 5.1%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

N/A

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

FIRST NOTIFICATION UNDER DTR SOURCEBOOK

14. Contact name:

ABIGAIL HART

15. Contact telephone number:

020 7332 7504


SIP Announcement

05 Sep


On 01 September 2011 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 01 September 2011 £1.9985 per share

Allotment of Matching Shares 01 September 2011 £1.9985 per share

Total number of Partnership, Matching and Dividend shares held on 01 September 2011

Gary
Young
63 63 10,779
Philip
Williams
63 63 5,295
Alan
Hearne
63 63 7,617

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 Sep


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 217,781,479 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (39,374) from those announced on 29 July 2011 relate to the employee Share Incentive Plan scheme and the Performance Share Plan scheme.

Therefore, the total number of voting rights in RPS Group plc is 217,781,479.

The above figure (217,781,479) 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.

31 August 2011

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

SIP Announcement

03 Aug


On 01 August 2011 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 01 August 2011 £2.3725 per share

Allotment of Matching Shares 01 August 2011 £2.3725 per share

Total number of Partnership, Matching and Dividend shares held on 01 August 2011

Gary
Young
53 53 10,653
Philip
Williams
53 53 5,169
Alan
Hearne
53 53 7,491

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

29 Jul


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 217,742,105 ordinary shares with voting rights. RPS Group plc does not hold any shares in Treasury. The increase in the number of shares (87,080) from those announced on 30 June 2011 relate to the Company’s Executive Share Option scheme and the employee Share Incentive Plan scheme.

Therefore, the total number of voting rights in RPS Group plc is 217,742,105.

The above figure (217,742,105) 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.

29 July 2011

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

Director Shareholding

28 Jul


The Company was informed on 28 July 2011 that on that date Peter Dowen, a Director of the Company, exercised options over 47,551 shares granted under the Company’s Executive Share Option Scheme and sold these shares at a price of 236.5 pence per share. Following this disposal Mr Dowen is beneficially interested in 275,910 shares, which represents approximately 0.12% of the issued share capital of the Company.

ENQUIRIES

RPS Group plc

Nicholas Rowe, Company Secretary

Tel: 01235 863 206

Interim Results for the six months ended 30 June 2011 

28 Jul

Interim Results for the six months ended 30 June 2011 

Results for the period as anticipated.  Board still expects growth in second half.  Group’s financial position remains strong; interim dividend again increased 15%.

 

 

2011

2010

 

 

H1

H1

 

Revenue (£m)

251.5

226.0

+11.3%

Fee income (£m)

212.9

192.5

+10.6%

Profit before taxation* (£m)

23.5

23.4

+ 0.5%

Earnings per share* (basic) (p)

7.67

7.52

+ 2.0%

Operating cash flow (£m)

27.7

21.1

+31.4%

Dividend per share (p)

2.66

2.31

+15.2%

Statutory profit before tax (£m)

18.6

21.0

-11.4%

Statutory earnings per share (basic) (p)

6.05

6.75

-10.4%

*before amortisation of intangible assets of £4.8 million (2010 H1: £2.3 million)

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

“Our strategy of the last decade has been to diversify our range of activities and geographical reach into potential growth areas.  This has resulted in a successful rebalancing of Group activities, enabling us to come through the exceptionally challenging market conditions of recent years in good shape.

Our first half results were as anticipated and confirm that some parts of the Group’s business are growing again, whilst others still face significant economic headwinds. The Group’s performance in this period was also affected by a combination of the severe weather in Australia, a slow resumption of deep water drilling in the Gulf of Mexico and political unrest in the Middle East and North Africa (MENA).

The second half should see an improved performance, as the impact of these exceptional events reduces, with continued growth from our energy and environmental management activities, including a larger contribution from the three acquisitions made in the first half.  This should enable market expectations for 2011 to be achieved.

Although significant uncertainties are still apparent in property development markets internationally, we remain of the view this is likely to mark the beginning of a new period of growth for RPS. The pace of that growth remains, in significant part, dependant upon factors external to the Group”.

28 July 2011

ENQUIRIES

 

RPS Group plc

Today: 020 7457 2020

Dr Alan Hearne, Chief Executive

Thereafter: 01235 863206

Gary Young, Finance Director

 

 

 

College Hill

 

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 have offices in the UK, Ireland, the Netherlands, the Americas and Australia/Asia Pacific 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.

Results

RPS remains well positioned in markets of fundamental importance to the global economy, with long term growth potential.  Despite continuing global economic and financial uncertainty, some of these are beginning to show signs of sustainable recovery.  As announced previously, Group trading in the first part of the year was held back by the disruptive effect of flooding and cyclones in Australia, the slow resumption of deep water drilling in the Gulf of Mexico and political disruption in MENA, particularly Libya. 

Profit before tax and amortisation of acquired intangibles was £23.5 million (2010: £23.4 million). Basic earnings per share (before amortisation) were 7.67 pence (2010: 7.52 pence).  The underlying contribution of each segment to divisional profit was:

(£m)

 

2011

 

2010

 

 

 

H1

 

H1

 

Energy

 

14.3

 

12.1

+18%

Planning and Development

 

8.0

 

13.1

-39%

Environmental Management

 

5.7

 

5.0

+14%

Total

 

28.0

 

30.2

 

*before amortisation of acquired intangible assets of £4.8 million (2010: £2.3m)
 and before reorganisation costs of £0.1 million (2010: £2.0 million cost)

Cash Flow, Funding and Dividend

Conversion of profit into cash continued at an encouraging level and our balance sheet remains strong.  After funding acquisition investment of £14.3 million, net bank borrowings at 30 June were £35.8 million (31 December 2010: £31.5 million). Our committed bank facilities of £125 million are in place until July 2013.

The Board remains confident about the Group’s financial strength and has, once again, increased the interim dividend by 15% to 2.66 pence per share (2010: 2.31 pence) payable on 20 October 2011 to shareholders on the register on 23 September 2011. 

Acquisitions

During the course of the first half we completed three acquisitions. On 18 February 2011 we announced the acquisition of Evans-Hamilton Incorporated (“EHI”), a US based business, for a maximum consideration of US $8.67 million (£5.4 million).  It provides oceanographic consulting and marine environment measurement services, as well as carrying out environmental and coastal process studies and assisting clients with offshore environmental compliance.

On 2 March 2011 we announced the acquisition of Nautilus Ltd and Nautilus World Ltd (together “Nautilus”), a UK/US based business providing geosciences and petroleum engineering training to the oil and gas industry, for a maximum consideration of £18.6 million. 

On 6 May we announced we had acquired the 50% of Terranean Mapping Technologies Pty Ltd (“Terranean”) we did not own, for a maximum consideration of $A2.7 million (£1.7 million).  Terranean is a market leader in Australia in high technology surveying, mapping and geographical information systems.  As a result of this transaction we are required to revalue upwards the 50% of Terranean we owned previously by £1.5 million.

EHI and Nautilus have been successfully integrated into our Energy business, whilst Terranean now forms an integral part of the Planning and Development business in Australia.  Discussions with potential vendors in respect of further acquisitions are continuing.

Markets and Trading

Energy

We provide internationally recognised consultancy services to the oil and gas industries from bases in the UK, USA, Canada, Australia, Asia Pacific, which act as regional hubs for projects undertaken in many other countries.  The first half results showed encouraging growth despite man-made and political disruption in the Gulf of Mexico and MENA:

 

2011

2010

 

H1

  H1

Fee income (£m)

85.5

71.3

Underlying profit* (£m)

14.3

12.1

Margin %

16.8

17.0

*before amortisation of acquired intangible assets of £2.8 million (2010: £0.7m)
 and before reorganisation costs of £0.5 million (2010: £0.0 million)

Conditions in both the traditional and unconventional oil and gas sectors were encouraging. Our good relationship with the financial services sector continued to bring forward high quality work related to transactions and valuations. Encouragingly, we seem to have moved into the expansionary phase of the cycle. We are, however, beginning to experience resource and cost pressures.  Deep water drilling in the Gulf of Mexico has recently resumed. We expect to benefit increasingly from this in the coming months as our clients define project timing. We still anticipate client activity internationally will continue to build during the remainder of the year and expect our Energy business to achieve good growth for the full year.

Planning and Development

Within these businesses we provide market leading consultancy services in respect of town and country planning, building, landscape and urban design, transport planning and environmental assessment. The results in the first half were held back  by severe weather in Australia and continuing subdued levels of activity in property and public sector infrastructure development internationally:

 

2011

2010

 

H1

  H1

Fee income (£m)

87.5

89.0

Underlying profit* (£m)

8.0

13.1

Margin %

9.2

14.7

*before amortisation of acquired intangible assets of £1.8 million (2010: £1.5 million)
 and before reorganisation net income of £0.5 million (2010: £1.7 million cost)

Australia

The results for the period reflect the floods in January, followed immediately by cyclones.  These significantly disrupted the Australian economy and the activities of many of our clients in the early months of the year.  In the second quarter some of those clients re-established project activity somewhat earlier than previously anticipated.  Infrastructure development markets related to energy and other natural resources projects, remained encouraging, although there have been operational delays in progressing some aspects of larger projects off the West Coast.  Activity in the commercial development market continued to be subdued, primarily due to lack of project funding resulting from the continuing effects of the global financial crisis.  Overall, we continue to expect an improved performance in the second half.

 

2011

2010

 

H1

H1

Fee income (£m)

42.2

34.3

Underlying profit* (£m)

4.7

6.5

Margin %

11.1

18.9

*before amortisation of acquired intangible assets of £1.4 million (2010: £1.0 million)
 and before reorganisation net income of £1.4 million (2010: £1.1 million cost)

UK and Ireland

The process of developing the management and marketing activities in this merged business has proceeded satisfactorily, enabling further business opportunities to be identified and efficiency savings to be made.  The results for the period have, therefore, been impacted by further reorganisation costs:

 

2011

2010

 

H1

H1

Fee income (£m)

45.3

54.7

Underlying profit* (£m)

3.3

6.6

Margin %

7.3

12.0

*before amortisation of acquired intangible assets of £0.4 million (2010: £0.4 million)
 and before reorganisation costs of £0.9 million (2010: £0.5 million)

In the UK, after a slow start to the year, activity showed some improvement at the end of the first quarter. In the second quarter the market became subdued once again, although in recent weeks we have secured encouraging volumes of new business.  We continue to focus on those markets and clients which have funded and fundable projects, such as the provision of energy infrastructure. Although the weak economic recovery remains a material constraint upon our activity levels, we are well positioned for recovery when it occurs.  In Ireland, our future is tied closely to the financial situation and, therefore, the final resolution of the eurozone problems. Activity in the first quarter was reasonably encouraging.  However, as a result of continuing poor economic and financial circumstances, further reductions in public sector spending have been made by the Government.  In response to this we have reduced our cost base further.  This included the reduction of rented office space, which required one off exit payments.  The prospects for this business remain difficult to determine whilst external factors are so uncertain.

Environmental Management

This business provides consultancy services in respect of health, safety, risk, water and property management in the UK and the Netherlands.  The first half results showed encouraging growth:

 

2011

2010

 

 

H1

Fee income (£m)

41.3

33.9

Underlying profit* (£m)

5.7

5.0

Margin %

13.7

14.7

*before amortisation of acquired intangible assets of £0.2m (2010: £0.2 million)
  and before reorganisation costs of £0.1m (2010: £0.3 million)

Despite coming under significant pricing pressure, these businesses have delivered an excellent trading performance and sustained a good margin.  We have begun to benefit from increasing AMP5 investment from our UK water company clients, related particularly to the difficulties a number have had meeting challenging environmental targets.  Our health and safety, occupational health and risk management (particularly in the nuclear and defence sectors) activities remain at an encouraging level.  Our Dutch business also performed well, benefiting from the stabilisation of the economy.  Overall, it still appears we are likely to achieve good growth in this segment of the Group in the current year.

Group Prospects

As the impact of the severe weather in Australia reduces, as deep water drilling activity in the Gulf of Mexico increases and the acquisitions made in February and March continue to contribute, the second half should produce growth sufficient to enable current market expectations for 2011 to be achieved.  Subject to economic recovery continuing and supporting the markets in which we operate, this should provide a platform for further progress in 2012.

Board of Directors

RPS Group plc
28 July 2011

 

Condensed consolidated income statement

 

 

 

 

 

 

 

 

Notes

Six months
ended
30 June

Six months ended
30 June

Year
ended 31
December

 

 

 

2011

2010

2010

 

£000’s

 

unaudited

unaudited

audited

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

3

251,518

225,966

461,830

 

Recharged expenses

3

(38,663)

(33,438)

(68,568)

 

Fee income

3

212,855

192,528

393,262

 

 

 

 

 

 

 

Operating profit

3

19,816

23,086

46,309

 

 

 

 

 

 

 

Finance costs

 

(1,365)

(2,137)

(4,025)

 

Finance income

 

170

73

185

 

 

 

 

 

 

 

Profit before tax and amortisation of acquired intangibles

 

23,465

23,355

47,993

 

Amortisation of acquired intangibles

 

(4,844)

(2,333)

(5,524)

 

 

 

 

 

 

 

Profit before tax

 

18,621

21,022

42,469

 

 

 

 

 

 

 

Tax expense

4

(5,586)

(6,559)

(10,733)

 

 

Profit for the period attributable to equity
holders of the parent

 

 

13,035

 

14,463

 

31,736

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share (pence)

5

6.05

6.75

14.78

 

 

 

 

 

 

 

Diluted earnings per share (pence)

5

6.00

6.68

14.69

 

 

 

 

 

 

 

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

5

7.67

7.52

15.79

 

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

5

7.61

7.44

15.69


Condensed consolidated statement of comprehensive income

 

 

 

 

 

 

Six months
ended
30 June

Six months ended
30 June

Year
 ended
31 December

 

 

 

2011

2010

2010

 

£000’s

  unaudited

unaudited

audited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

13,035

14,463

31,736

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

Exchange differences

4,738

(4,357)

6,978

 

Tax recognised directly in equity

 

188

(42)

85

 

 

 

 

 

 

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

17,961

10,064

38,799

 

 

 

 

 

 

Condensed consolidated balance sheet

 

 

 

 

 

 

 

 

As at
30 June

As at
30 June

As at
31 December

 

 

 

2011

2010

2010

 

£000’s

Notes

unaudited

unaudited

audited

 

 

 

 

 

 

 Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

 

345,418

297,848

314,621

 

Property, plant and equipment

 

29,417

27,870

28,107

 

Investments

 

41

190

447

 

 

374,876

325,908

343,175

 

Current assets

 

 

 

 

 

Trade and other receivables

 

169,921

153,882

158,766

 

Cash at bank

 

17,855

11,620

13,933

 

 

187,776

165,502

172,699

 Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

 

2,973

1,615

1,744

Deferred consideration

 

13,629

12,324

9,873

Trade and other payables

 

99,513

74,277

86,971

Corporation tax liabilities

 

2,836

5,305

2,618

Provisions

 

2,612

1,010

1,768

 

 

121,563

94,531

102,974

Net current assets

 

66,213

70,971

69,725

Non-current liabilities

 

 

 

 

Borrowings

 

50,690

50,942

43,726

Deferred consideration

 

13,404

10,250

8,661

Other creditors

 

1,247

1,718

1,052

Deferred tax liabilities

 

14,364

10,361

11,291

Provisions

 

2,998

2,626

3,177

 

 

82,703

75,897

67,907

Net assets

 

358,386

320,982

344,993

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital  

8

6,530

6,494

6,516

 

Share premium  

 

102,911

100,375

101,941

 

Other reserves

9

49,339

34,900

45,581

 

Retained earnings

 

199,606

179,213

190,955

 

Total shareholders’ equity

 

358,386

320,982

344,993

Condensed consolidated balance sheet

 

 

 

 

 

 

 

 

As at
30 June

As at
30 June

As at
31 December

 

 

 

2011

2010

2010

 

£000’s

Notes

unaudited

unaudited

audited

 

 

 

 

 

 

 Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

 

345,418

297,848

314,621

 

Property, plant and equipment

 

29,417

27,870

28,107

 

Investments

 

41

190

447

 

 

374,876

325,908

343,175

 

Current assets

 

 

 

 

 

Trade and other receivables

 

169,921

153,882

158,766

 

Cash at bank

 

17,855

11,620

13,933

 

 

187,776

165,502

172,699

 Liabilities

 

 

 

 

Current liabilities

 

 

 

 

Borrowings

 

2,973

1,615

1,744

Deferred consideration

 

13,629

12,324

9,873

Trade and other payables

 

99,513

74,277

86,971

Corporation tax liabilities

 

2,836

5,305

2,618

Provisions

 

2,612

1,010

1,768

 

 

121,563

94,531

102,974

Net current assets

 

66,213

70,971

69,725

Non-current liabilities

 

 

 

 

Borrowings

 

50,690

50,942

43,726

Deferred consideration

 

13,404

10,250

8,661

Other creditors

 

1,247

1,718

1,052

Deferred tax liabilities

 

14,364

10,361

11,291

Provisions

 

2,998

2,626

3,177

 

 

82,703

75,897

67,907

Net assets

 

358,386

320,982

344,993

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital  

8

6,530

6,494

6,516

 

Share premium  

 

102,911

100,375

101,941

 

Other reserves

9

49,339

34,900

45,581

 

Retained earnings

 

199,606

179,213

190,955

 

Total shareholders’ equity

 

358,386

320,982

344,993

 

Condensed consolidated cash flow statement

 

 

 

 

 

 

 

Six months
ended 30
June

Six months
ended 30
June

Year ended
31 December

 

2011

2010

2010

£000’s  Notes

unaudited

unaudited

audited

 

 

 

 

Cash generated from operations  11

27,678

21,071

57,874

Interest paid

(1,143)

(2,080)

(4,507)

Interest received

170

73

185

Income taxes paid

(6,764)

(8,479)

(14,384)

Net cash from operating activities

19,941

10,585

39,168

 

 

 

 

Cash flows from investing activities

 

 

 

Purchases of subsidiaries net of cash acquired

(11,202)

(2,465)

(4,418)

Deferred consideration

(3,111)

(5,688)

(13,626)

Purchase of property, plant and equipment

(3,812)

(3,713)

(6,856)

Sale of property, plant and equipment

109

122

3,193

Dividends received

256

-

116

Net cash used in investing activities

(17,760)

(11,744)

(21,591)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from issue of share capital

102

72

229

Purchase of own shares

(356)

-

-

Proceeds from/(repayments of) bank borrowings

7,005

5,682

(5,022)

Payment of finance lease liabilities

(689)

(739)

(1,491)

Dividends paid

(5,460)

(4,722)

(9,710)

Payment of pre-acquisition dividend

-

-

(694)

Net cash used in financing activities

602

293

(16,688)

 

 

 

 

Net increase/(decrease)  in cash and cash  equivalents  

2,783

(866)

889

 

 

 

 

Cash and cash equivalents at beginning of period

13,933

13,691

13,691

 

 

 

 

Effect of exchange rate fluctuations

(185)

(1,205)

(647)

 

 

 

 

Cash and cash equivalents at end of period 11

16,531

11,620

13,933

 

 

 

 

 

 

 

 

Cash and cash equivalents comprise:

 

 

 

Cash at bank

17,855

11,620

13,933

Bank overdraft

(1,324)

-

-

 

 

 

 

Cash and cash equivalents at end of period

16,531

11,620

13,933

 

 

 

 


Condensed consolidated cash flow statement

 

 

 

 

 

 

 

Six months
ended 30
June

Six months
ended 30
June

Year ended
31 December

 

2011

2010

2010

£000’s  Notes

unaudited

unaudited

audited

 

 

 

 

Cash generated from operations  11

27,678

21,071

57,874

Interest paid

(1,143)

(2,080)

(4,507)

Interest received

170

73

185

Income taxes paid

(6,764)

(8,479)

(14,384)

Net cash from operating activities

19,941

10,585

39,168

 

 

 

 

Cash flows from investing activities

 

 

 

Purchases of subsidiaries net of cash acquired

(11,202)

(2,465)

(4,418)

Deferred consideration

(3,111)

(5,688)

(13,626)

Purchase of property, plant and equipment

(3,812)

(3,713)

(6,856)

Sale of property, plant and equipment

109

122

3,193

Dividends received

256

-

116

Net cash used in investing activities

(17,760)

(11,744)

(21,591)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from issue of share capital

102

72

229

Purchase of own shares

(356)

-

-

Proceeds from/(repayments of) bank borrowings

7,005

5,682

(5,022)

Payment of finance lease liabilities

(689)

(739)

(1,491)

Dividends paid

(5,460)

(4,722)

(9,710)

Payment of pre-acquisition dividend

-

-

(694)

Net cash used in financing activities

602

293

(16,688)

 

 

 

 

Net increase/(decrease)  in cash and cash  equivalents  

2,783

(866)

889

 

 

 

 

Cash and cash equivalents at beginning of period

13,933

13,691

13,691

 

 

 

 

Effect of exchange rate fluctuations

(185)

(1,205)

(647)

 

 

 

 

Cash and cash equivalents at end of period 11

16,531

11,620

13,933

 

 

 

 

 

 

 

 

Cash and cash equivalents comprise:

 

 

 

Cash at bank

17,855

11,620

13,933

Bank overdraft

(1,324)

-

-

 

 

 

 

Cash and cash equivalents at end of period

16,531

11,620

13,933

 

 

 

 

Condensed consolidated statement of changes in equity

 

£000’s

Share capital

Share premium

Retained earnings

Other reserves
(Note 9)

Total equity

 

 

 

 

 

 

Changes in equity during 2011

 

 

 

 

 

At 1 January 2011

6,516

101,941

190,955

45,581

344,993

Total comprehensive income for the period

-

-

13,223

4,738

17,961

Issue of new ordinary shares

14

970

(258)

(624)

102

Purchase of own shares

-

-

-

(356)

(356)

Share based payment expense

-

-

1,146

-

1,146

Dividends

-

-

(5,460)

-

(5,460)

 

 

 

 

 

 

At 30 June 2011

6,530

102,911

199,606

49,339

358,386

 

 

 

 

 

 

Changes in equity during 2010

 

 

 

 

 

At 1 January 2010

6,457

98,238

169,254

39,519

313,468

Total comprehensive income for the period

-

-

14,421

(4,357)

10,064

Issue of new ordinary shares

37

2,142

(1,257)

(262)

660

Share based payment expense

-

-

1,517

-

1,517

Expenses of issue of equity shares

-

(5)

-

-

(5)

Dividends

-

-

(4,722)

-

(4,722)

 

 

 

 

 

 

At 30 June 2010

6,494

100,375

179,213

34,900

320,982

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 2011 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 2010.  They 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 2010 and the balance sheet as at that date are abridged from the Company’s Report and Accounts 2010 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 sections 498 (2) or 498 (3) of the Companies Act 2006.

The condensed interim financial statements do not constitute full accounts within the meaning of Section 434 of the Companies Act 2006.

In assessing the going concern basis, the directors considered: the Group’s business activities, the financial position of the Group and the Group’s financial risk management objectives and policies.  The directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future and that it is, therefore, appropriate to adopt the going concern basis in preparing its financial statements.

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 - Chief Executive
G. R. Young - Group Finance Director

3. Business segments

Segment information is presented in respect of the Group’s business segments which are reported to the Chief Operating Decision Maker (CODM).  The business segment reporting format reflects the Group’s management and internal structure.  Inter-segment pricing is determined on an ‘arm’s length’ basis.  Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

As announced on 6 May 2011, the part of the Australian Energy business providing clients with environmental, climatic and oceanographic data is now the responsibility of the Australian Board.  It is, therefore, now being managed as part of the Australia Planning and Development business, resulting in a restatement of the 2010 segment results.

The Group comprises the following business segments:

Planning and Development – consultancy services in the UK and Ireland and Australia relating to town and country planning, landscape and 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 and the Netherlands related to property management, environmental science, the management of water resources and health, safety and risk management other than to the oil and gas sector.

Energy – the provision of a wide range of consultancy services including those related to health, safety and risk management, on an international basis, to the upstream oil and gas and offshore renewable energy sectors.

Segment results for the period ended 30 June 2011:

 

£000’s

Fees

Recharged
Expenses

Intersegment
revenue

External
Revenue

 

 

 

 

 

Planning and
Development:

 

 

 

 

 UK and Ireland

45,335

7,846

(1,347)

51,834

 Australia

42,165

8,890

(334)

50,721

 Intra P&D
eliminations

(4)

-

4

-

Total Planning
and Development

87,496

16,736

 (1,677)

102,555

Energy

85,503

17,882

(193)

103,192

Environmental
Management

41,284

4,797

(310)

  45,771

Group eliminations

(1,428)

(752)

2,180

  -

Total

212,855

38,663

-

  251,518

 

£000’s

Underlying
profit

Reorganisation
 costs

Amortisation
of acquired
intangibles

Segment
result

 

 

 

 

 

Planning and
Development:

 

 

 

 

UK and Ireland

3,326

(853)

(418)

2,055

Australia

4,680

1,371

(1,388)

4,663

Total Planning
and Development

8,006

518

(1,806)

6,718

Energy

14,324

(488)

(2,844)

  10,992

Environmental
Management

5,652

(133)

(194)

  5,325

Total

27,982

(103)

(4,844)

  23,035

Revised segment results for the period ended 30 June 2010:

 

 

 

£000’s

Fees

Recharged
 expenses

Intersegment
 revenue

External
 revenue

 

 

 

 

 

Planning and
Development:

 

 

 

 

UK and Ireland

54,691

8,226

(817)

62,100

Australia

34,338

9,057

(425)

42,970

Intra P&D
eliminations

(2)

-

2

-

Total Planning
and Development

89,027

17,283

(1,240)

105,070

Energy

71,306

12,357

(197)

83,466

Environmental
Management

33,868

3,937

(375)

37,430

Group eliminations

(1,673)

(139)

1,812

-

Total

192,528

33,438

-

225,966

 

 

 

 

 

£000’s

Underlying
 profit

Reorganisation
 costs

Amortisation
of acquired
intangibles

Segment
 result

 

 

 

 

 

Planning and
Development:

 

 

 

 

UK and Ireland

6,584

(535)

(418)

5,631

Australia

6,507

(1,127)

(1,042)

4,338

Total Planning
and Development

13,091

(1,662)

(1,460)

9,969

Energy

12,103

(1)

(691)

11,411

Environmental
Management

4,980

(253)

(182)

4,545

Total

30,174

(1,916)

(2,333)

25,925

 

 

 

 

 

Group
reconciliation

 

 

 

 

£000’s

30 June 2011

30 June 2010

 

 

 

 

 

 

 

Revenue

251,518

225,966

 

 

Recharged
expenses

(38,663)

(33,438)

 

 

Fees

212,855

192,528

 

 

 

 

 

 

 

Underlying profit

27,982

30,174

 

 

Reorganisation
net income costs

(103)

(1,916)

 

 

Unallocated
expenses

(3,219)

(2,839)

 

 

Operating
profit before
amortisation

24,660

25,419

 

 

Amortisation

(4,844)

(2,333)

 

 

Operating profit

19,816

23,086

 

 

Finance costs

(1,195)

(2,064)

 

 

Profit before tax

18,621

21,022

 

 


Total segment assets were as follows:

 

 

 

£000’s

30 June 2011

31 December 2010

 

 

 

Planning and Development:

 

 

UK and Ireland

184,036

184,542

Australia

107,991

114,988

Total Planning and Development

292