RPS Group on track to deliver growth this year
Multinational energy and environmental consultancy company RPS Group said it expects first half results to be in line with the previous year.
Multinational energy and environmental consultancy company RPS Group said it expects first half results to be in line with the previous year.
While the group experienced a slowdown in resource investments in the Australia, Asia Pacific region, the energy business remains on track to deliver growth this year, according to an interim management statement.
Oil and gas exploration expenditure in Australia and Asia Pacific fell due to increasing costs pressures while the US and Europe, Africa and Middle East rose on strong performance.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In January, the company successfully integrated newly acquired Petroleum Institute for Continuing Education (PEICE), a Canadian based business providing geoscience and engineering training to the oil and gas industry.
RPS said PEACE should help offset weak results in Canada as its clients' potash projects move into a phase of the development cycle in which the group has less involvement.
Last month RPS announced the acquisition of Knowledge Reservoir in Houston for a maximum consideration of $20m, to strengthen its US business. Following reorganisation of non-US entities and integration of its US business it is expected to make a limited contribution this year and a full contribution in 2014.
The firm's Business New Europe (BNE) arm wielded robust results despite economic uncertainty which held back project investments in the first months of the year.
A strong position in the energy infrastructure market enabled the group to win projects. BNE results this year are expected to be in line with last year.
Net bank debt at the end of March was £9.1m, compared with £15.2m at the same time last year and £13.5m at the end of 2012.
RD
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published