RPS, the natural resources, land and property consultancy group, has acquired consulting firm Manidis Roberts, expanding its footprint in the water, transport and power-supply infrastructure markets in Australia.
Manidis Roberts (MR), founded in 1988, is an environmental and project management consultancy headquartered in Sydney.
"MR has particular expertise in the water, transport and power supply sectors, all of which are expected to grow in coming years. MR will further expand the RPS presence in New South Wales, complementing the skills of our urban planners, water, environmental and cultural heritage specialists and surveyors based in Sydney and Newcastle," RPS said in a statement on Thursday.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
The firm generated revenues of A$27.2m (£18m) in the year to June 30th 2011 and a profit before tax of A$5.8m. However, these figures declined to around A$23.7m and A$5.2m in the year to June 30th 2012. It seems as if RPC has paid a good price for MR, which is being acquired for a maximum cash consideration of just A$30m.
RPS expects the acquired business to improve group earnings "marginally" in the remainder of 2012, and anticipates that its performance next year will "at least return to 2010/2011 levels, making it a worthwhile contribution to the group results".
Alan Hearne, the Chief Executive of RPS, said: Although parts of the Australian economy are still feeling the effects of the global financial crisis, the RPS board continues to see selective investment in our Australian business as an attractive part of our strategy."
"MR has an impressive track record and profile in markets likely to expand in coming years, particularly the provision of water, transport and power supply infrastructure. We also see significant opportunities to introduce their skills to the energy infrastructure markets on both the east coast and in Western Australia".
BC
-
Chinese stocks slump on first trading day of 2025Chinese stocks suffered in the new year from their worst first day of trading since 2016, despite a state stimulus package
-
Is now a good time to buy UK housebuilders?Recent share price falls could make UK housebuilder stocks undervalued, though there is a great deal of market uncertainty to contend with
