TIDMRPS
RNS Number : 1417T
RPS Group PLC
02 July 2018
2 July 2018
RPS Group plc
('RPS' or the 'Group')
Notice of Interim Results
Segmentation changes
Notice of Interim Results
RPS will announce its Interim Results for the six months ended
30 June 2018 on Thursday, 2 August 2018.
A meeting for analysts will be held at 9.30am on the morning of
the results announcement at the offices of Buchanan, 107 Cheapside,
London, EC2V 6DN.
Segmentation changes
Since the publication of the Group's results for the year ended
31 December 2017 on 1 March 2018, the Board has made the following
organisational changes.
Creation of a global Energy business
As part of the Board's strategic priority to revitalise our
Energy business, the Group's oil and gas businesses in Australia
Asia Pacific ('AAP') and Norway, part of Built and Natural
Environment - Europe, have been transferred to Energy.
In addition, the Group's Metocean businesses in AAP and Built
& Natural Environment - North America ('BNE - North America'),
that have significant oil and gas sector exposure, have also been
transferred to Energy.
A new team is in place to lead and manage Energy, which now
provides consulting and services to the oil and gas sector on a
global basis.
The Board has also changed the name of BNE - North America to
'North America'. The Group's ocean science business, based in the
USA, that provides services to various sectors including oil and
gas, remains within the North America business.
Re-organisation of our businesses in Europe
RPS provides a range of consultancy and technical services in
UK, Ireland, the Netherlands and Norway. To provide increased focus
and manage the Group's businesses better the Board has made the
following organisational changes.
1) Our business in Norway that provides project and program
management and is managed by a dedicated team is now reporting
directly to the Group's CEO.
2) Our business in the UK, Ireland and Netherlands is now being
managed as two separate businesses:
a) a design and development, planning and environment, and
project management consulting business in UK and Ireland, named
'Consulting - UK and Ireland'; and
b) a water, laboratory, health, safety and risk services
business in UK and the Netherlands, named 'Services - UK and
Netherlands'.
RPS will present its results for the six months ended 30 June
2018 reflecting the above and will comprise six segments as
follows:
Energy
Consulting - UK and Ireland
Services - UK and Netherlands
Norway
North America
AAP
These segmental changes have been implemented across the Group
to enhance organisational effectiveness and efficiency. The Board
believes that these changes will provide additional transparency to
investors.
The restatement of prior period results consistent with this new
segmental structure is shown below in Appendix 1 and 2.
- Ends -
For further information:
RPS Group plc
John Douglas, Chief Executive Tel: +44 (0) 1235 863206
Gary Young, Finance Director www.rpsgroup.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Chris Lane / Tel: +44 (0) 20 7466 5000
Maddie Seacombe
RPS@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
RPS is an international consultancy of 5,500 creative
professionals and service providers. We define, design and manage
projects in strategic infrastructure, and the evaluation and
development of energy, water and other resources. Our main offices
are in the UK, Ireland, the Netherlands, Norway, the USA, Canada
and Australia Asia Pacific. We undertake projects in many other
parts of the world.
Appendix 1
Segmental Results for December 2017 as restated
GBP000s Fee income Recharged expenses Intersegment revenue External Revenue
------------------------------- ----------- ------------------- --------------------- -----------------
Energy 93,005 13,024 (675) 105,354
Consulting - UK and Ireland 120,767 25,339 (1,388) 144,718
Services - UK and Netherlands 95,699 16,497 (708) 111,488
Norway 67,986 1,192 (212) 68,966
North America 68,274 1,918 (217) 69,975
Australia Asia Pacific 119,674 10,939 (478) 130,135
Group eliminations (3,085) (593) 3,678 -
Total 562,320 68,316 - 630,636
------------------------------- ----------- ------------------- --------------------- -----------------
GBP000s Underlying profit Reorganisation costs Segment profit
------------------------------- ----------- ------------------- --------------------- -----------------
Energy 8,511 (544) 7,967
Consulting - UK and Ireland 16,615 - 16,615
Services - UK and Netherlands 13,955 - 13,955
Norway 6,378 - 6,378
North America 7,507 (206) 7,301
Australia Asia Pacific 15,257 (461) 14,796
Total 68,223 (1,211) 67,012
------------------------------- ----------- ------------------- --------------------- -----------------
Segmental Results for December 2017 as originally presented
GBP000s Fee income Recharged expenses Intersegment revenue External Revenue
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe 287,574 43,190 (1,246) 329,518
BNE - North America 76,160 1,989 (265) 77,884
Energy 65,407 11,100 (470) 76,037
AAP 135,025 12,556 (384) 147,197
Group eliminations (1,846) (519) 2,365 -
Total 562,320 68,316 - 630,636
------------------------------- ----------- ------------------- --------------------- -----------------
GBP000s Underlying profit Reorganisation costs Segment profit
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe 37,048 - 37,048
BNE - North America 8,542 (208) 8,334
Energy 6,801 (441) 6,360
AAP 15,832 (562) 15,270
Total 68,223 (1,211) 67,012
------------------------------- ----------- ------------------- --------------------- -----------------
Detailed reclassification for December 2017
GBP000s Fee income Recharged expenses Intersegment revenue External Revenue
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe (287,574) (43,190) 1,246 (329,518)
Consulting - UK and Ireland 120,767 25,339 (1,388) 144,718
Services - UK and Netherlands 95,699 16,497 (708) 111,488
Norway 67,986 1,192 (212) 68,966
North America (7,886) (71) 48 (7,909)
Energy 27,598 1,924 (205) 29,317
Australia Asia Pacific (15,351) (1,617) (94) (17,062)
Group eliminations (1,239) (74) 1,313 -
Total - - - -
------------------------------- ----------- ------------------- --------------------- -----------------
GBP000s Underlying profit Reorganisation costs Segment profit
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe (37,048) - (37,048)
Consulting - UK and Ireland 16,615 - 16,615
Services - UK and Netherlands 13,955 - 13,955
Norway 6,378 - 6,378
North America (1,035) 2 (1,033)
Energy 1,710 (103) 1,607
Australia Asia Pacific (575) 101 (474)
Total - - -
------------------------------- ----------- ------------------- --------------------- -----------------
Appendix 2
Segmental Results for June 2017 as restated
GBP000s Fee income Recharged expenses Intersegment revenue External Revenue
------------------------------- ----------- ------------------- --------------------- -----------------
Energy 45,575 8,289 (419) 53,445
Consulting - UK and Ireland 61,106 11,720 (732) 72,094
Services - UK and Netherlands 48,314 7,668 (372) 55,610
Norway 35,066 591 (157) 35,500
North America 33,310 924 (90) 34,144
Australia Asia Pacific 59,394 4,533 (204) 63,723
Group eliminations (1,710) (264) 1,974 -
Total 281,055 33,461 - 314,516
------------------------------- ----------- ------------------- --------------------- -----------------
GBP000s Underlying profit Reorganisation costs Segment profit
------------------------------- ----------- ------------------- --------------------- -----------------
Energy 3,561 (331) 3,230
Consulting - UK and Ireland 9,128 - 9,128
Services - UK and Netherlands 6,652 - 6,652
Norway 3,621 - 3,621
North America 4,197 (108) 4,089
Australia Asia Pacific 8,069 (255) 7,814
Total 35,228 (694) 34,534
------------------------------- ----------- ------------------- --------------------- -----------------
Segmental Results for June 2017 as originally presented
GBP000s Fee income Recharged expenses Intersegment revenue External Revenue
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe 147,014 20,006 (536) 166,484
BNE - North America 35,221 2,232 (123) 37,330
Energy 33,209 5,835 (686) 38,358
AAP 66,970 5,593 (219) 72,344
Group eliminations (1,359) (205) 1,564 -
Total 281,055 33,461 - 314,516
------------------------------- ----------- ------------------- --------------------- -----------------
GBP000s Underlying profit Reorganisation costs Segment profit
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe 19,517 - 19,517
BNE - North America 4,411 (109) 4,302
Energy 2,998 (236) 2,762
AAP 8,302 (349) 7,953
Total 35,228 (694) 34,534
------------------------------- ----------- ------------------- --------------------- -----------------
Detailed reclassification for June 2017
GBP000s Fee income Recharged expenses Intersegment revenue External Revenue
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe (147,014) (20,006) 536 (166,484)
Consulting - UK and Ireland 61,106 11,720 (732) 72,094
Services - UK and Netherlands 48,314 7,668 (372) 55,610
Norway 35,066 591 (157) 35,500
North America (1,911) (1,308) 33 (3,186)
Energy 12,366 2,454 267 15,087
Australia Asia Pacific (7,576) (1,060) 15 (8,621)
Group eliminations (351) (59) 410 -
Total - - - -
------------------------------- ----------- ------------------- --------------------- -----------------
GBP000s Underlying profit Reorganisation costs Segment profit
------------------------------- ----------- ------------------- --------------------- -----------------
BNE - Europe (19,517) - (19,517)
Consulting - UK and Ireland 9,128 - 9,128
Services - UK and Netherlands 6,652 - 6,652
Norway 3,621 - 3,621
North America (214) 1 (213)
Energy 563 (95) 468
Australia Asia Pacific (233) 94 (139)
Total - - -
------------------------------- ----------- ------------------- --------------------- -----------------
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