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RPS profits slip

Consultant RPS has reported a decline in revenue, slipping from £470.5M to £433.9M, and profit for the year ending 31 December declining from £57.5M to £52.5M.

Reorganisation and redundancy costs were £3.5M, and bad debts cost the company £3.8M.

RPS chairman Brook Land said: “Given the extremely challenging economic conditions in which we had to operate, the diversity and resilience of our business enabled us to deliver a very respectable set of results for 2009. The skill and determination shown by our staff given the market circumstances in which they and our clients were operating last year cannot be over estimated. They delivered an exceptional performance.   

“Our clients in the UK and Ireland are likely to remain cautious and cost conscious.  However, we are leaders in many of the markets in which we operate and have valuable long term client and project relationships which will continue to underpin our trading.  We are more optimistic about prospects in Australia and hopeful about improvements in our Energy business in the second half.

“Our strategy of continuing to build a multi-disciplinary RPS on an international basis remains both appropriate and achievable and we anticipate making further progress with this in 2010.

“Economic conditions look likely to constrain our growth again this year. However, the Board remains confident that RPS is well positioned, internationally, in markets of fundamental importance to the reshaping of the world economy and will experience another extended period of good growth when conditions allow.”

Expansion into Australia provided strong growth, from the acquisition of Conics in July 2009.

The group expects to benefit from new opportunities in oil and gas, and the third round of wind energy announced in January by the Crown Estate.

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