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RPS Group grows revenue, expects strong trading and demand to continue

Fri, 24th Jun 2022 09:05

(Alliance News) - RPS Group PLC shares rose on Friday, after it announced strong trading in 2022 so far, and a bright outlook for the remainder of the year.

The professional services firm said trading in the five months ended May 27 was ahead of its expectations. Fee revenue grew by 12% in constant currency year-on-year to GBP215.4 million from GBP192.2 million.

Shares were up 2.3% to 112.50 pence each in London on Friday morning.

The revenue growth was seen across all segments, except North America.

Although RPS said the "market drivers remain positive" in North America, the firm's performance was held back by slow activity in private equity and delays in the initiation of government infrastructure projects.

The company has noted it has begun to see improvements in the speed of project initiation.

Growing order books and increasing headcount reflected high demand during the period, RPS said. The contracted order book on May 27 was up 8% from December, 12% ahead of the previous year. RPS expects momentum to continue into the second half.

"There remains clear demand for our expertise in our areas of focus - including renewables, project management, transport infrastructure and sustainability - and we are well-positioned to continue to benefit from the positive market trends in urbanisation, natural resources and sustainability well into the future," said Chief Executive John Douglas.

By Elizabeth Winter; elizabethwinter@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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