(Alliance News) - RPS Group PLC on Tuesday said its earnings in 2020 were hurt by coronavirus pandemic.
The professional services firm said fee revenue declined by 13% in 2020 to GBP457.3 million. On a constant currency basis, it fell by 12% year-on-year.
RPS Group said revenue fell by 12% in 2020 to GBP542.1 million and it swung to pretax loss of GBP31.3 million compared to GBP4.9 million profit recorded in 2019.
The company noted that, after a promising first quarter, trading was hurt by Covid-19, and fee revenue and adjusted operating profit ended down on the prior year. Nonetheless, RPS Group highlighted that the third and final quarters of 2020 showed encouraging momentum and an improving fee trajectory.
"Our business model, diversification and cohesion, exposure to government stimulus via public spending as well as private sector work, means that RPS is well positioned globally to grow as we emerge from the pandemic," said Chief Executive John Douglas.
"As we move ahead, we remain committed to delivering great work for clients and to our promise of making complex easy," added Douglas.
RPS Group shares were trading 3.5% lower in London on Tuesday morning at 94.30 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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