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RPS Group PLC on Tuesday said its fourth quarter performance was strong as positive market trends in urbanisation, natural resources and sustainability continue to boost the company.
The Abingdon, England-based professional services firm said fee revenue for the fourth quarter was £147.6 million, up 20% from £122.5 million a year ago, or up 17% from £126.0 million at constant currency.
The company said year-to-date fee revenue is £559.9 million in the fourth quarter, up 18% from £476.1 million a year ago, or 15% from 487.9 million at constant currency.
RPS said adjusted operating profit margins increased by 170 basis points in 2022, compared to the year before.
Net bank borrowings were £29.1 million at December 31, more than doubling from £13.5 million a year ago. The increase was partly due to the payment of transaction costs surrounding the acquisition of RPS by Tetra Tech UK Holdings Ltd.
The acquisition of RPS by Tetra Tech was approved in November. RPS said there has been no material change in the timetable of the acquisition, with the final court sanction expected on Thursday.
RPS shares were unchanged, trading at 221.00 pence per share on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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