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RPS - RPS News Story

161.8p 2.6  1.6%

Last Trade - 05/12/19

Sector
Industrials
Size
Mid Cap
Market Cap £361.5m
Enterprise Value £509.3m
Revenue £565.3m
Position in Universe 641st / 1841

RPS Group PLC - Acquisition

Thu 20th March, 2008 7:07am
RPS Group PLC20 March 2008

2008-03-20 07:07:22
RPS Group PLC - Acquisition
RNS Number:5420Q
RPS Group PLC
20 March 2008

RPS GROUP PLC

("RPS" or "the Group")

Acquisition of Oceanfix International Limited ("OIL")


RPS announces the acquisition of OIL, a UK based consultancy providing advice to
the oil and gas sector on an international basis.



OIL was established in 1981 and operates internationally from a base in
Aberdeen. It provides hydrographic and geophysical survey consultancy services
to the oil and gas exploration and production sector.



OIL will remain in its premises in Aberdeen and be integrated with RPS's Energy
business. All OIL staff have joined RPS and will be engaged in the combined
business going forward. The business was purchased from the founder and
managing director who is remaining with RPS.



In the year ended 31 January 2008, OIL had revenues of 10.6 million and profit
before tax of 1.25 million. Net assets at 31 January 2008 were 1.96 million.



RPS is acquiring the entire share capital of OIL for a maximum total
consideration of 6.5 million, all of which will be paid in cash. 3.9 million
was paid at completion. Subject to certain operational conditions being met,
the balance of the consideration (2.6 million) will be paid, in two equal
parts, on 19 March in 2009 and 2010.



Brook Land, Chairman of RPS commented:



"Since our move into the Energy sector in 2003 we have built a world class
business. At a time when the price of, and demand for, oil and gas has
increased dramatically we have adapted effectively to fast changing conditions
and built a market leading combination of skills and services. Our clients
value these for their breadth, flexibility and geographic reach. The addition
of the renowned survey skills of Oceanfix supports and expands our service
offering further.



The Group's trading in the early months of 2008 has been good and our
acquisition pipeline remains encouraging."



20 March 2008



RPS is an international consultancy providing advice upon the development of
natural resources, land and property, the management of the natural and built
environments and the health and safety of people. We trade in the UK, Ireland,
the Netherlands, Poland, North America, South East Asia and Australia and
undertake projects in many other parts of the world.


ENQUIRIES


RPS Group plc
Dr Alan Hearne, Chief Executive Tel: 01235 863 206
Gary Young, Group Finance Director


College Hill
Matthew Smallwood Tel: 020 7457 2020




This information is provided by RNS
The company news service from the London Stock Exchange
END

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