RPS Group 1H Pretax Profit Dips To GBP21M; Ups Dividend 15%

29th Jul 2010 07:55

LONDON (Dow Jones)--Land, property and infrastructure consultancy RPS Group PLC (RPS.LN) raised its interim dividend 15% despite a fall in first-half pretax profit, saying its board believes a modest improvement in the second half is achievable and its balance sheet is strong. Chairman Brook Land said there are early signs of improvement in the oil and gas market and in its risk management division in the U.K., but improvement in other markets isn't yet discernible. He added that in Ireland, the company expects the infrastructure market to contract further before becoming more stable. For the six months to June 30, RPS posted pretax profit of GBP21 million compared with GBP27.5 million in the same period a year earlier. Revenue rose to GBP226 million from GBP221.5 million, while the dividend increased to 2.31 pence a share from 2.01 pence. Bank borrowing totaled GBP40.9 million at the end of the first half, up from GBP14.4 million a year earlier, due in part to GBP8.2 million of funding for an acquisition. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires July 29, 2010 02:55 ET (06:55 GMT)