RPS Group delivers 'strong growth' in Q4

17th Jan 2023 08:39

(Sharecast News) - Professional services firm RPS Group said on Tuesday that it had delivered "strong growth" in the fourth and final quarter of 2022 amid solid margin recovery.

RPS Group stated that its performance for the period remained "strong and in line with the board's expectations", with 17% year-on-year growth in fee revenue at constant currency to £147.6m. Year-to-date fee revenue was up 15% at constant currency at £559.9m.

The FTSE 250-listed group highlighted that positive market trends in urbanisation, natural resources, and sustainability continued to drive the business.

RPS added that with a focus on driving project margins, ensuring pricing keeps pace with inflation, and improving operational leverage, adjusted operating profit margins increased during the year.

"For the year to 31 December 2022 margins have improved by circa 170 basis points compared to the year to 31 December 2021, and the business remains on track to achieve a double-digit operating margin in the medium-term," said RPS.

As of 0930 GMT, RPS shares were up 0.023% at 221.05p.

Reporting by Iain Gilbert at Sharecast.com