RPS acquires Australia's Coreview for £17.8m; forecasts lower annual profit

Writer, Stock Market Wire
Monday, February 4, 2019 - 07:37

Professional services group RPS said it had acquired Australian transport advisory consultancy Corview for A$32.0m (£17.8m).

The deal involved an upfront payment of A$17.6m (£9.8m), with $4.8m (£2.7m) being received on each of the first, second and third anniversaries of completion.

RPS also announced that it expected to post a fall in profit before tax and amortisation for the year through December to £50.2m, down from £53.9m on-year. The decline was in line with market expectations, the company said.

RPS said its board had reaffirmed a commitment to hold dividends and improve dividend cover over time.

'We look for acquisitions that will add density, not greater diversity; that are value creative and that are congruent with our brand and our culture,' chief executive John Douglas said.

'Corview is known for its expertise in enabling clients to make informed investment decisions and manage complex infrastructure transactions across all phases of project development and delivery.'

'This makes them a natural fit for our business and I am delighted to make Corview our first major acquisition under my tenure as CEO of RPS.'

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