Engineering consultancy RPS (RPS) has announced that its performance for 2014 will be at the top end of market expectations following stronger than anticipated fourth-quarter trading. Despite oil prices more than halving over the past six months, its energy business grew its profits during the second half. The group said its acquisitions have "integrated well".
Shares in the consultancy rose 6 per cent following the update. This represents a slight recovery in the shares, which fell 20 per cent in the final quarter of 2014. However, analysts at Numis reckon "the shares have substantially over-reacted to oil-related risks". Analysts at Peel Hunt upgraded its full-year pre-tax profit forecast to £65.5m from £64m, translating into year-on-year growth of 3.8 per cent.
