Shares in RPS (RPS) lost around 28 per cent hit of their value in early trading after the professional services firm revealed that third quarter numbers had missed expectations. Profit before tax and amortisation (PBTA) fell 7.9 per cent year-on-year at constant currencies to £12.8m.
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The board now expects that fee income for 2018 will be slightly above the prior year at constant currencies (but below market expectations), and PBTA will be slightly below the 2017 outcome. Looking ahead, increased investment - including the ongoing overhaul of the group's IT systems - and a one-off global brand relaunch are expected to bump up costs through 2019 to the tune of £4.5m, meaning that PBTA will be "broadly similar" to full-year 2018.
