An engineering consultancy firm is betting on increasing its revenues via the development of Irish Water.
RPS, one of the largest consultancy firms in the country, last year increased its pre-tax profits by 31%, to €3.9m.
This followed a marginal increase in revenues, from €44.74m to €45m.
According to the directors’ report, “the market for water-engineering services in the Republic of Ireland should pick up in 2015, and future years, with the development of the Irish Water utility.”
Numbers employed by the firm last year increased from 503 to 550. According to the report, “the directors are satisfied with the performance of the group during 2014. Despite difficult economic circumstances, there was a modest increase in income. Continued, careful management of the cost-base resulted in an increase in the operating profit during the year”.
The directors say that the outlook for the business for 2015 remains challenging: “A growing number of public-sector infrastructure development projects are due to proceed in 2015 and the commercial semi-state sector has shown increased activity over the last period”.
The directors continue to look to foreign markets to export professional services to niche areas abroad, with a particular focus on Britain.
The profits take account of non-cash amortisation and depreciation costs of €1.145m, and operating lease costs of €1m.
Remuneration for directors, last year, increased from €734,275 to €749,049. The firm had 483 professionals and 67 in support, with staff costs last year increasing from €25.27m to €26.77m.
Accumulated profits last year increased from €13.5m to €17.5m, with the firm’s cash pile more than halving, from €1.378m to €546,351. The group last year recorded post-tax profits after incurring corporate tax of €482,831.
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