Consultant engineering firm expects revenues to flow from Irish Water
One of the country's largest consulting engineering firms is betting on boosting its revenues with the development of Irish Water.
New accounts show RPS increased pre-tax profits by 31pc to €3.9m last year. Revenues rose 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 rose from 503 to 550 last year.
According to the directors' 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 add that the outlook for 2015 remains challenging. They state: "Certain market segments are resilient and we continue to focus our resources on these areas." The report adds: "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 profits take account of non-cash amortisation and depreciation costs of €1.145m and operating lease costs of €1m.
Remuneration for directors rose from €734,275 to €749,049.
Staff costs rose from €25.27m to €26.77m while accumulated profits totalled €17.5m.