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STOCKS NEWS EUROPE-RPS falls as energy division slows

Thu Jul 30, 2009 6:52am EDT

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Shares in RPS Group Plc (RPS.L) falls 7.6 percent after the environmental consultancy reports a flat first-half pretax profit as the pace of investment in new projects slowed at its energy segment during the second quarter.

Panmure Gordon, which cuts its price target on the stock to 143 pence from 160 pence, says: "Energy continues to slow with profitability broadly flat YOY with margins holding up, although we suspect conditions will remain uncertain despite cost pressures now easing."

The broker maintains a "sell" recommendation on RPS and, with the assumption that trading continues to be soft, reduces its pretax profit forecast for 2010 to 53 million pounds from 64 million.

For more, click on [ID:nBNG511822]

Reuters messaging rm://balachander.surianarayanan.reuters.com@reuters.net


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