Public sector spending cutbacks in Ireland have resulted in a fall in profits at international consultancy firm RPS.
The group saw profits before tax and amortization fall 8.6 per cent from £52.5 million in 2009 to £48 million last year.
Operating profits in the UK and Ireland tumbled to £10.8m in 2010 from £15.6m the previous year. It’s fee income in the UK and Ireland was down 22.5 million from 127.7 million in 2009.
The significant reduction in the UK and Ireland sub-segment of Planning and Development was the primary cause of the reduction in Group profitability, RPS said, adding “this was caused by exceptionally difficult trading conditions”.
“Our businesses in both the Republic of Ireland and Northern Ireland depend significantly on public sector investment. The weak state of public finances in the Republic continued to put pressure on our business throughout the year, requiring further cost cutting,” RPS said.