Strong automotive sector and global markets boosts FY results for Ricardo
ENGINEERING consultancy Ricardo, which has a large operation in Leamington Spa, has announced a record year, boosted by the strong automotive sector and global sales.
The company, which employs more than 2,000 consultants, engineers, scientists and support staff worldwide, deals with many of the leading automotive Original Equipment Manufacturers (OEMs) and supply chain organisations, together with energy companies, financial institutions and governments.
In its annual results statement it said it had ended the year with a record order book, which was up 17% to £142m (June 2013: £121m). Order intake rose 19% to £259m (June 2013: £218m).
Underlying pre-tax profit was up 8% to £24.6m (June 2013: £22.7m), with organic pre-tax profit up 3% to £23.3m (June 2013: £22.7m).
Underlying basic earnings per share were up 9% to 38.7p (June 2013: 35.4p) and net funds rose £6.5m to £12.6m (June 2013: £6.1m). The company has recommended a full year dividend up 9% to 15.2p per share (June 2013: 14.0p).
It said its balance sheet was strong and the outlook as it approached its centenary year, was positive, boosted it largest-ever deal to supply engines to McLaren Automotive.
Commenting on the results, Dave Shemmans, Chief Executive Officer said: “We have ended the year with a strong order intake in the final quarter, leading to a record order book as we enter the new financial year.
“Market conditions remain positive in the UK and Asia, are improving in the US, and in Germany we enter the new financial year with an order book significantly up on previous years. The strong order book and pipeline across the group, together with the large long-term assembly contracts secured in the year, provide confidence in the further development of the business.
“As we approach our centenary year our order book and balance sheet provide a good platform for further growth, and we are actively looking for opportunities to expand and enhance our business.”
