Trading Update

RNS Number : 3650J

Ricardo PLC

16 July 2013

 



16 July 2013

Ricardo plc

Trading Update

Ricardo plc ('Ricardo' or 'the Group') is a market leading engineering, automotive and environmental consultancy. We employ over 2,000 professional consultants, engineers, scientists and support staff worldwide. Our client list includes the world's major transportation Original Equipment Manufacturers (OEMs), supply chain organisations, energy companies, financial institutions and governments.

Ricardo plc is today providing a trading update for the period ended 30 June 2013. Ricardo will announce its full year results for the twelve month period ended 30 June 2013 on 9 September 2013.

Overall customer activity in the final two months has been positive with a good pipeline across multiple geographies and different business segments. Recent contract wins from the passenger car, defence, power generation and marine engine sectors in particular have led to a continuing solid orderbook.

We expect revenue levels for the full financial year to be above the prior year, both including and excluding Ricardo-AEA, and profit performance to be above market expectations representing solid growth on the prior year.

Ricardo-AEA is now fully established within the Group and the performance and integration of the business has exceeded our original expectations.

The balance sheet remains strong with good cash generation leading to a net cash balance similar to the prior year, having completed the acquisition of AEA Europe for £18.0 million in November 2012.

Dave Shemmans CEO commented:

"We continue to secure and deliver business for a broad range of clients, sectors and geographies in line with our strategy. The pipeline includes the return of the major automotive clients looking to address the global market, CO₂ legislative requirements and the introduction of high performance derivatives. Market conditions are improving although Europe remains challenging, and against this backdrop our pipeline, balance sheet and operational delivery give us confidence of further progress in the current year."

Further enquiries:

Ricardo plc
Dave Shemmans, Chief Executive	Tel:	01273 455611
Ian Gibson, Chief Financial Officer
Website: www.ricardo.com
Newgate Communications LLP	Tel:	020 7680 6565
Fergus Wylie

 

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