Interim Management Statement

RNS Number : 3422I

Ricardo PLC

18 November 2008

 



Ricardo plc

18 November 2008 

Interim Management Statement

Ricardo plc ('Ricardo' or 'the Company') - a market leading engineering, management and automotive consultancy, employing over 1700 people worldwide, is today providing an Interim Management Statement in respect of the period from 1 July 2008 to the date of this release.  Ricardo will announce its interim results for the six month period ending 31 December 2008 on 27 February 2009.

Ricardo's strategy is to exploit opportunities provided by the changing automotive landscape and the need to maximise the world's energy resources whilst minimising global CO2 emissions. The Company is targeting growth in a number of new geographic regions and market sectors and is investing in R&D to develop new technologies to meet the dual challenge of performance efficiency and reduced environmental impact facing its expanding customer base. 

The year has started well for Ricardo. Our diverse portfolio of programmes and a well balanced spread of customers and territories has enabled us to weather much of the disruption that is occurring in automotive markets. Despite a number of project cancellations and delays, particularly in the US, our order book remains at broadly the same level as in June and our trading to the end of October is ahead of last year and in line with our expectations.

Furthermore the balance sheet remains strong with no significant changes in the financial position since the publication of final results for the year ended 30 June 2008.

Whilst the outlook for the automotive industry in the short term looks likely to remain very challenging,  other markets in which we operate continue to grow; particularly government initiatives around the world on CO2 reduction and energy security, as well as military vehicle development. Against the background of a very difficult automotive market and poor global economic conditions, we remain vigilant and are taking the necessary steps to control costs and preserve cash, on the basis that it may take some time for market conditions to return to normal. 

Whilst acknowledging the turbulent economic backdrop, our performance since our year end in June, our strong balance sheet and our current order book diversity provide us with cautious confidence for progress in this financial year.

Further enquiries:

Ricardo plc		Tel: [phone]
Dave Shemmans, Chief Executive
Geoff Bicknell, Interim Group Finance Director
Website: www.ricardo.com
Gavin Anderson & Company		Tel: [phone]
Fergus Wylie

  Michael Turner

 

END

 

 

IMSEANFXFAXPFFE