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Ricardo profit falls 19%; warns of material coronavirus hit

By BFN News | 07:55 AM | Tuesday 25 February, 2020


Engineering company Ricardo reported a 19% fall in first-half profit after higher sales were offset by one-off impairment and restructuring costs. The company also warned that its full-year performance would be hurt materially by the impact of the coronavirus on the automotive and rail sectors. Pre-tax profit for the six months through December slid to £8.3m, down from £10.3m on-year. Revenue rose 3% to £192.9m and underlying pre-tax profit rose 5% to £16.0m. Ricardo declared an interim dividend of 6.24p per share, up 4% on-year. Chief executive Dave Shemmans said the coronavirus outbreak had already disrupted the company's automotive and rail operations in China. 'We anticipate continuing disruption to client engagement, project delivery and business development in the coming months in mainland China and surrounding countries,' he said. 'Based on the issues highlighted above we are anticipating material impact to our forecast second half profits and thus full year.' Story provided by StockMarketWire.com

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