- Strong closing order book at £123m (30 June 2011: £107m; 31 December 2010: £117m)
- Good mix of orders across geographies, sectors and product lines
- Revenue up 2% at £92.2m (31 December 2010: £90.2m)
- Profit before tax up 26% at £6.3m (31 December 2010: £5.0m)
- Basic earnings per share up 12% to 10.5p (31 December 2010: 9.4p)
- Positive net cash balance of £2.4m (30 June 2011: £1.5m net cash; 31 December 2010: net debt £7.5m)
- Interim dividend up 9% to 3.7p per share (31 December 2010: 3.4p)
- The Board remains confident of further progress for the full year
Commenting on the results, Dave Shemmans, Chief Executive said:
"Ricardo has seen a good level of order intake across multiple geographies into all of our key divisions, weighted towards the end of the period. As a result, our order book remains strong at £123m, providing momentum into the second half of the year.
“In the period, the improved profit performance was achieved despite a disappointing trading performance both in the US and across our Strategic Consulting activities, where we have found the market environment challenging. Our focus on working capital management has continued and we have maintained a strong balance sheet.
“We remain encouraged to see clients placing work with Ricardo to achieve CO2 reduction and emissions legislation targets, and that our strategic partnerships continue to develop.
“Notwithstanding the current uncertain economic backdrop, the profile and robustness of our order intake demonstrates the value of our sector and geographic diversification strategy. With a good order book platform and pipeline of prospects as well as the current strategic partnerships in place providing longer term visibility, we remain confident of further progress for the full year.”
End of summary
A full version of the statement issued today by Ricardo plc can be downloaded from the link at the top right of this page.
Dave Shemmans, Chief Executive
Paula Bell, Group Finance Director
Tel: +44 (0)1273 455611
Kreab Gavin Anderson
Tel: +44 (0)20 7074 1800