Ricardo plc Interim results for the six months ended 31 December 2012

Ricardo plc Interim results for the six months ended 31 December 2012
27 February 2013

Ricardo plc

Ricardo plc 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.

HIGHLIGHTS

  • Group revenue £100.3m, £95.4m excluding AEA (31 December 2011: £92.2m)
  • Strong closing order book at £136m, £111m excluding AEA (30 June 2012: £107m)
  • Underlying* profit before tax up 16% at £7.3m (31 December 2011: £6.3m)
  • Underlying* basic earnings per share up 10% to 11.6p (31 December 2011: 10.5p)
  • Strong operating cash inflow, post acquisition net debt £2.7m (30 June 2012: net funds £7.9m)
  • Interim dividend up 8% to 4.0p per share (31 December 2011: 3.7p)
  • Strong trading performance from the UK, trading in Germany remains challenging
  • Integration of AEA progressing to plan, earnings enhancing since acquisition

* Excluding specific adjusting items of £1.4m comprising amortisation of acquired intangible assets and acquisition costs

Commenting on the results, Dave Shemmans, Chief Executive Officer said:
“Ricardo has continued to secure good levels of business from a range of market sectors and geographies and as a result the order book is strong, with a solid pipeline. Energy efficiency and emissions reduction remain at the top of industrial and governmental agendas.
“The newly acquired Ricardo-AEA business has settled in well, with clients and the high-quality team transitioning across to new ownership. This business adds further scale, technical competence and an extended new client base to the Group, as well as contributing to our healthy £136m order book.
“The Ricardo strategy for growth and risk mitigation remains robust in a challenging and unpredictable world economy and 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.

Further enquiries:

Ricardo plc
Dave Shemmans, Chief Executive
Paula Bell, Group Finance Director
Tel: +44 (0)1273 455611
Website: www.ricardo.com

Kreab Gavin Anderson
Robert Speed
Tel: +44 (0)20 7074 1800