Ricardo plc interim results for the six months ended 31 December 2013

Ricardo plc interim results for the six months ended 31 December 2013
26 February 2014

Ricardo plc is today publishing its interim results for the six months ended 31 December 2013.


HIGHLIGHTS

  • A record order book up 18% to £143m (June 2013: £121m)
  • Underlying (1) profit before tax up 29% to £9.3m (December 2012: £7.2m)
  • Organic (2) profit before tax up 11% to £8.0m (December 2012: £7.2m)
  • Underlying (1) basic earnings per share up 28% to 14.6p (December 2012: 11.4p)
  • Net funds up £2.1m to £8.2m (June 2013: £6.1m)
  • Interim dividend up 8% to 4.3p per share (December 2012: 4.0p)
  • Multi-year engine supply agreement signed with McLaren Automotive
  • Outlook remains positive, strong platform for further growth



(1) Excluding specific adjusting items, which comprise amortisation of acquired intangible assets and acquisition costs (see note 6).
(2) Excluding Ricardo-AEA for the period up to 8 November 2013. Ricardo-AEA was acquired in the prior year on 8 November 2012.


Commenting on the results, Dave Shemmans, Chief Executive Officer said: “Ricardo has continued to secure good levels of new business, with the period end order book at a record level of £143m, well diversified across geographies and market sectors. We have increasing levels of business from Asia and Europe and the market sectors of rail, motorcycles and power generation continue to expand.

“A highlight of the period was the conclusion of the landmark engine supply agreement with McLaren Automotive. The long-term nature of this agreement underscores the effectiveness of our working relationship with McLaren and provides an exciting opportunity to deliver innovative new products. In addition, it is pleasing to note that Ricardo-AEA, which was acquired in the previous financial year, has now been fully integrated and is performing well.

“With the record order book well balanced across both Technical Consulting and Performance Products and an encouraging order pipeline, we remain confident of further progress in the future.”



Further enquiries:  


Ricardo plc  
Dave Shemmans, Chief Executive Officer 
Ian Gibson, Chief Financial Officer  
Tel:  01273 455611
Website: www.ricardo.com
 
Newgate Communications 
Fergus Wylie/Madeleine Palmstierna
Tel:  020 7680 6550    



A full version of the Interim results announcement issued today by Ricardo plc can be downloaded from the link at the top right of this page, together with a copy of the results presentation.