Ricardo plc is a global engineering and strategic, technical and environmental consultancy business with a value chain that includes the niche manufacture and assembly of high-performance products. We employ over 2,700 professional engineers, consultants, scientists and support staff to deliver class-leading and innovative products and services for the benefit of our customers, which include the world’s major transportation original equipment manufacturers and operators, supply chain organisations, energy companies, financial institutions and government agencies.
Good year-end order book at £140m (2014: £142m);
Revenue up 9% to £258m (2014: £236m);
Order intake of £252m (2014: £259m);
Underlying(1) profit before tax up 9% to £26.8m (2014: £24.6m);
Underlying(1) basic earnings per share up 10% to 42.4p (2014: 38.7p);
Net funds up £1.7m to £14.3m after £3.6m of acquisition-related payments (2014: £12.6m);
Full year dividend up 9% to 16.6p per share (2014: 15.2p);
Year of strategic acquisitions and business reorganisation; Vepro and Power Planning Associates acquired in the year; Lloyd’s Register Rail and Cascade Consulting completed post year-end; and
Positive outlook; order book and financial position provides good platform for future growth.
(1) Excluding specific adjusting items of £3.9m (2014: £1.1m), which comprise amortisation of acquired intangible assets and acquisition-related costs (see Note 3 of full statement - download available on right of this page). Including specific adjusting items, reported profit before tax was £22.9m (2014: £23.5m) and reported basic earnings per share was 35.6p (2014: 36.9p).
Commenting on the results, Dave Shemmans, Chief Executive Officer said:
“As we celebrate our centenary year we have delivered a good set of financial results with revenue and profit growth, cash generation and a diverse portfolio of projects. Our strategy is focused on global engineering and environmental consulting and the development of longer-term, multi-year contracts and relationships, underpinned by global macro trends.
“This has been an important year for the business, highlighted by our acquisitions and reorganisation around key growth business units. In addition to the four completed acquisitions, we have established Ricardo Defense Systems in the US, which will enable us to access higher level security programmes from the US Defense Administration and we have also established Ricardo Innovations, which enables us to develop technology more quickly.
“Our vision is to become a world-leading global engineering and environmental consultancy business. Our order book and financial position provide a good platform for future growth and the delivery of this vision.”
Dave Shemmans, Chief Executive Officer
Ian Gibson, Chief Financial Officer
Tel: 01273 455611
Newgate Communications LLP
Fergus Wylie, Madeleine Palmstierna, Edward Treadwell
Tel: 020 7680 6550
A full version of the statement issued today by Ricardo plc and a copy of the results presentation, can be downloaded from the links at the top right of this page.