Ricardo is today providing a trading update for the period ended 30 June 2016.
Further to the trading update of 19 May 2016, overall customer activity in the last two months has been positive leading to a strong year-end order book and a good pipeline across multiple geographies and different business segments. The order book includes the recently announced £35m contract received by Performance Products to supply advanced Dual Clutch Transmissions to a leading OEM in the luxury supercar market, over the life of the vehicle.
We expect profit performance for the year to be in line with our expectations and the business is well positioned as we enter the new financial year.
The vote by the United Kingdom to leave the EU has clearly caused some uncertainty within the wider market and we continue to monitor the situation carefully however do not expect it to have any significant impact on our performance. The diversification and international spread of our customers and operations is helpful and we have had confirmation that the recently awarded EU research funding through the Horizon 2020 framework will remain in place.
Acquisition activity continues to provide the opportunity to both diversify the business and enhance our offering. The Lloyds Register Rail and Cascade acquisitions completed in the period have both performed in line with our expectations and the recent announcement regarding the acquisition of Exnovo, the Italian motorcycle business, expands our capability in the rapidly growing scooter, motorcycle and urban mobility market.
Ricardo will announce its full year results for the year ended 30 June 2016 on 15 September 2016.
Dave Shemmans, Chief Executive Officer, commented:
“We have ended the year with a strong order intake in the final quarter which sees us entering the new financial year with a record order book. Against the backdrop of the EU referendum result it is business-as-usual for Ricardo and we continue with confidence as we look forward to developing and growing our business further in the year ahead.”
Dave Shemmans, Chief Executive Officer
Ian Gibson, Chief Financial Officer
Tel: 01273 455611
Tel: 020 7680 6550