Ricardo PLC Interim Management Statement (9832S)
November 14 2013 - 1:00AM
UK Regulatory
TIDMRCDO
RNS Number : 9832S
Ricardo PLC
14 November 2013
14 November 2013
Ricardo plc
Interim Management Statement
Ricardo plc ('Ricardo' or 'the Group') is a global,
multi-industry environmental and engineering consultancy, with a
value chain from strategy and engineering through to niche
production. Our client list includes the world's major
transportation Original Equipment Manufacturers (OEMs), supply
chain organisations, energy companies, financial institutions and
governments.
Ricardo is today providing an Interim Management Statement for
the period 1 July to the date of this release. The results for the
six month period ending 31 December 2013 will be announced on 27
February 2014.
Order intake in the first four months of the financial year was
up on the same period last year by 17% overall and 6% excluding
Ricardo-AEA, the acquisition of which was completed on 8 November
2012. The order intake included a good geographical mix of business
across multiple market sectors. The order book closed at GBP128m at
the end of October, up 6% on the level at the end of June.
Significant orders in the period included a further order in
respect of monorail transmissions for a second installation in
Brazil; a motorcycle project for a customer in Asia; a further
DARPA order for the US defence sector; and passenger car content in
the UK, US and Asia. On 6 November 2013 we also announced that we
have been selected to partner with Thailand's Defence Technology
Institute on the development of its Black Widow Spider 8x8 armoured
vehicle programme.
Our UK business has performed well in the period and our German
and US businesses continue to face a challenging market backdrop
with performance similar to last year. Ricardo Strategic Consulting
and Ricardo-AEA continue to perform well and in line with
expectations.
We continue to maintain a robust balance sheet with a positive
net cash position and bank facilities available to support further
investment.
Looking forward, the order pipeline is strong and includes
several large opportunities including a European motorcycle
programme; further power generation activity in Europe and Asia;
two multi-year assembly projects for supercar manufacturers;
passenger car, defence and commercial vehicle opportunities in the
US and a good number of passenger car programmes in China and
Japan.
Dave Shemmans, Chief Executive Officer, commented: "The strong
order intake of the summer months has continued and we have a good
number of large multi-year projects being bid. Performance Products
is performing well and Technical Consulting is continuing to win
new business, particularly in Asia, although the US and continental
Europe order intake remains subdued by our historic standards. This
emphasises the benefit of our strategy to be well diversified by
sector, geography and product.
With the good order book and pipeline within both Technical
Consulting and Performance Products, we remain confident of
continued progress in the half year."
Further enquiries:
Ricardo plc
Dave Shemmans, Chief Executive
Officer Tel: 01273 455611
Ian Gibson, Chief Financial Officer
Website: www.ricardo.com
Newgate Communications Tel: 020 7680 6550
Fergus Wylie/Madeleine Palmstierna
This information is provided by RNS
The company news service from the London Stock Exchange
END
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