Ricardo PLC Trading Update (7643X)
January 16 2014 - 1:00AM
UK Regulatory
TIDMRCDO
RNS Number : 7643X
Ricardo PLC
16 January 2014
16 January 2014
Ricardo plc
Trading Update
Ricardo plc ('Ricardo' or 'the Group') is a global,
multi-industry engineering and environmental consultancy, providing
a value chain from strategy to 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 a trading update for the six month
period ended 31 December 2013 as it enters the close period.
Ricardo will announce its interim results on 27 February 2014.
Since our Interim Management Statement (IMS) issued in November
2013 business performance has continued in line with our
expectations with contract wins in both Technical Consulting and
Performance Products contributing to a continued solid order book.
These include a European motorcycle programme; further power
generation activity in Europe; further Government consultancy and
passenger car programmes in the US, China, Japan and the UK. The
order book is particularly encouraging in respect of the German and
US businesses, which have faced a challenging market backdrop.
On 20 December 2013 we also announced a new multi-year engine
supply agreement with McLaren Automotive. This contract, which
represents revenue in the order of GBP40m per annum for Ricardo
from 2016 onwards, is the largest new order in almost a century of
Ricardo history and the most substantial single procurement ever
made by McLaren Automotive.
We continue to maintain a robust balance sheet with a positive
net cash position and bank facilities available to support further
investment.
Dave Shemmans, Chief Executive Officer, commented: "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.
Performance Products overall continues to perform well and
Technical Consulting continues to win new business across all
market sectors. With the solid order book within both Technical
Consulting and Performance Products and an encouraging order
pipeline, we remain confident of further progress in the second
half of the year."
Further enquiries:
Ricardo plc
Dave Shemmans, Chief Executive Tel: 01273 455611
Ian Gibson, Chief Financial Officer
Website: www.ricardo.com
Newgate Communications LLP
Fergus Wylie
Madeleine Palmstierna Tel: 020 7680 6565
This information is provided by RNS
The company news service from the London Stock Exchange
END
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