Ricardo plc ('Ricardo' or 'the Company') - a market leading engineering and automotive consultancy, is today providing an Interim Management Statement in respect of the period 1 January to the date of this release. Ricardo will announce its full year results for the twelve month period ending 30 June 2011 on 26 September 2011.
Order intake for the four months to April was some 18% higher than the same period last year. Notable orders in the period were from the passenger car sector and included engine hybrid work in Germany, further engine work with a strategic UK partner as part of a multi-year programme and a new engine programme for a Chinese client. Revenue was also up 31% on the same period last year. The orderbook at the end of April remains strong at £104m compared to £87m this time last year.
Our Technical Consulting business is benefitting from a strong mix of orders and continues to be very busy in the UK where both permanent and subcontractor headcount has grown to match this volume increase. Both our German and US divisions continue to grow presence in their local markets.
Our Performance Products business, commenced shipment of supercar engines in February. Delivery volumes will ramp up in the next financial year, which is also when Ocelot/Foxhound defence vehicle deliveries commence.
Strategic Consulting has found market conditions challenging with some delays to order placement, despite this they delivered business growth compared to the same period last year.
Despite the recent natural disasters and the resulting short term operational impacts in Japan, orders have continued to be placed by our Japanese clients and Ricardo local staff continue to operate as normal.
We continue to carefully manage both costs and cash. Improved commercial terms are being secured with new orders, driving a slight improvement to our net debt position since the half year and thereby maintaining low gearing levels for the business.
Dave Shemmans CEO commented: "We are pleased to see the revenue, order intake and order book all tracking ahead of the same period last year. We are seeing some traditional clients returning as well as welcoming new clients from across the world from a wide range of sectors. The operations are busy and our balance sheet remains strong on the back of continued good cash performance. Despite previously communicated cost overspends on one engineering programme,we remain confident for further progress for the full year."
Datafeed and UK data supplied by NETbuilder and Interactive Data.
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