(Alliance News) - Ricardo PLC on Wednesday gave shareholders a 15% dividend increase despite swinging to an annual loss due to higher one-time costs and asset impairments, while also confirming its change in finance chief.
The Shoreham By Sea, West Sussex-based environmental and engineering consultant reported a pretax loss from continuing operations of GBP8.0 million in the financial year that ended June 30, swung from GBP12.4 million in profit the year before.
Ricardo took GBP35.9 million in one-time costs, compared to GBP11.9 million the year before. In financial 2023, these related primarily to impairment of non-financial assets, acquisition-related costs, and reorganisation costs.
Ricardo bought Inside Infrastructure Pty in March 2022. In calendar 2023, it bought E3-Modelling SA in January and Aither Pty in March.
Revenue increased by 17% to GBP445.2 million from GBP380.2 million, lifting underlying operating profit by 21% to GBP34.0 million from GBP28.0 million and underlying pretax profit by 15% to GBP27.9 million from GBP24.2 million.
Order intake was GBP521.5 million in financial 2023, up 23% from GBP425.3 million in financial 2022. Ricardo's order book on June 30 stood at GBP445.2 million, up 17% from GBP380.2 million a year before.
Ricardo declared an 8.61 pence final dividend, up 15% from 7.49p a year before, bringing its full-year payout to 11.96p, up 15% from 10.40p.
Ricardo confirmed that former chief financial officer Ian Gibson stepped down from the board on Wednesday, replaced by Judith Cottrell, who joined the company as CFO in July. Cottrell had been finance director for professional services firm RPS Group PLC, which was acquired by Tetra Tech UK Holdings Ltd in January.
Chief Executive Officer Graham Ritchie said Ricardo enters the new financial year with "good momentum" in its order book. It also is making progress in developing its goal of 'One Ricardo'.
"Through our shared operating model, our aligned functions enable the group to scale the business while executing at pace, thereby achieving Ricardo's full potential," he said.
Ricardo shares were down 0.8% at 510.00 pence midday Wednesday in London.
By Tom Waite, Alliance News editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Ricardo (RCDO)