(Alliance News) - Ricardo PLC on Thursday maintained its full-year guidance after reporting growth in the first half of its financial year ending June 30.
The Shoreham By Sea, West Sussex-based environmental and engineering consultant said revenue rose 5% in the six months to December 31, from GBP213 million a year ago.
This was driven by a 7% increase in its order intake from GBP293 million a year ago. It also stated its order book at December 31 was in excess of GBP470 million, up 14% from GBP414 million in the first half of financial 2023.
Looking ahead, Ricardo said it will maintain its guidance crediting a "strong order intake in the second quarter", as well as "increased visibility" for the second half of the year.
"With growth weighted across all our key end markets in the second half, accelerated by the transformation actions in right sizing our enabling functions and implementing our operating model, we expect to deliver improved operating margins in [the second half]," the firm said.
Chief Executive Officer Graham Ritchie said: "We are encouraged by our continuing strategic progress and by the performance of our businesses, with strong growth in particular seen in EE, Rail and Defense.
"We remain confident in delivering our full year underlying profit guidance for FY23/24 and remain on track for our 5-year strategic plan to more than double our operating profit."
Shares in Ricardo were up 1.7% at 434.25 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Ricardo (RCDO)