19th May 2016 07:57
LONDON (Alliance News) - Engineering consultant Ricardo PLC on Thursday said it has seen good revenue growth in the ten months to the end of April, and it remains on track to meet expectations for the year to the end of June.
The company said revenue for the ten months to April 30 grew 32% year-on-year, helped by the acquisition of the Lloyd's Register Rail business. Taking the contribution from that acquisition out, like-for-like revenue grew 9.0%.
Ricardo said order intake in the first ten months was GBP278.0 million, again boosted by the Lloyd's Register Rail deal but also rising on a like-for-like basis year-on-year.
Ricardo said its Technical Consulting business has continued to perform well, with good growth in Europe and good wins made in Asia, though trading remains difficult in the US. The Performance Products division, meanwhile, is set to see profit fall year-on-year in the second half due to lower one-off software licence sales.
"Overall we have made good progress in the period, and the group is tracking in line with our full year expectations," said Chief Executive Dave Shemmans.
Ricardo shares were up 1.3% to 833.53 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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