19th Jul 2016 07:25
LONDON (Alliance News) - Engineering consult Ricardo PLC said on Tuesday that trading in its financial year to June 30 was in line with its expectations, with the business "well positioned" for the new financial year.
Ricardo said it expects profit for its 2016 financial year to be in line with expectations. Following the company's trading update in May, overall customer activity had been "positive", leading to a strong year-end.
Ricardo said that, while the vote by the UK to leave the European Union has caused uncertainty within the wider market, it does not expect this to have a significant impact. The company cited its international spread of customers and the diversity of its business as limiting their exposure to the UK market.
The engineering consultant said acquisitions made through the year have been successful, with Lloyds Register Rail and Cascade Consulting both performing in line with Ricardo's expectations. The company expects its recent acquisition of Italian motorcycle business Exnovo to expand capability in the urban mobility market.
"Against the backdrop of the EU referendum result it is business-as-usual for Ricardo and we continue with confidence as we look forward to developing and growing our business further in the year ahead," said Dave Shemmans, Ricardo chief executive.
Ricardo will announce its full year results for the financial year ended June 30 on September 15.
By Lucy Heming; [email protected]
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