19th Nov 2015 09:20
LONDON (Alliance News) - Engineering and environmental consultancy Ricardo PLC on Thursday said the first half of its financial year has been robust so far, with good order intake and trading in line with its expectations.
Ricardo said order intake for the four months to the end of October was GBP113.0 million, significantly ahead of the year before, primarily due to contributions from acquisitions. On a like-for-like basis, order intake still rose by GBP22.0 million, however. Its total order book at the end of October stood at GBP206.0 million, up from GBP132.0 million at the same time a year ago.
The group won a number of significant orders in the period, including a rail project in Asia and passenger car orders in the US and Europe. The rail business is trading in line, while Ricardo's performance products unit is on track to increase volumes in the second half of its financial year to end June 2016 thanks to its engine supply deal with McLaren.
"We have again seen a good start to the new financial year with strong order intake in the first four months, reflecting both organic growth as well as a pleasing contribution from our recent acquisitions, which helped to generate a very good order book at the end of October. Overall, we remain confident of continued progress during the year," said Chief Executive Dave Shemmans.
Shares in Ricardo were up 2.1% to 870.00 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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