Ricardo PLC on Wednesday said it expects its annual results to meet guidance, following a strong recovery in profit in the second half of the year.
Ricardo is a global strategic, environmental and engineering consulting company based in Shoreham-by-sea, England.
Ricardo said it estimates a 7% rise in revenue for the financial year that ended June 30, driven by ‘good’ sales momentum across all business units. The company didn’t provide an estimate of revenue, just the annual change. In financial 2023, revenue was £224.2 million, suggesting about £240 million in revenue for the recent year.
However, order intake is expected to fall by 5% to around £495 million, due to the timing of large orders in the automotive & industrial unit.
Looking ahead, Ricardo said it enters the new financial year with a ‘robust order book’ and ‘solid pipeline visibility’.
Chief Executive Officer Graham Ritchie commented: ‘We are pleased with our continued progress in the second half of [financial 2024], trading in line with the Board’s expectations for the full year. At the same time, we are accelerating our strategic execution by delivering the aligned functional operating model and improving our visible pipeline for future revenue growth. We enter the new year with a solid order book as we continue to focus on delivering long-term and sustainable growth.’
Ricardo shares were up 5.5% to 519.12 pence each in London on Wednesday afternoon.
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