Ricardo PLC Trading Update & Notice of Capital Markets Event (2578K)

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RNS Number : 2578K

Ricardo PLC

06 July 2017

6 July 2017

Ricardo plc

Trading Update & Notice of Capital Markets Event

Ricardo plc ("Ricardo") is a global engineering and strategic, technical and environmental consultancy business with a value chain that includes the niche manufacture and assembly of high-performance products. We employ over 2,900 professional engineers, consultants, scientists and support staff to deliver class-leading and innovative products and services for the benefit of our customers, which include the world's major transportation original equipment manufacturers and operators, supply chain organisations, energy companies, financial institutions and government agencies.

Ricardo is today hosting an event for investors at its Shoreham Technical Centre focusing on developments in the Rail, Energy and Environment and Automotive sectors. The company is now in a close period as it prepares the financial results for the year ended 30 June 2017 and therefore no financial data will be provided at the investor event. The results for the year will be announced on 14 September 2017.

In the year to 30 June 2017 order intake has been good at over GBP360m and slightly ahead of the prior year. Excluding the large multi-year transmission supply contract awarded in June 2016 order intake is significantly up on the prior year. The closing order book at the end of June is expected to be in excess of GBP240m compared to GBP231m at the same time last year.

At the end of June our net debt was GBP38m.

Dave Shemmans, Chief Executive Officer, commented:

"We look forward to welcoming investors to our Shoreham Technical Centre today to discuss how we are helping our clients meet the global challenges of urbanisation, electrification of transport, climate change and the management of scarce resources.

This week we enter our new financial year with a strong order book and a very good pipeline of opportunities across our business. Our Rail and Energy and Environment businesses continue to perform strongly demonstrating the benefits of strategic diversification. Our automotive business has had a disruptive year given the wider macro economic factors but enters the new year with good momentum in the final quarter and a good order book and pipeline. Our Performance Products business continues to perform well with continued growth in McLaren volumes and I am particularly pleased with the recent contract to supply advanced transmissions to Aston Martin that was announced in June.

We look forward to further progress in the year ahead."

Further enquiries:

 
 Ricardo plc 
 Dave Shemmans, Chief Executive 
  Officer                           Tel:    [phone] 
 Ian Gibson, Chief Financial 
  Officer 
 
 Website: www.ricardo.com 
 
 Newgate Communications             Tel:    [phone] 
 Adam Lloyd, Zoe Pocock, 
  Ed Treadwell 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 06, 2017 02:00 ET (06:00 GMT)