Ricardo has reported strong revenue, profit and EPS growth for the annual period to June 30 2011.
The UK-based engineering services company said that these were delivered from a diverse mix of customers and through a focus on cost control, cash generation and sound project delivery.
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Continuing operations:
- Revenue up 21% to £196.5m (June 2010: £162.8m)
- Profit before tax up 43% to £15.4m (June 2010: £10.8m)
- Basic earnings per share up 49% to 30.0p (June 2010: 20.1p)
- Net cash inflow of £9.3m
- Year end net funds of £1.5m (June 2010: net debt £7.8m)
- Full year dividend up 7% to 11.5p per share (June 2010: 10.7p)
- Order book increased to £107m (June 2010: £101m)
- Strategic partnerships yielding multi-year visibility
- Outlook remains positive, strong platform for business growth
Commenting on the results, Dave Shemmans, Chief Executive Officer said: “The strong performance we achieved in the first half of the financial year continued through the remainder of the year, resulting in a very good full year performance. Revenue was up 21%, profit before tax was up 43%, together with a positive cash balance and a solid order book. In the year we welcomed back some of our long term clients from the automotive sector, collaborated with Force Protection Europe on the Foxhound Light Protected Patrol Vehicle to win a competitive tender from the UK MoD, launched the McLaren supercar engine into production and established a long term engineering relationship with Jaguar Land Rover.
“Overall the market for Ricardo remains positive and active, in spite of a continuing uncertain global economy. We continue to focus on developing new advanced technologies, innovations and product solutions that are both energy efficient and clean. We are marketing these solutions to a diverse sector and global client base who require them for competitive and legislative reasons and they are being well received. Operationally our focus on cost, delivery and cash management has underpinned the strong overall performance. We have a market and operational platform which has delivered a good set of results this year. We intend to build upon this performance and thus we remain confident for the future.”
