LONDON (ShareCast) - Engineering consultancy Ricardo reported a record operating profit for the year as it starts the new financial year with a solid order book.

Underlying pre-tax profit jumped 31% to £23.0m for the year ended June 30th 2013.
Revenue climbed to £229.7m from £197.4m during the year. Underlying basic earnings per share rose 22% to 35.8p.

The group, which had a closing order book at £121m, said it is well placed to deliver long-term growth.

"We anticipate further progress in 2014 as the group has a strong balance sheet and a range of opportunities open to it as a diverse Technical Consulting and Performance Products business."

It also anticipates significant opportunities in the passenger car market.

"We have continued to make good progress both strategically and operationally in building an innovative and agile group which is well placed to deliver exceptional projects for clients."

Ricardo said, despite economic challenges within continental Europe, it delivered record profits and is optimistic for further development.

Underlining its confidence for further growth, the full year dividend was increased 13% to 14.0p per share.

Net funds at year-end were £6.1m, down from £7.9m in June 2012 after funding its £18.0m AEA acquisition.




CJ

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