TIDMRCDO
RNS Number : 6683T
Ricardo PLC
26 July 2022
26 July 2022
Ricardo plc
Ricardo plc is a global strategic, environmental, and
engineering consulting company. W e provide exceptional levels of
expertise in delivering innovative cross-sector sustainable
outcomes to support energy transition and scarce resources,
environmental services together with safe and smart mobility.
Ricardo plc issues its pre-close trading update ahead of its
full year results in respect of the year ended 30 June 2022.
Ricardo plans to announce its full year results on 14 September
2022. The results in this trading update are subject to audit.
Trading update
Trading in line with our expectations
In the year ended 30 June 2022, Ricardo traded in line with the
Board's expectations and delivered a full year performance with a
very good level of new orders and strong operating cash
generation.
FY 2021/22 saw high levels of growth with positive momentum,
owing to a strong order intake at c.GBP430m, up over 20% on the
prior year. We enter the new financial year with a good order book
of c.GBP340m, up over 15% on the prior year. Net debt at 30 June
2022 was GBP35m (including the GBP5m cost of the acquisition of
Inside Infrastructure in March 2022) compared to GBP47m at 30 June
2021.
Within our business segments:
-- Strong growth across the Energy & Environment ('EE')
business was supported by a number of significant contract wins for
its growing portfolio of sustainability services and a higher
demand for environmental consultancy services within the corporate
decarbonisation and water segments.
-- Automotive and Industrial returned to profitability with a
strong rebound in order intake and revenue. We saw growth in order
intake in North America and EMEA and we continue to win major
contracts in supporting our customers with the rapid shift to
decarbonised and sustainable transport solutions.
-- Rail increased its order intake, driven by new contract wins,
specifically within certification services and through its recent
expansion into North America. Overall, revenue was slightly down on
the prior year, impacted by global market conditions together with
some long-term projects nearing completion.
-- Performance Products delivered a good performance, reflecting
strong demand for engine and transmission products from key
customers such as McLaren, Porsche, and Aston Martin, while also
extending several key motorsport programmes including Formula E,
Formula 1, and World Rally Championship.
-- Defense received a good level of orders which included a $19m
order from the US Army for Antilock Brake System/Electronic
Stability Control (ABS/ES) retrofit kits . Revenue showed double
digit growth year-on-year, driven by both the ABS programme and
engineering services.
Continued strong cash generation
At 30 June 2022, net debt was GBP35m compared to GBP47m at 30
June 2021 and GBP39m at 31 December 2021. The reduction in net debt
has been achieved through a combination of the profits generated in
the year and strong working capital management. In March 2022
Ricardo paid GBP5m to acquire Australia-based Inside
Infrastructure.
Graham Ritchie, Chief Executive Officer, commented :
I am delighted that, over the course of the year, we have
continued to deliver in line with our expectations. We have made
significant progress in FY21/22, delivering a very good financial
performance with increased order intake across all our business
segments and a strong operating cash conversion.
Since joining the Group in October 2021, I have completed a
thorough review of the business and recently launched our sharpened
strategy, shaping Ricardo's future to become a leading
environmental and energy-transition consultancy.
We will achieve this by establishing a clear focus that
prioritises high-growth and high-margin solutions and by being
rigorous and disciplined in our execution. By doing so, we aim to
deliver sustainable and profitable growth, creating value for our
shareholders, our colleagues and our customers.
This is an exciting time for Ricardo.
About Ricardo plc
Ricardo plc is a global strategic, environmental, and
engineering consulting company, listed on the London Stock
Exchange. With over 100 years of engineering excellence and
employing close to 3,000 employees in more than 20 countries, we
provide exceptional levels of expertise in delivering innovative
cross-sector sustainable outcomes to support energy transition and
scarce resources, environmental services together with safe and
smart mobility. Our global team of consultants, environmental
specialists, engineers and scientists support our customers to
solve the most complex and dynamic challenges to help achieve a
safe and sustainable world. Visit www.ricardo.com
This announcement is released by Ricardo plc and contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
Enquiries:
Natasha Perfect
Ricardo plc
Tel 01273 455 611
Natasha.perfect@ricardo.com
Elisabeth Cowell
SECNewgate
Tel 020 757 6882
ricardo @secnewgate.co.uk
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