Engine and vehicle systems maker Ricardo plc (LON:RCDO) has managed to offset volatility in its US and UK markets to report in line trading ahead of its interim results in February.
The group said over the six months ended 31 December its total order intake had been just over £200mln while revenues had been “slightly ahead” of the prior period. At the end of the six months, the order book had come in at £300mln while net debt stood at £27.5mln.
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Ricardo said its strategy of the sector and geographic diversification had supported it despite what it said were “challenging and volatile” conditions in the US and UK automotive markets.
This uncertainty had been offset by good performances in the firm’s performance products business as well as its technical consulting segment, with energy & environment, defence, China automotive and strategic consulting performing particularly well.
The company will announce its interim results on 28 February.
In a note to clients, analysts at broker Peel Hunt retained their ‘Hold’ rating on the stock as well as forecasts of 3% year-on-year pre-tax profit growth to £40mln, marginally below consensus of £40.4mln.
In mid-morning trading, Ricardo shares were at 593p.