Ricardo performing in line with FY expectations

Engineering consultant Ricardo enjoyed good revenue growth in the 10 months to end-April and said group profit was tracking in line with its full-year expectations.

In a trading statement covering the 10 months to April 30, Ricardo said revenue was 32% higher on the year, and on a like-for-like (LFL) basis - excluding the acquisitions of Lloyds Register Rail and Cascade - was up 9%.

"Overall, we remain confident of continued progress in the rest of the year," said chief executive Dave Shemmans. The company's shares are up almost 3% this afternoon.

Order intake in the 10-month period was £278m, or £62m up on the prior-same period. On a LFL basis, excluding the above-noted deals, order intake was £11m ahead on the year.

The total order book at 30 April was £207m, compared with £152m a year ago.

"I am pleased with the continued growth in our existing Technical Consulting business and the successful integration and performance of our recent acquisitions," said Shemmans in a statement.

"The US continues to be challenging in our traditional Detroit market although there is good growth in California and we are therefore repositioning our business to meet this opportunity.

"In Performance Products we are pleased to see the expanded McLaren engine facility commissioned and reach full production on schedule."