Ricardo confident for full year

1st Mar 2011 07:27

Engine consultant Ricardo reported a 32% increase in half year pre-tax profit, upped its dividend and remains confident of further progress for the full year. Pre-tax profit rose to £5m for the six months ended 31 December 2010 compared to £3.8m a year earlier. Revenue for half year rose to £90.2m from £81m. Commenting on the results, chief executive Dave Shemmans said, "Overall, this has been a pleasing half year performance with positive signs of recovery in the passenger car market and further progress made with our diversification strategy."Ricardo said it has seen a strong order intake in the past six months, up 28% on the same period in the prior year and it has a good pipeline of prospects. "Winning multi-year engineering programmes, commencing assembly on the supercar engine, and securing a significant defence programme, provide longer term business visibility," Shemmans added.An interim dividend of 3.4p per share has been recommended, up from 3.2p paid a year earlier.