Ricardo matches forecasts

22nd Sep 2009 07:51

Ricardo's annual results are largely in line with expectations, but the engine consultant warns the first half of the current year will be 'substantially lower' than a year ago before improving in the second half.Profit before tax for continuing operations was little changed in the 12 months ended 30 June, up to £15.7m from £15.5m in 2008. Including the loss-making German exhaust business, held for sale at 30 June, profit fell to £12.9m from £14.7m.Revenue dipped to £178.8m from £181.9m, while the order book was steady at £97m.'Despite turbulence in the global markets we serve, the business has performed well in the last financial year,' said chief executive Dave Shemmans.But he also prepared the market for a tough six months. 'We expect trading in the first half of the current year to be substantially lower than the previous first half,' he said. 'However, due to the size and profile of our order book and an anticipated market recovery we expect a stronger second half.''With the strength of our balance sheet we remain committed to our strategy and are confident for the future.'In a separate statement, the firm said chairman Marcus Beresford is retiring from the board at November's AGM after six years in the job. He'll be replaced by senior independent director and chairman of BBA Aviation and Vitec, Michael Harper.An unchanged final dividend of 7.5p a share takes the total payout for the year to 10.7p, up from 10.6p in 2008.