Ricardo sees higher FY revenue but Germany weighs

17th Jul 2014 10:26

Automotive engineering consultancy Ricardo forecast higher revenue than last year and said good trading had led to record orders, although the German market was tough.Ricardo said overall customer activity in the last two months had been positive, resulting in the group's highest-ever year-end order book and a good line-up of potential work in a range of regions and markets.Asia, in particular, was doing well with orders being signed in both China and Japan in the final quarter, with further opportunities in the latter stages of negotiation.The group expects profit in the year to June 30th to match market hopes and total group revenue for the full financial year to be slightly above the prior year. Chief Executive Dave Shemmans said: "Market conditions remain strong in the UK and Asia and are improving in the US, however Germany remains challenging."The strong order book and pipeline, together with the large long-term assembly contracts secured in the year, provide confidence in the further development of the business."Shares in Ricardo climbed 3p or 0.5% to 643p at 09:27 in London.PW