West Sussex-based Ricardo expects growth in trading update

Ricardo, an environmental and engineering consulting firm based in West Sussex, has anticipated growth for the year ended 30 June 2024 in a pre-close trading update.

The company saw a strong recovery in profit in the second half, having improved its operational efficiencies following team consolidation.

Revenues rose 7 per cent during the period, with an order intake of around £495 million – down slightly on the previous year.

Ricardo’s automotive & industrial and performance products divisions both delivered particularly strong profit during H2 2023, while energy & environment, rail and defence continue to show good momentum.

CEO Graham Ritchie said: “We’re pleased with our continued progress in the second half of FY23/24, trading in line with the board’s expectations for the full year.

“At the same time, we’re accelerating our strategic execution by delivering the aligned functional operating model and improving our visible pipeline for future revenue growth.

“We enter the new year with a solid order book as we continue to focus on delivering long-term and sustainable growth.”

The firm will publish its audited year-end results on 11 September.