Ricardo PLC, the London-listed engineering and consultancy company, recently confirmed its guidance for fiscal year 2024 following a successful second quarter. With increased visibility for the second half of the year, the company remains confident in its ability to deliver improved operating margins and expects to achieve its underlying profit guidance for the year ending June 30.
Strong Performance and Strategic Outlook
Ricardo PLC reported a 5% increase in revenue for the six months ended December 31, and its order book, as of the same date, stands at over £470 million ($596.3 million), compared to £395 million six months earlier. The company reaffirmed its commitment to its five-year strategic plan, expressing optimism in more than doubling its operating profit.
Automotive and Industrial Division Challenges
While Ricardo PLC is pleased with its overall performance, it noted challenges in its automotive and industrial division. The division experienced timing delays in customer orders, which resulted in a reduction of approximately 50 basis points in the underlying operating profit margin for the first half. However, the company remains optimistic about recovering and improving profitability moving forward.
Interim Results Announcement
Ricardo PLC will be releasing its interim results on March 6, providing a comprehensive overview of its financial performance during this period.
