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Trading statements

Ricardo sees FY profit performance in line

19 July 2016 07:32

Ricardo expects its profit performance for the year to be in line with its expectations and the business is well positioned as we enter the new financial year.

"The vote by the United Kingdom to leave the EU has clearly caused some uncertainty within the wider market and we continue to monitor the situation carefully however do not expect it to have any significant impact on our performance," the company said.

"The diversification and international spread of our customers and operations is helpful and we have had confirmation that the recently awarded EU research funding through the Horizon 2020 framework will remain in place," it said.

"Acquisition activity continues to provide the opportunity to both diversify the business and enhance our offering.

"The Lloyds Register Rail and Cascade acquisitions completed in the period have both performed in line with our expectations and the recent announcement regarding the acquisition of Exnovo, the Italian motorcycle business, expands our capability in the rapidly growing scooter, motorcycle and urban mobility market.

"Further to the trading update of 19 May 2016, overall customer activity in the last two months has been positive leading to a strong year-end order book and a good pipeline across multiple geographies and different business segments.

"The order book includes the recently announced £35m contract received by Performance Products to supply advanced Dual Clutch Transmissions to a leading OEM in the luxury supercar market, over the life of the vehicle."

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Related Company: RCDO

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