the Ricardo plc Board has declared an interim dividend of 1.7p per share (HY 2023/24: 3.8p). The dividend will be paid gross on 11 April 2025 to holders of ordinary shares on the Company's register of members on 14 March 2025.
Other financial highlights include:
Acquisition of E3 Advisory and disposal of Ricardo Defense demonstrates clear execution against their strategy
Continuing Group order intake of £221m on the back of multi-year wins (HY 2023/24: up 11% from £199m on a constant currency basis), with modest revenue growth of 2% in the face of a challenging macro environment
Solid improvement in underlying operating profit to £8.3m (HY 2023/24: £1.0m at constant currency), driven by higher margins and ongoing focus on cost to underpin profitability
Continuing underlying operating profit margin improved to 4.9% from 0.6% (constant currency)
Net debt reduced by £41.1m since 30 June 2024, due to the proceeds on the sale of Ricardo Defense
Lower than expected underlying cash conversion of 13% in the continuing operations as a result of delayed receipts and changes to profile of invoicing milestones; improved performance expected in the second half
Profit on sale of Ricardo Defense of £36.8m, partly offset by £14.0m impairment of Emerging A&I due to uncertainty over timing of order intake
Resilient solutions in Energy & Environment are key to their strategy with strong fundamentals providing confidence in mid-term growth
Continued variability in automotive end markets drives their diversification into off-highway and industrial applications which supports expected mid-term growth.
