Ricardo Slips To Loss In H1, Revenues Rise; Expects To Meet FY23 View

Ricardo Plc (RCDO.L), an engineering and environmental consultancy, on Wednesday recorded a loss for the first-half of 2022, compared with a profit last year, amidst higher costs and expenses. However, the company registered a rise in revenue.

For the six-month period to December 31, 2022, the firm recorded a pre-tax loss of 12.5 million pounds, compared with a profit of 4.6 million pounds a year ago. Underlying pre-tax income rose to 9.9 million pounds from 8 million pounds of 2021 period.

Post-tax loss was at 8.1 million pounds or 13.2 pence per share, compared with a profit of 3.5 million pounds or 5.6 pence per share of previous year period. Underlying post-tax income moved up to 7.7 million pounds or 12.2 pence per share from 6.6 million pounds or 10.6 pence of 2021.

Operating loss stood at 9.9 million pounds as against a profit of 6.4 million pounds of previous year.

Underlying operating earnings were at 12.5 million pounds, higher than last year’s 9.8 million pounds.

Cost of sales increased to 152.6 million pounds from 128.5 million pounds of 2021.

Administrative expenses were at 70.3 million pounds, versus 47.4 million pounds a year ago.

Revenue was at 212.7 million pounds, higher than 182 million pounds of previous year first-half.

The Board has declared an interim dividend of 3.35 pence per share, higher than last year’s interim dividend of 2.91 pence per share. The dividend will be paid on April 11, to holders of record on March 10.

Looking ahead, the company said: “The remainder of the year looks positive with a record high order book. Macro-economic uncertainties remain and we continue to navigate our supply chain in order to ensure that we are able to meet demand. Nevertheless, we are confident in the delivery of our full year expectations.”

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