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Ricardo H1 Results Down Y-O-Y, Up Sequentially; CEO Dave Shemmans To Step Down; Stock Up

Ricardo plc. (RCDO.L), an engineering, technical, environmental and strategic consultancy business, Monday said its trading for the six months ended December 31 has been in line with Board's expectations. The company noted that order intake, revenue and operating profit are lower than last year, due to Covid-19 impact, while all increased compared to the six months to June 30, 2020.

Further, the Board and Dave Shemmans have jointly agreed that Shemmans will be leaving his role as Ricardo's Chief Executive Officer in due course, after more than 15 years in the role. The board plans to shortly initiate a process to recruit a successor. Shemmans will continue in his current role until a successor is in place.

In its trading update, the company noted that order intake was 181 million pounds, down 13 percent from last year, but up 13 percent from the preceding second half of fiscal 2020.

The order book as of December 31,2020 was in excess of 315 million pounds, compared to 314 million pounds as of June 30, 2020 and 319 million pounds as of December 31, 2019.

Ricardo plans to announce its half year results on 25 February 2021.

In London, Ricardo shares were trading at 400 pence, up 2.56 percent.

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