Ricardo is in good financial shape, reports chief executive Rodney Westhead as the automotive engineering group announced its interim results for the six months to 31 December 1997.
The half year has seen turnover in the UK grow by 21% and all businesses have strong order books. This increase is a result of focusing on value added engineering for turnkey powertrain projects from concept to project launch. There has also been an increased demand worldwide for engines test work across the board.
To support this growth, Ricardo is investing in new engine test facilities for its Shoreham site, adding a further 12 high specification test beds to the 70 existing ones.
The demand is mainly for confidential work which does involve software development. Among subjects being investigated are emission legislation and direct injection for petrol and diesel technology for a wide range of applications, including automotive, powertrain, marine and locomotive.
Commissioning of the first phase of four beds, which is being built and engineered at the Test Automation division at Worcester is due early 1999.