Automotive engineering consultancy Ricardo Group reported a £14m pre-tax operating loss following the disposal of its non-automotive design operations in the UK.
But underlying earnings across the group grew slightly. Trading profits before exceptional items increased £0.1m to £5.7m, with turnover up 5% to £76m.
The losses came out of write-offs for goodwill on the disposal of Ricardo Aerospace and Ricardo Hitec, which was sold to Inbis Group in February this year.
Together with restructuring costs in the US and property write-downs in the UK, this led to exceptional charges of £19.7m.
UK automotive turnover grew 8% in the year, but looks set to increase faster this year with expanding order books for Shoreham-based Ricardo Consulting Engineers.
‘The restructured group is once again focused on the automotive sector, where it has world class technical strength and good margins,’ said Rodney Westhead, chief executive.
* Automotive engineering consultants, page 27