Ricardo, the UK independent automotive consultancy, has achieved record results for the fourth consecutive year, with profit before tax up 18% to £15.1m from £12.8m in 2000.
Turnover increased to £139.9m from £121.1m.
Sir Noel Davies, chairman, said on the full-year performance: “Falling volumes of vehicle sales and generally poor results from the automotive manufacturers and tier one suppliers have resulted in their budgets being reduced, but Ricardo is pleased to report that we start the new year with a record order book. The need for new models and emissions' legislation continues to drive engine and vehicle development. Our expertise in these areas is well regarded in the industry.”
Capital investment reached more than £13m, including the commissioning of a transmission testbed and the establishment of the new vehicle engineering division at Leamington.