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Ricardo reports profits turnaround

Ricardo plc has reported profit before tax and goodwill of £8.4m (2004: £1.8m) for the year ended 30 June 30. Profit before tax and after goodwill and exceptional costs was £7.4m (2004: loss of £2.8m).

Ricardo’s order book up was 21% to £70m, and the company says growth in business from Asian companies is accelerating.

Also, Dave Shemmans is to become Ricardo’s new CEO with effect from the AGM on November 4.

Chief executive Rodney Westhead said: “I am pleased with these results and the significant improvement in performance over the year. Strategic Consulting and Ricardo UK have done especially well.”

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