Ricardo has been busy, making useful tuck-in acquisitions and earlier this week announcing a c.$400m contract extension to the US Army’s Humvee fleet upgrade programme. Full year results yesterday were also positive, combined with good progress on the transformation of the divisional portfolio. Order intake was up 23% (£522m), constant currency revenue was up 14% (£445m) and operating profit up 16% (£34m). The operating margin ticked up slightly to 7.6% (vs. 7.4% in FY22a); but this was still we ....
