- Engineering group Ricardo reported a 2% increase to £39m in its annual pre-tax profits as a strong performance in Asia and growth in electric vehicle orders helped offset challenges in its UK automative business.

The company said it took action to address the issues relating to a disrupted flow of orders in the second half of the year and some challenging projects relating to the new WLTP emissions legislation.

Company revenue was up 7% at £380m for the year ending 30 June 2018 and Ricardo increased its dividend by 6% to 20.46p.

The company said its move towards electrification helped it to achieve a record order intake of £413m, up £47mln on 2016/2017 and that its year-end order book stood at a record £288m, a £40m increase on the previous year.

"In this financial year, Ricardo saw solid revenue growth and an increase in the order book to record year-end levels. Our global presence and strategy of sector diversification helped the business to mitigate the continued impact of uncertainty in the UK market. Our growing order intake, particularly in Asia, reflects our clients' continued demand for our high-quality products and services," said CEO Dave Shemmans.

"We enter the new financial year with a more agile business and a confident and positive outlook. Ricardo's global capabilities and presence in a number of growing markets, together with its strong order book, all provide a solid foundation for continued growth," he added.

At 8:56am: [LON:RCDO] Ricardo PLC share price was -25p at 807p

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