13 September 2023

Full year results 22/23

Report for the year ended 30 June 2023 (“FY 2022/23”)
Well positioned to deliver continued strong growth in the near and long-term


  • A year of continued strong growth and transformation, delivering in line with the Board’s expectations.
  • Record order intake up 23% to £522m delivering a record year end order book of £395m.
  • Revenue from continuing operations increased by 17%, delivering four consecutive halves of continued growth.
  • Underlying operating profit from continuing operations increased by £6m and is on track to double in the five years from FY22 to FY27.
  • Environmental and Energy Transition portfolio performed well delivering double digit revenue growth and margin accretion.
  • Established Mobility portfolio continued to deliver good order and revenue growth providing resilience and increased visibility.
  • Structural changes implemented in the Established A&I business are focused on supporting operating profit performance improvements in FY 2023/24. 
  • Two high growth high margin acquisitions completed.
          Growth/ (decline)%


  2023 2022
Continuing operations          
Order intake £m 521.5 425.3   22.6
Order book £m 395.3 340.0   16.3
Revenue £m 445.2 380.2   17.1
- Operating profit £m 34.0 28.0   21.4
- Operating profit margin % 7.6 7.4   0.2pp
- Profit before tax £m 27.9 24.2   15.3
- Operating (loss)/profit £m (1.9) 16.2   (111.7)
- Operating (loss)/profit margin % (0.4) 4.3   (4.7pp)
- (Loss)/profit before tax £m (8.0) 12.4   (164.5)
Underlying(1) cash conversion(2) % 75.3 112.1   (36.8pp)
Cash conversion(2) % 60.4 118.5   (58.1pp)
Basic underlying earnings per share(3) p 33.4 31.2   7.1
Basic reported (loss)/earnings per share p (8.7) 13.8   (163.0)
Net debt(4) £m 62.1 35.4   75.4
Headcount(5) no. 2,919 3,017   (3.2)
Dividend per share (paid and proposed) p 11.96 10.40   15.00




Commenting on the results, Graham Ritchie, Chief Executive Officer, said:

“FY22/23 has been a good year for Ricardo as we continue to deliver revenue growth, while accelerating our transformation in line with our five-year strategic ambition.

During the year, we have made significant progress in shaping our solution portfolios, with our Environmental and Energy Transition portfolio achieving double-digit growth and margin accretion, and where we continue to see strong demand across our service offerings. Our Established Mobility portfolio has continued to deliver good order and revenue growth and creates true value for the Group given its long-term contracts and further profitability, particularly within our Performance Products and Defense operating segments.  The actions that were taken in the Automotive and Industrial operating segment in the second half will underpin near-term performance improvements and position it for growth once again.

We have also continued to enhance the Group’s strategic positioning by bringing the Group ever closer together as ‘One Ricardo’. Through our shared operating model, our aligned functions enable the Group to scale the business while executing at pace, thereby achieving Ricardo’s full potential.

We enter the new financial year with good momentum on account of our order intake in FY23 of £522m and our record year end order book. Overall, although we remain prudent in navigating macro uncertainties, we are confident in the Group’s continuing strength to deliver sustainable profitable growth.” 

Click here to read the full release 

Analyst and investor presentation

There will be a presentation for analysts relating to the Group’s results for the year ended 30 June 2023 at 9:30am on Wednesday 13 September. A recording of the presentation will be available online to all investors from Thursday 14 September at https://www.ricardo.com/en/investors/results-reports-presentations.

Further enquiries:
Ricardo plc
Natasha Perfect 
Tel: 01273 455611

SEC Newgate        
Elisabeth Cowell    
Ian Silvera    
E-mail: ricardo@secnewgate.co.uk