With just six weeks to go until the year-end, Ricardo is on track to hit targets. True, orders in Germany and the US have been slower in coming than expected, but the UK arm of its core technical consulting unit is more than offsetting delays elsewhere, suggesting that the current negative sentiment is misplaced.
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Indeed, group revenue is up 3 per cent since January compared with 2 per cent in the first half, and the order book of £106m is better than last year. Despite flat sales from technical consulting, operating margins have improved, driven by the UK where Ricardo makes most of its money. Building engines for the McLaren supercar and assembling Foxhound armoured vehicles is keeping the performance products division busy, too.
