Ricardo, the Shoreham-based engineering firm, has announced record trading results.

The firm, which develops engines for some of the world's leading car manufacturers, recorded a pre-tax profit of £15.1 milllion for the year to June 30, up 18 per cent from £12.8 million for the previous 12 months.

Turnover was up 15.5 per cent at £139.9 million and earnings per share jumped 17.5 per cent to 22.2p.

Chief executive Rodney Westhead said Ricardo's involvement with BMW's new Mini had been a major success.

He said: "We started the year with our order book at record levels and we are seeing good performance across the business.

"In these uncertain times, our level of confidence in the future remains high."

He said Ricardo transmissions were fitted to Audis which finished first and second at Le Mans.

Chairman Sir Noel Davies told shareholders the company's order book is continuing to grow.

He said: "Our consulting services are increasingly being utilised by the major car manufacturers as they endeavour to develop new model ranges which satisfy the ever more demanding environmental legislation in a very competitive market place.

"Our concentration on our core strengths of providing consultancy services to the automotive industry has ensured record profits for the fourth consecutive year."

"Last year I reported the award of a major contract from BMW for the new MINI project and I'm pleased to report this year that the first stage of the project has been successfully completed, enabling our customer to achieve a highly-successful launch of the new range in July this year."

The firm's investment in new facilities amounted to more than £13 million last year.

Sir Noel said: "We believe the focus of attention to offering engineering consultancy services to the automotive and related industries represents the best strategy for your company."