RICARDO, the Sussex-based automotive engineering firm, turned in record profits of £3.85 million for the six months to December 31, up by 52 per cent on the same period last year.
The company also reported a healthy order book with contracts worth £29 million. Ricardo employs 700 at its works at Shoreham Airport and if it is successful in its planning application it will expand on the site and take on a further 250 people. Rodney Westhead, chief executive of Ricardo Group, said: "The company is in good financial shape, with turnover and margins ahead. On the back of this, we are pleased to announce our first dividend increase since 1995." Earnings per share were 5.4p and the interim dividend is 2.2p, up from 2p.
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