The importance of good web project

The importance of good web project

The importance of good web project

A number of 'project profiles' appear early in the reporto These are written in a very upbeat manner and describe key major projects carried out for big-name clients such as Audi, Renault and Peugeot-Citroen. The objective is clearly to give the reader a sense of the prestige in Ricardo's client base and therefore a warm feeling about Ricardo's credibility within the auto industry. It would be obvious to most investors of course that these project profiles will have been carefully cherry-picked, each having been assessed for their suitability for the annual reporto Naturally, no mention is made of any projects that may not have gone so well, if any. The investor would be wise to keep this in mind.

For the purposes of this overview, it was felt that the information was already well presented for the background information of the reader of this report, so it is with kind permission of Ricardo plc that this page from the Annual Reporl was reproduced in its entirety to avoid duplication of effort.

A common size method was applied to analyse the 5 years profit and loss account of the company from 1996 to 2000. There is a common relationship and no major trends can be seen upward or downward over the last few years; in fact the proportion of sales against turnover is between 66% and 73%, and the proportion of administrative costs is between 20% and 23%.

The cost of sales and administration (assumed to be mainly staff costs) amounted to approximately 90% of turnover in each of the recent years including 2000. This is a high figure and one an investor would want to be fully informed about. However, when one considers the nature of the proyecto web Ricardo's offers, it can be seen that their product is mainly design, research and development services - 'engineer labour time' and the end product is a valuable report to the car maker. So although the figure seems high, it is not a concern. This proportion has been stable in recent years. However, there is in crease in other areas such as operating profit, profit on ordinary activities before and after taxation, and overall profit for the financial year. There has been a slight improvement from 1998 to 2000; earnings per ordinary share went from 11.5p to 18.9p. Net interest paid to Ricardo has steadily improved over the last 5 years. There are signs that the retained profit (transferred to reserves) has improved of late. Annual turnover and operating profit have steadily improved although !here have been some dips. Figure 2 summarises these data.

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