Investing in Ricardo

We create value for all our stakeholders by being focused on delivering profitable and sustainable growth, being disciplined in our execution and driving a performance culture. 

Understanding Ricardo

Ricardo is a global consultancy, delivering strategic, environmental and engineering solutions that are at the intersection of transport, energy and global climate agendas.

Our team of consultants, environmental specialists, economists, engineers and scientists provide strategic insight and innovative solutions that help governments and businesses to create a safe and sustainable world. We have more than 3,000 colleagues working globally and supporting over 2,500 projects at any one time.

We report our business's performance into two key portfolios: 

Environmental and energy transitions portfolio - we deliver technical engineering and environmental consulting services that enable the energy transition. Our operating segments within this portfolio are Energy and Environment, Rail, and Emerging Automotive and Industrial.

Established mobility portfolio - we deliver conventional propulsion and systems engineering services, with niche manufacturing capability. Our operating segments within this portfolio are Defense, Performance Products and Established Automotive and Industrial.

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Why invest in Ricardo

Ricardo is fundamentally a strong business with over 100 years of specialist expertise in delivering engineering and environmental consulting capabilities


We are experts in solving complex problems rooted in science and innovation, with leading positions in key mobility markets. Global mega-trends underpin our transformation and propel our long-term growth.


We are committed to our five-year strategic ambition of becoming a global leader in strategy and engineering consultancy for environmental and energy transitions – and we are transitioning our business through focused portfolio prioritisation, global market expansion, divestment and targeted M&A.


As we accelerate our transformation, Ricardo offers a significant opportunity to deliver even more value for our shareholders. 


Decarbonising our revenues

Ricardo continues to strengthen the revenue it generates by supporting increased sustainability in mobility, energy and the environment. Our total green revenue representation in FY22/23 was 58%, distributed across our key energy transitions portfolio:  

Energy and environment – Our leading energy decarbonisation and environmental consultancy capabilities delivered £88.5m of revenue focused on supporting governments, public agencies, and private businesses to reduce their impact on the environment. 

Emerging automotive – We have continued to utilise our capabilities to support the decarbonisation of the automotive, maritime and aviation industries. Over £90m of revenue was generated from the delivery of our design, engineering, assembly and testing. focused on hybrid, electric, hydrogen and other sustainable technologies.

Rail – Our global rail expertise is creating safer and more sustainable rail operations, vehicles and infrastructure. Over 85% of the revenue we generate through our rail capabilities is supporting clean, decarbonised solutions, which includes electrified rail, the use of hydrogen and related technologies, as well as supporting operators and OEMs towards its net zero targets.

Defense – Ricardo has a rich heritage of using its engineering expertise to create solutions that protect lives and improve efficiency and sustainability within the US defense market. Today our data management, GHG emission monitoring, fuel and energy management, and clean engineering solutions are helping the decarbonisation of the industry with15% of our defense revenues,  supporting government departments with decarbonisation.

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FY22/23 highlights

Annual report FY22/23
Revenue FY22/23

£445m  (+17%) 

FY21/22: £380m 

Order intake

£552m  (+23%) 

FY21/22: £425m 


Underlying operating profit margin

7.6% (+20bps)

FY21/22: 7/4%

Underlying profit before tax

£27.9m (+15%) 

FY21/22: £24.2m 

Related information

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Our brokers and advisors support us in developing our business at all levels.

Investor news

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