2024-25

Business and strategy update

22 April 2025

Highlights

  • Ricardo expects to deliver trading within the range of analyst expectations for FY24/25
  • An identified incremental £10m of cost savings targeted in FY25/26
  • Cash conversion in H2 to materially exceed the Group’s medium-term target
  • Net debt expected to be towards the lower end of analyst guidance for FY24/25
  • Enhanced collaboration between the A&I and PP business units, leveraging unique end to end service capabilities
  • Good progress in portfolio transformation towards environmental and energy transition solutions