Our strategy

Delivering sustainable growth

Our strategy is driven by our purpose and underpinned by the global megatrends that help inform how we maximise impact. We are focused on delivering sustainable growth by working together, executing at pace and empowering our teams to be thought leaders in all that they do.

Aligned to key long-term global mega trends

Monitoring the megatrends that are affecting our stakeholders underpins our growth strategy. 

Environment and sustainability - The climate continues to drive additional opportunities in areas of evidence, strategy and policy. Clients choose us because we are leading by example- from the solutions we deliver to the actions we take in our own ESG agenda.

Energy transition - Energy transition requires high calibre skills to decarbonise energy systems and assets while increasing resilience. We are uniquely placed to support our clients in developing a pathway from fossil-based energy generation to a low-carbon future.

Sustainable and safe mobility - Zero emission propulsion is driving transformational change in all forms of transport. Our breadth of technological expertise in engineering services around electrification and software is one of our key differentiators in driving real change. 

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Creating value through our growth levers

Our strategy is focused on three key priorities:

Portfolio prioritisation - We are optimising our service mix by creating repeatable solutions with increased digitalisation.

Market expansion - At the same time, we are driving competitive advantage by expanding our global scale and reach in our chosen market positions, whilst leveraging our customer relationships and creating deeper customer intimacy to offer solutions that truly meet their needs.

M&A acceleration - Through disciplined M&A we look to accelerate our growth by investing in highly attractive environmentally and digitally led areas, where we can build leading positions in the markets in which we operate. 

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Delivering our strategy 

Enabling meaningful and fulfilling work

By being purpose-led and enabling meaningful and fulfilling work, Ricardo is able to attract and retain the very best talent.

A trusted partner

By being purpose-led and enabling meaningful and fulfilling work, Ricardo is able to attract and retain the very best talent.

Achieving high growth

Increasing market-share growth in our chosen markets through effective portfolio prioritisation, innovation and increased digitalisation.

Excellence in execution

We continue to deliver operational rigour – improving our processes and efficiencies to ensure that our customers’ expectations are consistently met.

Investing for growth

We actively optimise cash conversion and return on capital employed that enables progressive dividends and further investment for future profitable growth.

Measuring our progress

We monitor our performance through our operational and financial key performance indicators.

Voluntary employee turnover% per annum
2021/22: 16 
2020/21: 11

Number of customers exceeding 5% of revenue
2021/22: 2
2020/21: 3

Including discontinued operation 

2021/22: £387m 

2020/21: £351.8m 

Total spend 

2021/22: £13.3m

2020/21: £10.2m 

Number of segments exceeding 10% of revenue
2021/22: 5
2020/21: 5

tCO2e per employee for Scope 1(1) and Scope 2(1) emissions
2021/22: 2.2
2020/21: 2.1

Including discontinued operation 

2021/22: 7.8%

2020/21: 6.5%


2021/22: (£35.4m) 

2020/21: (£46.9m)