Ricardo plc | Annual Report and Accounts 2023/24
TAKING ACTION
TO BECOME A WORLD LEADING STRATEGY AND ENGINEERING CONSULTANCY IN ENVIRONMENTAL AND ENERGY TRANSITION SOLUTIONS.
A year of taking action to achieve our long-term ambitions.
Mark Clare
Chair
Building One Ricardo to create value and deliver our vision of a safe and sustainable world.
Graham Ritchie
Chief Executive Officer
We put a sustainable future in reach by creating innovative services that are at the intersection of transport, energy and environment agendas across the globe.
Financial Highlights
£496.1m
Order intake
£474.7m
Revenue
£38.8m
Underlying operating profit and margin
118.9%
Cash conversion
innovation.
Community-scale carbon-capture technology
Ricardo is leading a consortium that has designed, installed and now operates a combined heat and power demonstration plant with a carbon-negative footprint. The plant processes biowaste to produce biochar, generate heat and power, and capture carbon dioxide from the exhaust. The BIOCCUS technology can capture 90% of the carbon in the biowaste – which would otherwise return to the atmosphere as CO2 through combustion or degradation. The plant demonstrates a highly innovative, yet realistic, carbon-negative technology that can significantly contribute to net-zero targets because of its applicability to energy-intensive industry sectors as an on-site heat and power generator.
sustainability.
Hydrogen fuel cell zero-emission systems for shipping
Ricardo is working with the Sustainable HYdrogen powered Shipping consortium (sHYpS) to design and develop hydrogen propulsion technologies for future zero-emission passenger ships. Ricardo’s role includes the specification, design, build and testing of a power fuel-cell module and the design of a 40-foot containerised multi-megawatt power plant – combining the outputs of multiple fuel-cell modules – to be installed under-deck on passenger ships. In March, Ricardo received Approval in Principle for the design from Lloyd’s Register, the leading provider of classification and compliance services to the marine and offshore industries. Ricardo is now testing and assembling the system at our Shoreham Technical Centre.
digital.
Expanding our world-leading macro energy, economic and environmental modelling
In the past 12 months, Ricardo's modelling team has grown by 25% to address the growing needs of our clients. We have new, long-term modelling projects including the launch of a digital modelling tool for the European Commission, based on its renowned PRIMES-IEM energy-system model, offering users comprehensive and practical insight into the electricity market to help them make key decisions to support energy transition. One of our models was ranked as the leading tool for analysing industrial transformation in a study published by Renewable and Sustainable Energy Reviews, beating 60 other models and reinforcing our reputation for modelling excellence.
people.
External recognition for our people
Steve Blevins and Kynan Serné were both recognised in the prestigious The Manufacturer Top 100 list that celebrates the heroes of UK manufacturing. Steve Blevins, Head of Engineering, Performance Products, was named in the Inspiring Leader and Innovator categories, in recognition of his outstanding technical contribution to motorsport and performance automotive engineering and his exemplary commitment to supporting the business at every level. Manufacturing apprentice Kynan Serné was named in the Young Pioneer category for his technical contribution to processes on the Performance Products production line at Ricardo’s Shoreham Technical Centre and commended for his dedication to inspiring future engineers.
Responsible Business
In 1915, Ricardo was set on a mission to ‘maximise efficiency and eliminate waste’. This mission has remained core to how we operate, and more than ever, informs the products and services that we provide clients around the globe, ignites the passion that drives our people, and our approach to responsible business.
Clients
Clients
Working alongside our clients to accelerate the transition to a sustainable future.
Environment
Environment
Positively impact the planet by upholding the ethos of elimating waste and driving efficiency in everything we do.
People and communities
People and communities
Nurture a workplace where for everyone doing their best, while supporting the communities where we operate.
Governance
Governance
Continuously improving the ways of working; ensuring the highest ethical standards across every level of our business and supply chain.
With our unique depth and breadth of engineering, science and economic expertise, we support clients from strategy to implementation and monitoring, to overcome the complexity of energy transition and engineering challenges.