LONDON, England – Ricardo, di environmental and engineering consultancy, don talk say dem dey make “good progress” on Friday, as dem reaffirm diir opposition to Science Group wey wan overhaul di board.
Science Group, wey get 16.2% stake for Ricardo, don dey push to make chair Mark Clare step down. Dem don even threaten say if dem proposed board changes no happen, dem go requisition general meeting. But on Friday, Ricardo stand firm, say di board still “fully support and have confidence” in Clare.
According to Ricardo, Science Group wan replace Clare with dem own executive chair, wey go give dem “effective control of di board without paying for dat control.” Di board belief say Science Group’s actions na for dia own benefit and it go affect di interest of all of Ricardo’s shareholders.
As a result, di board don inform Science Group say after dem meet to consider di demand to replace di chair, di remaining non-executive directors don unanimously reject di request.
Ricardo also talk say dem dey make “good progress” in dia portfolio transformation wey dem announce for 2022, shifting from mobility services to environmental and energy transitions. Dis transformation dey come after Ricardo experience sharp fall for profit and share price over di last year, largely because of di numerous elections in 2024 and geopolitical uncertainties wey delay energy transition plans.
However, di company affirm on Friday say dem dey trade in line with expectations, with di order book and underlying operating profits up for di first half. Dem also plan to release business and strategy update for mid-April to ensure shareholders sabi di actions wey dem dey take to drive performance.
As of dis moment, Science Group never comment on di matter.
