New Ricardo CEO Reshuffled its Strategy Ricardo announced a new strategy and priorities under its new
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New Ricardo CEO Reshuffled its Strategy Ricardo announced a new strategy and priorities under its new
Ricardo announced in September its priorities for the years to come: further client diversification, a focus on Asia and North America, a continued refresh of its service portfolio, and sustainability in all its forms. These priorities are very much in line with Ricardo’s strategy in the past few years.
Ricardo paid the price for its exposure to the automotive sector, which represents 55% of total revenues. After a stable H1 FY20 (the ending June 30, 2020), H2 collapsed with revenues down 23% at cc/cs (our estimate). Surprisingly, Ricardo performed worse than an automotive pure-play such as EDAG (-14.8% during the same period) and Akka (-20.3% at cc/cs).
Ricardo divested, as expected, its engine testing and prototype facility in Belleville, MI. The company had looked for a buyer for more than one year and even bought the property to make the sale of the facility easier.
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