RICARDO UK LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1(c) to the financial statements which indicates that the Company is reliant on group support to meet its obligations, including continued funding and non-recall of intercompany balances payable. The Directors have received letters of support indicating the intention of the respective Group companies to provide this support. Following the acquisition of the Company by WSP Global Inc, the strategic future of the Company within the WSP Group is not certain as it does not provide the same synergies as the rest of the acquired Ricardo Group and it is possible that it will be disposed of. These matters are beyond the Directors' control and therefore these events and conditions, along with the other matters explained in note 1(c), constitute a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

1. RICARDO UK LIMITED 1999-11-08 → present
2. RICARDO LIMITED 1993-10-07 → 1999-11-08
3. SOLVETREND ENTERPRISES LIMITED 1993-05-06 → 1993-10-07

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1(c) to the financial statements which indicates that the Company is reliant on group support to meet its obligations, including continued funding and non-recall of intercompany balances payable. The Directors have received letters of support indicating the intention of the respective Group companies to provide this support. Following the acquisition of the Company by WSP Global Inc, the strategic future of the Company within the WSP Group is not certain as it does not provide the same synergies as the rest of the acquired Ricardo Group and it is possible that it will be disposed of. These matters are beyond the Directors' control and therefore these events and conditions, along with the other matters explained in note 1(c), constitute a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. RICARDO UK LIMITED · parent
   1. Ricardo Consulting Engineers Limited 1% · England & Wales · Dormant
   2. Ricardo Performance Products Limited 1% · England & Wales · Performance Products

Significant events

• “On 9 October 2025, the acquisition of Ricardo plc by WSP Global Inc. (a WSP Global Inc. subsidiary) was complete and Ricardo plc was delisted from the London Stock Exchange. This has no impact on the Company's financial statements, other than impacting going concern as disclosed in Note 1(c). Following completion of the transaction the Ricardo Group's Revolving Credit Facility was repaid in full. There are no other events after the reporting date.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -35.7%

  £105,520,000 → £67,837,000

• Cash

  +46.1%

  £1,754,000 → £2,563,000

• Net assets

  -19%

  £90,374,000 → £73,246,000

• Employees

  -49%

  714 → 364

• Operating profit

  -1,366.8%

  £1,789,000 → -£22,663,000

• Profit before tax

  -1,075.6%

  £2,192,000 → -£21,386,000

• Wages

  -26.1%

  £29,772,000 → £21,989,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers