REG - Science Group PLC Ricardo PLC - Strategic Investment in Ricardo plc

ScienceAnnouncement

28/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250228:nRSb7966Ya&default-theme=true

RNS Number : 7966Y  Science Group PLC  28 February 2025

 

28 February 2025

 

Science Group plc

(the "Group" or "Science Group")

 

Strategic Investment in Ricardo plc

 

Science Group, the international science & technology consultancy and
systems organisation, has acquired a material shareholding in Ricardo plc. At
market close on 27 February 2025, Science Group owns approx. 5.26 million
shares in Ricardo, equivalent to 8.46% of the voting rights.

 

The Ricardo shares were acquired through open market purchases between 16 and
27 February 2025. The total investment to date, including brokerage fees, is
approx. £12.2 million, an average cost of approx. 231 pence per share.
Science Group may or may not increase its shareholding in Ricardo.

 

Science Group will engage with the Ricardo Board and its major shareholders in
relation to managing this strategic investment, noting that prior to Science
Group initiating its share purchase, the Ricardo share price was around 15
year lows(1). In comparison, the FTSE Small Cap index has increased by over
130%(1) over that same time period and Science Group shareholders have
benefitted from a more than 15-fold(2) shareholder return from its consultancy
and systems strategy since March 2010.

 

Science Group's strong balance sheet and operating cash flow have enabled the
Ricardo share purchases to be funded from existing resources. At 31 December
2024, Science Group had gross cash of £38.6 million and net funds of £26.8
million. The Group's revolving credit facility remains undrawn and the share
buy-back programme, which is unaffected by the strategic investment, continues
to operate under the delegated authority previously defined.

 

1.    Source: Refinitiv

2.    Source Bloomberg

 

- Ends -

 For further information:

Science Group plc
 Martyn Ratcliffe, Executive Chair                                               Tel: +44 (0) 1223 875 200
 Jon Brett, Finance Director                                                     www.sciencegroup.com
                                         (https://protect.checkpoint.com/v2/r06/___http:/www.sciencegroup.com___.ZXV3MjpuZXh0MTU6YzpvOjU0ZGI5YzMxZTIyYWRjYjNiNDllZDg0YzAwYjdlYTg0Ojc6ODkyNTpiMmM0ZGYxMGZmNjg5OGUzNTZjZDliYzcxZTZjOWMxY2YxNDJiNjliNzg1Y2E2ZjdiNWUyNWIxMTE3NTdkMjgzOnA6VDpU)

 Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
 Simon Bridges, Andrew Potts                                                     Tel: +44 (0) 20 7523 8000
 MHP
 Reg Hoare                                                                       Tel: +44 (0) 7831 406117

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPKOBNKBKBFBB