AGM Statement

Ricardo PLC
07 November 2003



                                                                 7 November 2003


                                  Ricardo plc

                                 AGM Statement


Ricardo plc held its Annual General Meeting today at which the following
comments were made:


In the first 17 weeks of the new financial year, conditions in the automotive
market have remained tough and, as indicated at the time of our preliminary
results in September, our 2003/4 financial year is expected to be extremely
challenging.


Across the business we continue to receive a steady flow of small to medium
sized projects and we also see continuing bid opportunities on larger
programmes. Since the publication of the preliminary results in September there
have been no further major project cancellations.


Overall the outlook for the short term continues to look uncertain and, as we
said at the time of preliminary results, predicting future order intake in the
current climate is difficult. We expect to have a clearer view of the level of
demand from the OEMs in the first quarter of next year. However, it is clear
that our first half trading result will be depressed as a result of current weak
trading and the restructuring costs relating to the project cancellations
announced in September.


With a clear focus on cash, costs and profitability, as well as the
opportunities created by expansion of the business into new geographic markets
and new areas of technical expertise, we remain confident that Ricardo is well
positioned to return to growth when the automotive market recovers.


Enquiries:

Ricardo plc                                          Today: 07785 292896
Rodney Westhead                                      Thereafter: 01273 455611
Andrew Goodburn

Gavin Anderson & Company                             020 7554 1400
Laura Hickman/Charlotte Stone








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