Director Shareholding

Ricardo PLC
23 September 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


        All relevant boxes should be completed in block capital letters.

1.   Name of company                                     2.   Name of director

     RICARDO PLC                                              JM HARPER

3.   Please state whether notification indicates that it 4.   Name of the registered holder(s) and, if more than one
     is in respect of holding of the shareholder named        holder, the number of shares held by each of them (if
     in 2 above or in respect of a non-beneficial             notified)
     interest or in the case of an individual holder if
     it is a holding of that person's spouse or children
     under the age of 18 or in respect of an
     non-beneficial interest

     AS IN 2) ABOVE                                           AS IN 2) ABOVE

                                                              

5.   Please state whether notification relates to a      6.   Please state the nature of the transaction. For PEP
     person(s) connected with the director named in 2         transactions please indicate whether general/single
     above and identify the connected person(s)               co PEP and if discretionary/non discretionary /non
                                                              discretionary
     
     N/A                                                      PURCHASE OF SHARES

7.   Number of shares/      8.    Percentage of issued   9.   Number of shares/amount of 10.  Percentage of issued class
     amount of stock              class                       stock disposed
     acquired

     5,000                        0.01%
                                  


11. Class of security      12.   Price per share        13.    Date of transaction      14.   Date company informed

    ORDINARY SHARES              280 pence                     22/09/03                       22/09/03

15.  Total holding following this notification           16.    Total percentage holding of issued class following this
                                                                notification
     
     5,000                                                      0.01%

If a director has been granted options by the company please complete the following boxes.

17.  Date of grant                                       18.  Period during which or date on which exercisable


19.  Total amount paid (if any) for grant of the option  20.  Description of shares or debentures involved: class,
                                                              number

21.  Exercise price (if fixed at time of grant) or       22.  Total number of shares or debentures over which options
     indication that price is to be fixed at time of          held following this notification
     exercise

23.  Any additional information                          24.  Name of contact and telephone number for queries

                                                              M WIGHTMAN

25.  Name and signature of authorised company official responsible for making this notification

     M WIGHTMAN

Date of notification 23/09/03

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