AGM Statement

Ricardo PLC
08 November 2002

                                                                 8 November 2002



                                   Ricardo plc

                             Annual General Meeting



Ricardo plc, the UK's leading independent automotive and powertrain engineering
consultancy, held its Annual General Meeting this morning:



Sir Noel Davies, Chairman of Ricardo, made the following comments:



'The prediction I made last year concerning the prospects for your company
post-September 11th have largely been confirmed by our results.  We have
produced record profits for the fifth successive year and the trends which I
described a year ago, still prevail.  Emissions legislation is still the major
influence on the car manufacturers as they consider the specifications for their
new models in a competitive market and, secondly, the financial pressure on
OEM's continues to cause a reduction in their 'in-house' engineering resources
leading to further outsourcing.  Both these trends, coupled with the acquisition
of Gemini and the setting up of a strategic consulting business, produce
opportunities for Ricardo.



Whilst the significant increase in the pension charge and insurance premiums
will directly impact our cost base, Ricardo has a strong balance sheet, with net
cash of £20 million at the year end, and continues to be cash generative.  In
terms of current trading, I am pleased to report that trading in the new
financial year has got off to a good start and new order book prospects are
encouraging. We expect the core business to continue to grow for the foreseeable
future and we remain confident about the long term.'





Enquiries:


Ricardo plc                                    Tel: [phone]
Rodney Westhead/Andrew Goodburn

Gavin Anderson & Company                       Tel: [phone]
Laura Hickman/Charlotte Stone

www.ricardo.com




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