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Science Group reports strong Q1 with robust cash flow, critiques Ricardo's weak margins, cash conversion & governance failures as top shareholder.
This article covers information on Science Group PLC.
LON:SAGLet’s not mince words: when a company holding a 20.1% stake in another firm starts publicly dissecting its strategy like a frog in a GCSE biology class, things get interesting. Science Group’s latest RNS isn’t just a trading update-it’s a masterclass in shareholder activism with a side of corporate shade. Here’s what you need to know.
First, the good news. Science Group kicked off 2025 with:
In classic British understatement, they call this a “resilient performance”. Given current market volatility, I’d call it a minor triumph of financial discipline.
Now, the main event. Science Group’s critique of Ricardo reads like a corporate thriller-complete with missed targets, questionable accounting, and a boardroom seemingly allergic to accountability. Let’s break it down:
Ricardo’s 2022 strategic plan promised margin improvements. The reality? Targets “materially missed” and subsequently scrapped. Science Group highlights:
Cash is king, but Ricardo’s crown looks decidedly tarnished:
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The real fireworks come in the governance critique:
Science Group’s zinger: “The Ricardo Chairman is accountable for destruction of shareholder value… now is the appropriate time to align the Board.” Translation: Clean house, or we might help you do it.
An independent analyst report (12 March 2025) comparing 13 consultancies reveals:
As Science Group notes: “The Ricardo performance is derisory.” When you’re being outclassed by everyone in your peer group during the same market conditions, the problem isn’t the weather-it’s the umbrella.
Science Group’s endgame is clear: boardroom changes. With Ricardo’s share price at 15-year lows (down ~50% since current chairman’s 2022 appointment), the pressure cooker’s whistling. Key questions for investors:
One thing’s certain: in the battle of consultancy heavyweights, Science Group just landed a haymaker. Whether it leads to real change at Ricardo-or simply more boardroom drama-remains to be seen. But for investors? Grab the popcorn. This could get educational.
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