(Reuters) -Science Group on Monday reiterated the need for board changes at British consulting firm Ricardo after its call to replace the chair and two other directors was rejected last week.
The UK-based science and technology consultancy firm, which has a 15% stake in Ricardo, said it was “disappointing” that the company’s board did not engage with it in a more constructive manner.
In response, Ricardo said its attempts to engage in constructive discussions had been rebuffed by Science Group, which has continued to build its shareholding to take advantage of the company’s low share price.
The two parties have been in a tussle with Science Group claiming the current chair of Ricardo is accountable for missed financial targets and a weak balance sheet.
In January, Ricardo forecast its full-year 2024/25 results to fall below the consensus expectation, weighed down by order delays and macro uncertainties.
Science Group built its stake in Ricardo between February and March of this year and urged its rival’s board to replace three directors with two of its nominated candidates.
Ricardo shares were up 2% at 253 pence by 0250 GMT.
They have lost 14.3% in 2024 and more than 40% in 2025 up to Friday’s close.
(Reporting by Raechel Thankam Job and Chandini Monnappa; Editing by Eileen Soreng and Anil D’Silva)
