LONDON (dpa-AFX) - Ricardo announced its intention to divest its Defense business. The Group expects the potential divestment to be dilutive to earnings per share in the near term. The board will consider the appropriate use of proceeds in line with the Group's capital allocation policy. As part of this, Ricardo has been actively exploring potential acquisition opportunities to reinvest some or all of the proceeds.
Ricardo CEO, Graham Ritchie, said, 'The proposed sale will enhance Ricardo's focus on growing as a leader in environmental and energy transition markets, whilst allowing for Defense to realise its full potential through new programme development, following the successful award of the ABS programme.'
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