Completion of Transport Engineering Acquisition

31st May 2019

Ricardo plc

("Ricardo" or the "Group")

RICARDO COMPLETES ACQUISITION OF TRANSPORT ENGINEERING PTY LTD

Ricardo plc ("Ricardo"), a global engineering, technical, strategic and environmental consultancy business,  announces today that, further to the statement on 13 May 2019, it has completed the acquisition of the entire share capital of Transport Engineering Pty Ltd for a total maximum cash consideration of AUD$53.6 million (£28.9 million), subject to any adjustments for cash and normalised net working capital and certain financial performance targets.

The Board of Ricardo plc is therefore pleased to confirm today the launch of Ricardo Rail Australia. In accordance with the announcement on 13 May 2019, the business will form a core part of the Group's Rail segment adding breadth and depth to Ricardo's existing strong rail capabilities and the acquisition will provide Ricardo with a strong foothold in the rapidly growing Australian rail market together with a footprint for other Ricardo businesses.

Note: An exchange rate of £1.00:AUD$1.85 has been used throughout this announcement.

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