All the metrics at Ricardo are now moving in the right direction but share price performance remains sluggish. We think part of the reason is that FY24A was somewhat turbulent, with restructuring, integration of acquisitions and uncertainty around the performance of the Automotive & Industrial businesses. FY25E should see a calmer focus; on organic growth, delivery against a record orderbook and further efficiencies to lift the operating margin. Automotive & Industrial activity has steadied. To ....