Our Annual Report for 2013 has now been released, with growth of 7% in revenues maintains BSI’s unbroken 14-year track record of growth in underlying* revenue.
- Revenue increased 7% to 271.8m (2012: £254.6m)
- Underlying operating profit down 9% but still robust at £28.3m (2012: £31.2m)
- Net assets increased 27% to £63.4m (2012: £49.9m)• Net cash increased 6% to £43.4m (2012: £41.0m), no external debt
Howard Kerr, Chief Executive, commented: “2013 was a tough but important year for BSI. In continuing to deliver our strategic plan, we invested heavily in our business in order to ensure longer term growth and to build scale in our business to serve our clients globally. This was complemented with our acquisition of the Australian business NCS International. Last year saw us undertake a major refurbishment of our testing facilities in Hemel Hempstead, demonstrating our commitment to deep expertise in product certification. We also made substantial investments in our business systems, digital publishing platforms, compliance and supply chain solutions. ”
BSI’s global reach now extends to 67 offices across 27 countries and headcount increased by 12% to almost 3,000 employees. BSI also completed its first ever audit in Antarctica, extending the company’s footprint to every continent on the globe.
2013 saw the visibility, recognition and value of standards increase across many fronts. BSI signed an historic agreement with the Standardization Administration of China on the mutual recognition of standards and increased collaboration between experts in new fields such as future cities and building information modelling.
Kerr concluded: “Our business remains in robust financial health with no external debt, £43.4m in cash and enjoying growth in underlying revenue for a fourteenth consecutive year. We will continue to invest in the organic growth of our business and will complement this with targeted acquisitions. This strategy, combined with the returns we expect from our investments in 2013, will help drive BSI to further success in 2014.”
*The term ‘underlying’ is defined as ‘before exceptional items and excluding the effect of material disposals’