Increases in underlying revenue and profit for thirteenth consecutive year
BSI (‘The Group’), one of Britain’s most established brands, has announced its results for the year ended 31 December 2012.
Growth was reported across all regions and all business streams as BSI again demonstrated its strength and depth across the organization.
- Revenue increased 4% (5% at CER) to £254.6m (2011: £244.9m)
- Underlying operating profit increased 11% to £32.0m (2011: £28.7m)
- Operating profit increased 22% to £32.9m (2011: £26.9m)
- Net assets increased 16% to £49.9m (2011: £43m)
- Net cash increased 3% to £41.0m (2011: £39.7m)
- Both revenue and operating profit showed solid increases on 2011
- We ended the year with no external debt and £41m in cash reserves
- We continued to focus on and deliver real value in core industry sectors
- The outlook is for continued growth and investment as we continue to enhance our business systems to support our strategic plan.
The term ‘underlying’ is defined as ‘before exceptional items and excluding the effect of disposals’.
Howard Kerr, Chief Executive, commented
“2012 was another record year for BSI, with revenue and profit growing for the 13th consecutive time. Current economic conditions are challenging for many of our clients but we believe that BSI remains a trusted partner for them and increasing engagement proves that they derive many benefits from the application of our products and services at all stages of the economic cycle. As we embark on the next chapter of BSI’s long history we anticipate continued growth as we realise our full potential, based on our reputation, competitiveness and international footprint.
“We will continue to invest in the organic growth of our business, particularly where short-term costs will be outweighed by longer-term benefits, and will complement this with selected acquisitions where appropriate. This strategy has been successful during 2012 and I look forward to continuing down this path during 2013 and beyond.”