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Group exceeds £100 million turnover for the first time
25-May-2009
Leading international design, engineering and risk management consultancy, BMT Group Ltd today announces its consolidated results for the 12 months to 30 September 2008.
Key Financials
Despite economic difficulties being experienced across international markets, BMT is bucking trends by registering turnover of £109 million, up 15% on the previous year, breaking the £100 million mark for the first time. Of this, BMT's operations in Europe contributed £58 million (2007: £53.3 million), those in North America £25.5 million (2007: £23.1 million) and from the rest of the world £25.4 million (2007: £18.1 million). This all helped the group towards profits, excluding tax and distribution, of £8 million, up 36% on last year.
Operational Review
BMT's businesses have benefited greatly this year from the continuing process of identifying and realising synergies across the group. A good example of this is the bulk handling expertise of BMT in Australia which has been successfully employed in Asia via BMT India's expanding work in port management. Elsewhere, companies are transferring their expertise from one sector to another, with defence businesses finding work within civil projects as diverse as the safety of hydro-electric dams and the simulation of river traffic on the Thames. By sharing expertise and understanding across the group, a broader capability can be offered, forging a greater presence in new and existing markets and providing a comprehensive ‘BMT solution' to customers.
Building for the Future
Acquisitions made during the year have also been an important part of building BMT's capabilities for the future. The acquisition of ARGOSS bv complements the group's expertise in marine informatics, whilst the purchase of enterprise architecture specialist Hi-Q Systems Ltd has increased BMT's capabilities in this area of the defence market.
BMT's continued emphasis on R&D is also a key driver of its continued growth. Internal investment in naval ship and submarine design, for example, has been an important demonstration both of the group's independence and of its innovative approach to meeting its customer's needs..
Of central importance to a consultancy company such as BMT is its ability to adapt to changing conditions. The growing importance of sustainability, both within the group and within its customers' organisations, has seen BMT consolidating and building considerable expertise in this area in everything from renewable energy and environmental risk to the development of more fuel-efficient propulsion systems.
Contract Wins
During 2008, BMT oversaw the successful deployment of the ‘Longbow' barge for missile trials in the Mediterranean and undertook a variety of submarine related work, including assessing the environmental impact of the UK's future submarine project. BMT also received major contract awards from the US Navy for systems support, from the Canadian Navy for new offshore Arctic patrol ships and from the Swedish military for the management of in-service equipment.
Companies within the energy and environment sector made considerable contributions to turnover and profit during the year. Contracts carried out included decommissioning and sustainability work for oil majors whilst Petrobras America appointed BMT as the subsea riser monitoring systems integrator for the Cascade Chinook Riser Towers. The group's oil spill expertise was also called upon by the UK Maritime and Coastguard Agency for its review into submerged oil spills. Within the chemicals sector BMT undertook a significant level of work helping clients meet EU REACH regulations.
The group's wind tunnel projects produced another highly profitable year, driven by the company's world class expertise in this field. BMT's innovative, award-winning wagon vibrator, designed to clear blockages during the unloading of coal wagons, is fast becoming an industry standard product.
BMT's SMARTPOWER was launched during the year, building on the highly regarded suite of SMART products for ship owners - most notably, SMARTSTRESS, which monitors hull stresses in large ships. Through the acquisition of marine informatics experts, BMT ARGOSS, it is planned to accelerate further the development of these products.
Outlook
The year ahead looks to be one of significant challenges but the Board of BMT has every confidence in the ability of the group to rise to meet these, through continual innovation and the expertise and commitment that has been demonstrated during 2008. BMT's strategy to deliver the highest levels of insight and knowledge across all industry areas and geographies in which it operates will provide a route through these difficult market conditions.
Peter French, Chief Executive of BMT Group, commenting on the annual review, said: "I am delighted to report that the group has increased its turnover by 15%, breaking through the £100 million barrier for the first time in the company's history. These results are all the more impressive in the light of the turbulent year that this has been for the world's economies and they have been achieved in no small part by our success in identifying and realising synergies within the group.
"No review of the year would be complete without mentioning the group's most valuable asset - its people. Our achievements this year are testimony to the hard work and technical excellence of everyone in the organisation and I would like to take this opportunity to thank all BMT staff across the world, for the outstanding contributions they have made."