The British Standards Institution (BSI) has announced its results for the year ended 31 December 2018. Global revenue has climbed for the nineteenth consecutive year to £512 million – representing an increase of 8% on 2017’s £473 million – following a year of significant internal investment. Organic revenue at constant exchange rates grew by 10%, with new sales orders up 12%. Average revenue per account increased by 12%.
Revenue in the Asia Pacific region increased by 11%, in the Americas by 8% and in the EMEA by 5%. Underlying operating profit increased by 4% to £61.8 million (2017: £59.5 million). Growth was 5% organic and 1% inorganic, with a 2% reduction due to exchange rates. Net asset value increased by 48% to £178.3 million. The corresponding total for 2017 was £120.3 million.
Howard Kerr, CEO at the BSI, commented: “We have seen a year of significant growth despite challenging economic, social and political conditions. To ensure that we’re a resilient organisation building a solid base for future expansion, we’ve undertaken a major programme of internal restructuring and investment in order to underpin the growth that has seen our global revenue nearly double in the last six years.”
Kerr added: “Key improvements to the internal processes of BSI, such as a new Human Resources management platform, an Assurance Services client portal and Digital Workplace projects, together with a new management structure, will lead to important efficiency gains for BSI teams all over the globe. The ‘Business Transformation Programme’ will enable our growing workforce to provide even higher quality services to our wide array of clients across all business streams, reflecting the evolving business landscape that they face on a daily basis.”
BSI’s global footprint continues to grow, with the organisation working in 193 countries and alongside over 84,000 organisations. 84% of the FTSE 100 and 81% of the Nikkei 225 now work with the BSI – both figures marking a significant increase on last year – while 50% of the Fortune 500 also make up the total client base.