Chairman’s statement The fact that we were able to navigate those challenges successfully, while continuing to make progress on our strategic objectives, is testament to the quality and strength of BMT as an organisation. I would therefore like to thank all our people for their dedication and commitment, not only in helping to make BMT an increasingly successful business, but also in supporting our customers, who rely on our insight and technical expertise to keep vital services running across the world. Overview This was a year that provided a stern test for any business, with inflation hitting 40-year highs, interest rates rising rapidly, supply chains coming under severe pressure, and talent – particularly in our primary areas of science, engineering and technology – becoming harder than ever to find and keep. Russia’s invasion of Ukraine in February 2022 not only prompted a significant reappraisal by governments of their defence priorities and budgets, it also led to a renewed focus on energy security – all at a time when the transition away from carbon-emitting energy sources is accelerating. While these macroeconomic and geopolitical factors undoubtedly presented challenges to our day-to-day operations, they will also drive future opportunities. That’s because, as our customers reassess their defence spending and priorities, refocus on energy security and accelerate their transition to green power, we are well placed to help them to do so. A strategy for success Our ability to make the most of those opportunities will rely to a large extent on the successful implementation of our strategy. That is to retain and grow market share in our core business areas, build powerful collaborative relationships that draw value from the full breadth of our global capability, and drive innovation that is closely aligned to our customers’ and industries’ current and future needs. We summarise this as: • Sustain the core • Growth through collaboration • Exploit and invest in innovation Our core business is made up of distinctive and sustainable capabilities, which we leverage to address the needs of our customers and markets and they are the primary focus of future capability development. We refer to these as our ‘famous four’ offerings, and they are as follows: • Maritime design and consultancy • Asset monitoring and sustainment • Environment and climate solutions • Defence and security customer friend We have a broad international reach with a track record of delivery. Our capabilities are delivered from our major office locations in the UK, Australia, Canada, USA, Netherlands and Singapore. More detail on our business strategy is provided on pages 10 and 11. Building a sustainable business Our strategy embraces a wider social benefit and we are working to embed this thinking in our operating model and deliverables. In doing so, we have the advantage of being a single global family with shared values and a common purpose. Our wider benefit is underpinned by our sustainability commitment. We are embedding sustainability across the entirety of our business, to mitigate our environmental impact, anticipate our customer needs; and to deliver advanced solutions to engineering problems that will improve social wellbeing and environmental protection across the world. During the reporting period, we set an ambitious target to achieve net zero in our business by 2035, along with our commitment to supporting sustainable development goals. You can read more on our approach and corporate activities for sustainability on our website. A successful year for BMT, despite a number of challenges experienced during the reporting period. BMT Group | A platform for growth 4
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