Chairman’s statement As outlined in more detail by Chief Executive, Sarah Kenny, our financial performance during the reporting period was solid, with double digit percentage increases in revenue (up 18%) and profit (up 46%), aided by our largest ever contract win as a key supplier and subcontractor to the Royal Navy’s Fleet Solid Support (FSS) programme. Overview This year’s performance reflects the confidence that our customers have in us, evidenced by our ability to secure larger, more technically challenging and longer-term contracts. It also reflects the confidence we have in our people, and underlines that by investing in them we can add even greater value for our customers. This in turn helps us to deliver on our purpose, which is to help navigate some of the most important and impactful engineering challenges of our time, creating an environment where people with outstanding technical knowledge strive to deliver a safer, more efficient, more effective, and sustainable future. Our continued focus on our four core offerings, delivered through our aligned regional businesses, has created additional value from the depth and breadth of a business portfolio which spans multiple sectors and geographies. Our diverse portfolio provides us not only with resilience, because any slackening in demand in one sector or region can be balanced by growth in another, but also the ability to access opportunities across the world. This brings best-in-class offerings to our customers by sourcing solutions from other sectors, markets and geographies, and providing opportunities for our talented people to work on projects that interest and challenge them. Overall, the prevailing trend of national governments strengthening their defence capabilities in response to an increasingly uncertain world, and organisations needing our services in order to navigate both energy transition and climate change, mean that we are well placed to support customers across all our regions. I would 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 trust and rely on our insight and technical expertise to safeguard and adapt vital services so we can collectively strive for a better world. Outlook Our financial performance provides clear evidence that our strategy is delivering. As we continue to focus on the exciting growth opportunities that lie ahead and strengthen our internal processes to win and deliver those opportunities more effectively, I believe we can look forward to further sustainable growth in the years ahead, which will give us more autonomy and focus to deliver on our purpose. Board I am delighted to have been appointed as Chair of BMT at this exciting time, as we look to build upon and leverage the successful delivery of our strategy to take us into our next phase of growth. I would like to take this opportunity to convey the sincere thanks and appreciation of the board and the company to our prior CFO, David McSweeney, who retired during the year, and to recognise the valued contribution of our outgoing senior independent director and audit chair Doug Webb. With David and Doug’s departures, I welcome Gavin Hill to the board as Audit Chair and Gareth Taylor as our CFO. A year of significant progress for BMT. ‘This year’s performance reflects the confidence that our customers have in us, evidenced by our ability to secure larger, more technically challenging and longer-term contracts.’ Ian Tyler Chair of the BMT Board 3
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