Chairman’s statement As outlined in more detail by Chief Executive, Sarah Kenny, our financial performance during the reporting period was strong, with double digit percentage increases in revenue (up 10%) and total profit before tax and profit sharing schemes (70%). It is even more pleasing to note that in all our sectors, service lines and geographies we made healthy progress, in many cases winning new projects from both existing and new customers. That this was achieved during a period of almost unprecedented political, economic and geopolitical uncertainty is a tribute to the leadership, and the commitment and skillsets of our people. I would like to thank them for not only 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, improve and adapt vital services. Overview This year’s outstanding performance reflects the confidence that our customers continue to 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 highlights 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 supports our resilience, because any slackening in demand in one sector or region can be balanced by growth in another, whilst also giving us access to opportunities across the world. We make the most of those opportunities by sourcing solutions from across our business, bringing best-in-class offerings to our customers, 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 to navigate energy transition, optimisation and the rapid proliferation of digital technologies, and climate change, mean that we remain well-placed to support customers across all our regions. Outlook Our financial performance once again provides clear evidence that our strategy is delivering. As we continue to focus on, and invest in, 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. We will, however, act with due caution as the business environment looks set to be impacted by greater than ever political and economic uncertainty. Board In my second year as Chair of BMT, I am pleased that the Board has built on the successful delivery of the strategy put in place by Sarah Kenny and her team to take us into our next phase of growth. The new additions to the Board, as detailed in last year’s review, have already proved their value and I’d like to take this opportunity to thank all Board members, old and new, for their contributions during the financial year. Another year of strong progress. Ian Tyler Chair of the BMT Board ‘We are delighted to see completion of this important milestone on schedule. We would like to acknowledge Navantia UK and BMT’s strong commitment to delivering an innovative and capable design, as well as their collaboration with DE&S. The Fleet Solid Support programme is on track to deliver highly capable ships for the Royal Fleet Auxiliary, and we look forward to the continued successful delivery in 2025.’ A MOD spokesperson BMT Group Ltd | Review of performance 23-24 4 5
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