Review of performance for 2022

Our operating performance | Maritime Design and Consultancy Market context Despite a challenging period for the commercial maritime design market, with limited recapitalisation and investment in fleets, there were some bright spots. Continued growth in offshore wind facilities drove interest in Crew Transfer Vessels (CTVs) and Service Operation Vessels (SOVs). Tightening of emission regulations by the International Maritime Organization means that customers are becoming more conscious of the full extent of their emissions, including in the build process, and further supports the trend for hybrid vessels. Although alternative fuels are discussed in every commercial maritime conference, there remains no single answer to the way ahead in this area. Most nations have now set out their own versions of a National Shipbuilding Strategy and have published their new-build pipeline, with these strategies mainly focused on the defence sector. In the cases of Australia and Canada, the strategies make it clear that manufacturing must be within the home country but in the UK there is currently no legal enforcement for onshore building. Performance While maritime design orders saw only modest growth, our consultancy services have gone from strength to strength. The boom in global trade and shipping movements, following a fallow few years caused by COVID-19, led to increased demand for vessel surveys and incident response. In parallel, the design teams have broadened their skill sets and are offering ever more consulting services as a ‘customer friend’ to yards and the end customer. The luxury yacht design market remains depressed although there are some signs of growth through consulting. The sales of our simulator software, BMT REMBRANDT, remain strong, particularly in the Far East, and we are making inroads into marketing this offer to the defence sector. From innovative ship designs and expert surveys to high-value vessel performance improvements, we help customers and their cargoes to arrive safely and on time. ‘Our Future Business team restructured to offer a global approach to business development and a regional approach to sales.’ Strategy and organisation Over the reporting period we invested significantly in a Ship Design campaign and mid-way through the financial year we recruited technical sales leads in Singapore and the USA. These new hires are promoting our commercial design and consulting services in their local markets, forging new relationships and growing our customer base. Our Future Business team restructured to offer a global approach to business development and a regional approach to sales. This will enable us to get closer to our customers locally while ensuring we maximise our capabilities and market knowledge globally. On the back of growing orders, we expanded our survey footprint in Europe and Singapore. Similarly, in Canada, our offices in Halifax and Victoria continue to grow as we provide the Government with engineering oversight of key defence programmes. BMT Group | A platform for growth 24