Revenue and profit growth and a strong balance sheet
TORONTO, April 16, 2012 /CNW/ - The British Standards Institution ('BSI' or 'the Group') today announces its results for the year ended 31 December 2011.
- Revenue increased 4% to £244.9m (2010: £235.3m)
- Underlying operating profit increased 5% to £28.7m (2010: £27.3m)
- Operating profit increased 33% to £26.9m (2010: £20.3m)
- Net assets increased 8% to £43.0m (2010: £39.7m)
- Net cash was £39.7m (2010: £41.4m) following a £17m contribution to the pension fund
- Both revenue and operating profit showed solid increases on 2010
- We ended the year with no external debt and almost £40m in cash
- We opened a new head office for our EMEA region and announced new premises for our Product Certification business
- We continued to focus on specialized industry sectors
- The outlook is for continued growth and investment in our core business as we implement our strategic plan.
The term 'underlying' is defined as 'before exceptional items and excluding the effect of disposals'.
Howard Kerr, Chief Executive, commented
"Given the difficult macro-economic conditions prevalent across the globe during 2011, our performance was healthy with both revenue and operating profit showing solid increases on 2010. New sales fared even better, being 13% above their 2010 level. This augurs well for the longer term development of our business as they will convert to revenue in 2012 and beyond. We concentrated on organic growth during the year, making no acquisitions, but invested heavily in our core business and the recruitment of key individuals to drive future growth. I believe that BSI now has the right business model and strength in our major geographies and business streams. Our strategy is beginning to bear fruit and I look forward to 2012 with the confidence that we are well positioned to see progress and growth."
About BSI Group:
BSI (British Standards Institution) is a global organization that equips businesses with the necessary solutions to turn standards of best practice into habits of excellence. Formed in 1901, BSI was the world's first National Standards Body and a founding member of the International Organization of Standardization (ISO). Over a century later it continues to facilitate business improvement across the globe by helping its clients drive performance, reduce risk and grow sustainably through the adoption of international management systems standards, many of which BSI originated. Famed for its marks of excellence including the instantly recognisable Kitemark®, BSI's influence spans multiple sectors including aerospace, construction, energy, engineering, finance, healthcare, IT and retail. With over 64,000 clients in 147 countries, BSI is an organization whose standards inspire excellence across the globe.
To learn more, please visit www.bsigroup.com
For further information:
Brown & Cohen Communications & Public Affairs Kaitlynn Dodge at 416-484-1132 Ext. 5 or [email protected]