...statement continued
As we grow, so too does the need to invest in the technical and management capabilities required to deliver larger projects.

This was reflected in our financial performance this year, with revenues rising by 5% to £163m, but profits reducing solid financial performance when market conditions were challenging – particularly in the defence and mining sectors – is testament to our strategy of maintaining a diversified portfolio of businesses operating in niche, high-value markets.

Investing In The Future
Our careful investments in the long-term success of the business are already proving valuable. Just one example is ship design, where our increased capabilities have seen us this year complete the detailed design of the new tankers for the Royal Fleet Auxiliary and win a similar project for the Royal Norwegian Navy – both based on an innovative BMT design concept.
Working Together
A key way in which we ‘scale up’ to access major projects is through partnering. This can mean working within the group to combine skillsets and resources, or working with external partners to help access greater opportunities. Here our independent status is proving valuable; allaying any fears of competition and attracting new high-profile partners during the year. We are also working together across countries in which BMT has a presence. A recent project saw us engaged in the design of facilities to enable a company to export coal from Australia and import it into India.

Our continued investment in research and innovation, both through contract research and self-funded activities within the group, when taken as a whole, is significantly higher than the OECD recommended guidelines. For example, as maritime broadband communication makes vessel performance data increasingly easy to access and analyse, we are focusing on leading edge developments related to the digital ship market.
Outlook
We expect a mixed outlook ahead, with defence and mining markets remaining tough but oil & gas and specialist ship design looking more promising. Overall, we remain confident that our strategy will continue to generate growth. All that remains is to thank all the staff at BMT for their commitment and hard work; it is this which will ensure our investment in the future will prove fruitful.

Our management team brings together BMT’s people and expertise to access new opportunities, create partnerships and deliver high value insight to our customers   Peter French
Neil Cross Signature
Dr Neil Cross
Chairman
Peter French Signature
Peter French
Chief Executive
On the next page
Photo guide
  • 1
    David McSweeney, Finance Director
  • 2
    Dr Owen Harrop, Regional Director
  • 3
    Anne Segall, HR Director
  • 4
    Gary Smith, Regional Director
  • 5
    Peter French, Chief Executive
  • 6
    Dr Ralph Rayner, Sector Director
  • 7
    David Bright, Sector Director
  • 8
    Dr Phil Thompson, Sector Director
2  |  BMT Group Annual Review 2014