12 April 2021
- Underlying operating profit grows by 16% to £67.4 million
- Net asset value climbs by 20% to £249.3 million
- The mission-critical nature of BSI’s services and the swift response to clients’ changing needs during Covid-19 have demonstrated the resilience of the business
London, UK - BSI, the business improvement and standards company, has announced its results for the year ended 31 December 2020. Despite the challenges of the Covid-19 pandemic, underlying operating profit has grown by 16% to its highest ever figure of £67.4 million, while net asset value increased by 20% to £249.3 million. Global revenue dropped just 2% below the record level achieved in 2019 to £539.3 million.
Susan Taylor Martin, Chief Executive of BSI, said: “In a tumultuous year we have delivered a strong business performance. Our solid financial results are down to the performance of our team, who put in an extraordinary effort to continue to embed best practice and resilience in organizations across the world.”
BSI, as the UK’s National Standards Body - has continued to work closely with the UK government. This work includes support for the Department for Business, Energy and Industrial Strategy (BEIS) on the role of standards to support innovation, the Department for International Trade (DIT) on the use of standards to enhance global market access and the Ministry for Housing, Communities and Local Government (MHCLG) on framework standards for the competence of workers in the built environment.
BSI’s commercial services and solutions span four areas: Knowledge, Assurance Services, Regulatory Services and Consulting Services, which have largely been delivered remotely throughout the pandemic. In addition, its 1,200 international (ISO and IEC), regional and national standards committees switched immediately to virtual working.
BSI also supported the world’s response to the pandemic across a wide range of areas. Over 100 standards were made available for free, covering vital subjects such as ventilators, personal protective equipment (PPE), safe working guidelines, face coverings, risk management and business continuity. BSI also assisted with the rapidly manufactured ventilator system and doubled the size of its testing teams, ensuring safe and effective products could be placed on the market as quickly as possible.
BSI’s average global headcount grew to 5,237 - an increase of 3% - servicing 77,500 clients in 195 countries. The client base includes 82% of the FTSE 100, 55% of the Fortune 500 and 81% of the Nikkei 225 Index.
Taylor Martin concludes: “In the face of the challenges of Covid-19, the resilience of our business model and the resilience of our teams around the world have resulted in a very creditable performance in 2020. With a strong balance sheet and healthy cash reserves we are well positioned to continue to deliver value for our clients, invest and innovate for the future, all the while embedding trust and resilience worldwide.”
The full online edition of BSI’s annual report and financial statements 2020 can be found at https://www.bsigroup.com/en-GB/about-bsi/bsi-group-financial-performance/
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