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Chief Executive's Statement
I am pleased to report that the process of identifying and realising synergies within the BMT group has continued this year with some excellent results. To take just one example, we have seen the bulk handling expertise of BMT in Australia being successfully utilised in Asia via our Indian office’s growing work in port management.
Working together
Elsewhere, companies with expertise in a particular sector or continent have found new outlets for their skills. This has been demonstrated in the defence sector where BMT companies are gaining major work on civil projects. To achieve these results we have actively sought opportunities to bring people together through initiatives ranging from practice communities (around, for example, naval architecture) to industry sector groups (such as our passenger shipping initiative).
These examples are all part of our strategy to align ourselves more closely with our markets.
Success through innovation
Our continued emphasis on R&D drives our success. New products and services demonstrate the value of innovation. Similarly, our investment in new ship and submarine designs within the defence industry demonstrates our independence and imagination, and positions us well for the future.
Risk
As economic conditions deteriorate we will need to differentiate ourselves through the nature of the solutions we provide. In such an uncertain economic climate, risk management has perhaps never been more important. This year, we have worked with customers to help them manage their risks and to deliver the objectives of their projects.
"By sharing expertise and understanding across the group we can increase our capability, give ourselves a greater presence in our markets and offer a comprehensive ‘BMT solution’ to our customers.”
Sustainability
Similarly, we have recognised the growing importance of sustainability, both within the organisation and to our customers. This is an area in which we have built up considerable expertise – in everything from renewable energy and environmental risk to the development of more fuel-efficient propulsion systems.
Acquisitions
The acquisition of ARGOSS bv complements our expertise in marine informatics, allowing us to increase our understanding of the ocean environment and release the full potential of our marine monitoring suite of tools. By acquiring enterprise architecture specialist Hi-Q Systems Ltd, we have increased our capabilities in this area of the defence market. The purchase of maritime consultancy company Baxter Eadie Ltd brings with it many years of expertise in ports and shipping.
Looking ahead
The year ahead looks to be one of very significant challenges and we will take every possible step to reduce risks and preserve our investments. I have every confidence in the ability of our organisation and our staff to rise to these challenges by utilising the same innovation, expertise and commitment that you will find demonstrated in the pages of this review.
Peter French, Chief Executive