13 May 2019
We share our financial performance results for 2018. These results reflect a year of consolidation and refocusing, with revenues and cash holding firm.
Importantly, as we set our sights towards the future, our growth potential and the quality of our customer relationships is evidenced through our strong orders growth.
We have achieved a solid year’s performance, whilst also setting down the foundations for growth. We look forward to reporting further upon our progress in the coming financial year.
Commercial Shipping Highlights - The market for specialist vessels was generally buoyant, with the exception of demand from the oil and gas sector, which only showed some upside towards the end of year as higher energy prices supported investment.
BMT performed very strongly, with a record number of successful specialist vessel services projects in progress during the year, adding to an ever-increasing portfolio of vessels operational on the water.
Critical Infrastructure Highlights - Conditions were generally positive in our markets during the reporting period, supported by rebounding oil prices, global GDP growth and continuing investment in infrastructure.
Rising iron ore prices and the fact that coal prices remain well above their 2016 lows helped to support market demand for our Mining and Machinery services despite environmental issues affecting approvals for new mines.
Defence and Security Highlights - We were awarded a number of strategically important contract wins that are typically long term and therefore place the business on a solid foundation for it to grow across all of its four home defence and security markets of UK, Australia, Canada and US.
In year investments have also been made to broaden our international footprint with new contract awards in Thailand, the Nordics and ASEAN countries.
Environment Highlights - The environmental consulting market in our most active region, Australia, strengthened. This was supported by improvements in the resources sector and higher levels of government investment into major infrastructure projects.
Although project opportunities increased as a result, competition was intense with new entrants keen to make their mark through strategic pricing and positioning.
Read the full report here.