Brian Sims
Editor
Brian Sims
Editor
BUSINESS IMPROVEMENT and standards company the British Standards Institution (BSI) 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, CEO of the 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 organisations across the world.”
As the UK’s national standards body, the BSI is responsible for developing a great many standards and Codes of Practice pertaining to the security and fire safety sectors. During the year, the organisation has continued to work closely with the Government. This work includes support for the Department for Business, Energy and Industrial Strategy on the role of standards to support innovation, the Department for International Trade on the use of standards to enhance global market access and the Ministry for Housing, Communities and Local Government on framework standards for the competence of workers operating in the built environment.
The 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 (ie ISO and IEC), regional and national standards committees have switched to virtual working during the pandemic.
The 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, PPE, safe working guidelines, face coverings, risk management and business continuity.
Resilient business model
During the year, the BSI’s average global headcount grew to 5,237 – representing 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 concluded: “In the face of the challenges of COVID-19, the resilience of our business model and the resilience of our teams around the world has 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 and invest and innovate for the future, all the while embedding trust and resilience worldwide.”
*The full online edition of the BSI’s Annual Report 2020 (including financial statements for the year) is available at https://www.bsigroup.com/en-GB/about-bsi/financial-information/
