IIOC member BSI has posted its 2020 full year results with headline of revenue at 539.3m GDP, down 2% on 2019 (organic revenue down 1% at constant currency).
BSI describe their performance as, ‘resilience in unprecedented circumstances’, going on to say that, ‘the pandemic changed almost everything about the way we go about our business although it changed nothing about the importance of our work’.
The results of the Assurance Services business stream reflect the impact of the pandemic: overall revenue fell 7% (-6% at constant currency) to 263m GDP, but the Q4 revenue was in fact higher than Q4 2019.
BSI notes, ‘Despite the impact of the pandemic, our System Certification business line delivered a revenue only 4% behind 2019, with improved profitability due to increased productivity and reduced travel. We worked closely together with our clients and major accreditation bodies to the effect that almost 200,000 audit days were delivered in the year, of which 88,000 were delivered remotely using innovative immersive technology.’
In Q1 2020, just 13% of system certification audits were carried out remotely, but in Q2 this had leapt to 98%.
BSI comments, ‘There is no doubt that, despite the pandemic having a significant impact on the lives of many people, it has forced our industry to embrace innovation at speeds never seen before and BSI has been at the forefront in developing new ways to deliver our services, and the value they bring, to our clients.’
The full 2020 BSI annual report is available here.