BSI publishes Annual Report 2023

April 30, 2024

BSI reports revenue up 8% (+10% at constant currency) to 727.7m GBP for 2023.

Included within this is the Assurance Division’s 333.5m GBP contribution, up 7% (+10% constant currency).

BSI’s Assurance Services Division activities include, ‘certification of management systems, products, services and processes, and the delivery of training to maximize the benefits of standards.’

BSI notes that, ‘Growth was driven by the expansion of our Sustainability and Digital Trust service offerings, by the acceleration of Internal and Supplier Audit (ISA) solutions, and the continued growth of our core services in Quality, Environment, and Health, Safety & Wellbeing. We deliver on our purpose by helping our clients solve critical societal and organizational challenges, and this year saw us once again winning large contracts with global clients in strategic sectors, including transport and mobility, aerospace, the built environment, and information communications technology.

Assessment and System Certification delivered solid revenue growth and improved profitability, supporting clients in over 180 countries. This growth was fuelled by a robust performance in our core System Certification services, and an increased demand for our Sustainability and Digital Trust solutions, in particular Greenhouse Gas (GHG) Verification, Sustainability Report Assurance, Carbon Neutrality, and Information Security & Privacy. During the year we launched several new strategic solutions, including the BSI Net Zero Pathway, built on international standards and best practice, which provides a clear and robust framework for organizations to demonstrate their commitment and plans for achieving net zero.

We are on a mission to support our clients in becoming future-ready, through the digital transformation of our services and by providing technology to help our clients on their own digital journey. In 2023, we launched a new hybrid audit solution, enabling virtual and on-site delivery of our expertise. This sustainable delivery format is already in use in over a third of our audits, enabling BSI and our clients to reduce GHG emissions while improving the work-life balance for our auditors. We extended the use of immersive auditing technology, with hands-free equipment such as smart glasses and video headsets that provide a live data feed to our augmented reality platform for verification by our experts.

ISA solutions are a growing part of our offering. They help clients bring transparency and trust to their value chains across key sectors such as food, retail and healthcare. Our supplier audit solutions span a range of domains, including Health, Safety & Wellbeing, Digital Trust, and Environmental, Social & Governance (Sustainability).’

As regards 2024, BSI comments, ‘As we look forward to 2024, we expect to continue to deliver strong performance’.

The BSI Annual Report and Financial Statements 2023 can be viewed here.