LLOYD’S REGISTER, the UK-based class society and risk assurance firm has released its review of 2016.
In the review group chairman Thomas Thune Andersen highlighted the challenges the organisation has faced over the year. Turnover dropped by 11% to £881m, and operating profit dropped from £60m to £53m.
Mr Andersen references the restructuring that has been ongoing in the business, and which saw LR sell off its rail division. In his introduction to the report, Mr Andersen writes that LR is investing in the future and riding the economic head winds.
2016 was the first full year for chief executive Alastair Marsh who assumed the post in 2015. He has been reviewing the business and pushing through much of the change.
Headcount has dropped in LR to 7,903, though some of that was from the sale of the rail division and cuts in the company’s energy division.
In the core maritime division the company has seen revenue declines in shipbuilding work balanced by increased consultancy work.
Investing in further understanding evolving technology remains important, and is a fundamental part of providing value to clients according to Mr Andersen. In the report LR makes repeated reference to digital developments, automation, drones and cyber security as key areas of focus.
The organization ranks as one of the top classification societies, and is a founding member of IACS, the International Association of Classification Societies.
The full 2016 report can be downloaded from the LR website
