Record profits for construction tech firm
Biosite Systems, which specialises in technology solutions for the construction industry, has announced a record revenue increase of 28% to £12.5m for 2019.
For the year ending July 31, the Solihull-based workforce management specialist also reported a 51% jump in operating profit, with gross profit rising from £3.7m to £5.3m.
The firm plans to reinvest profits in R&D to ensure the continuous development of its software and hardware portfolio, to deliver the best solutions and service proposition for its customers.
The results followed a strong year collaborating on some of the largest infrastructure projects in the country – including the A14 Improvement Scheme, High Speed Two enabling works programme for Costain Skanska Joint Venture and Thames Tideway East for Costain, Vinci Construction Grand Projects & Bachy Soletanche (CVB).
Prospects are looking positive for the year ahead, with contracts secured with Wates, Eiffage Kier Joint Venture and Align Joint Venture.
Managing director, Li Wang, attributed the performance to the company’s expanding software portfolio and in-house capabilities.
He said: “It has been an exciting period of growth for Biosite, culminating from a variety of factors.
“We have focused on the development of our software solutions, including the launch of our Business Insight platform – Sense – which allows our customers to easily identify useful insights from the extensive data our systems capture, plus the introduction of our Inform mobile app to effectively manage snagging and create digital forms and workflows. We also have the advantage of manufacturing our hardware and software solutions in-house, which enables us to be in control of R&D and development costs.
“I’m extremely proud of our fantastic team and everything we’ve achieved so far as a business. This has put us in an excellent position to continue our upward trajectory and achieve our turnover target of £16m this financial year.”
Biosite technology is currently deployed on more than 650 projects, with more than 650,000 workers now live on Biosite’s databases, with in excess of six million biometric transactions captured each month.
