Financials

The Directors are pleased with company performance in the current year. The financial liquidity of the company is strong and the main product sectors of the company continue to perform well.

Despite the economic downturn, BiP Solutions has maintained a policy of investment into its people, products and infrastructure throughout the 2011-12 financial year. This investment has seen staff numbers increase from 160 in 2008 to more than 200 in 2011, supported by the relocation of BiP’s headquarters to Medius in Glasgow’s Digital Media Quarter.

During the 2011-12 financial year, BiP has expanded its business intelligence offering through the launch of Tracker Spend Analysis; secured important, high-profile contracts for both the UK MOD and Procure4London; launched an entry-level contracts information service (Supply); launched a new eLearning service (PASS eLearning); and held numerous successful procurement-related events across the UK.

There have been significant achievements in the current year which will contribute to the expanding profit potential of the company in the future:

• Award of new tenders and the retention of current contracts for an extended period  
• Investment into new products and services and the upgrading of existing services
• Re-alignment of organisational structures in order to deliver our services more
  effectively
• Integration of a new Customer Relationship Management system
• Infusion of the BiP values – Passion, Integrity and Respect – across the
  organisation

BiP Solutions has seen significant growth in its revenue over recent years. Even during the recent recessionary period, BiP has achieved growth in sales across its product range. This is driven by its policy of sustained investment in infrastructure, people and products. The company considers that this strategy will return increasingly sustainable profit growth.

The Directors are confident of continued strong performance in the year to 30 April 2012 and future years.