Ordnance Survey records most profitable year in its history
Ordnance Survey (OS) has recorded the most profitable year in its history.
In doing so the 231 year old mapping agency, based in Southampton, has now set a highest ever revenue record for the fifth consecutive year.
The organisation's 21/22 Annual Report highlights a 5% growth in revenue to £182.3 compared to £173.3m in 2020/21.
As well as record profits more than 280 new employees joined the Southampton based firm in the last 12 months.
Ordnance Survey provides geospatial products, solutions and expertise to Government, business and individuals. According to the OS every adult in Great Britain interacts with OS location data an average of 42 times a day.
From leisure apps and maps, to using trusted and accurate location data to help respond to international challenges including climate change and the Covid-19 pandemic, the public are heavily reliant on OS data.
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This past year OS Maps, recorded a 33% increase in subscribers. The popular app was also launched internationally.
Other sectors benefiting from OS's data include land and property, infrastructure and utilities, transport and logistics, and finance and insurance.
Stephen Lake, interim CEO, said: "Revenues grew 5.2% in year with notably strong performances from our leisure business and land and property data services. Our Commercial revenues grew by 11% in year, clearly demonstrating the progress we are making in executing our strategy of diversifying our revenue base.
"I’m pleased to reflect on a year where Ordnance Survey’s public service commitments, commercial successes and business transformation have all accelerated. These achievements have placed us on a solid footing to continue delivering on our strategy of becoming a world leader in geospatial data and services and helping to show our customers and society how to get to a better place."
At the core of OS is the National Geographic Database which contains half a billion geographic features and is updated over 20,000 times a day with changes to Great Britain. OS recently launched a new Geospatial Production Platform which is transforming how data is captured and maintained and ultimately used by customers. Through the new platform customer change requests are now being actioned in four days compared to forty days previously.
Steve Showell, Chief Financial Officer, added: "2021-22 has been a strong year for OS with growth across the whole organisation. However, what is especially pleasing is the value which OS provides to our many customers and the nation. From supporting innovation and entrepreneurship through our Geovation incubator to helping to support some of the biggest challenges in society, such as sustainability, climate change, or assisting in the Governments response to the global pandemic."
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