Annual Report 2022 -

Annual Report 2022

20 Jul 2023

Towards decarbonisation and a digital future

Thinking where we were in 2020, generating 495€M net revenues, and where we are after only two years at 660€M, our growth has been tremendous.

We have seen massive activity in Energy, addressing the needfor decarbonisation but also in traditional oil & gas markets to meet growing demands and the need for energy security. In decarbonisation, we are increasingly recognised as a world leader and a principal voice in the energy transition. The work we are undertaking towards a hydrogen economy and in decarbonising shipping, hard-to-abate industries, and transport sectors is of great interest to the general business community and puts us in a very strong position.

Our Marine business has continued to flourish, with the cruise sector, where we are very well placed, recovering after the halt during the pandemic. Once again, our fleet has grown at the fastest rate of all class societies. However, Infrastructure is currently one of the most significant investment areas worldwide; for the first time, this includes Italy through its PNRR funding initiative. Indeed, Infrastructure & Mobility has the greatest potential for growth of all our business units.

In Materials, we are seeing developments that are becoming increasingly important in areas such as electric vehicles, which require an enormous amount of magnetic steel, where, once again, we are market leaders. In Defence, where we provide critical software and services, recent geopolitical events have driven all countries to increase expenditure. In our Real Estate business, RINA Prime, our M&A activities have borne fruits, and we are seeing real and exciting opportunities from our ability to offer complete property management services.

The digital future

We are investing internally in our IT ecosystem and cybersecurity, and we also recognise the huge importance of connecting cybersecurity to the services we provide. We are strengthening our position in this area.

Artificial Intelligence (AI) has been with us for many years, but the explosion of activity in this area will change our way of working. The development we are now seeing in AI systems is remarkable. It offers enormous benefits, such as discharging colleagues from carrying out mundane and routine work, including generating reports or administrative tasks, to focus on value-add activities. We are actively looking at the potential benefits and opportunities this technology could deliver to our business.

The outlook for 2023

With so many options for growth, in 2023, we will look to rationalise our business, re-focus on our core markets, and continue to reshape and organise our business, processes and procedures to increase efficiency and productivity and capture all the potential we have. A vital element of this will be combining our services to add value, a strategic goal for all business units.