2023
Annual Report
General Oceans is the parent of the Group and works collaboratively with operating companies to accelerate performance. Its independence from the operating companies allows for an approach that is nimble and decisive, with the ability to set long-term objectives from its head office in London.
“General Oceans research effort into sensor fusion and underwater perception shows how marine construction, survey, and exploration will be more accessible in the years to come.” [READ MORE]
General Oceans has a unique and innovative business model in the ocean technology sector which is based on a simple structure at the centre, with empowered operating companies that benefit from the Group's strategic focus and scale. Each operating subsidiary is accountable for its own financials and growth, but also to a set of standards and KPI metrics as set out by the Group. The centralised functions of the Group include: Financial Reporting, Human Resources and Talent Strategy, Investor Relations, and the M&A Deals Team. [READ MORE]
In 2023 we continued to make progress on our growth strategy, taking steps to scale up our ambitions as a global player in the underwater technology sector.
In 2021 we pinpointed three main strategic pillars:
In August 2023, we acquired Klein Marine Systems, the world's leading side scan sonar (SSS) system provider.
Tritech and Nortek reported excellent commercial growth in the year, and Reach Robotics reached a significant milestone in the year with the introduction of the Reach X Advanced Intervention System (RX-AIS)
EchoSonics was incorporated in June 2023 with a focus on transducer development and production
We carried out planning for the launch of the General Oceans Academy, at Oceanology International 2024 in London's Excel arena in March. The Academy is a collection of professional programmes and ground-breaking opportunities; specifically designed to nurture existing employees, so they can learn and grow in their careers.
We continued to develop our ESG framework as this is a priority area for us to develop.
Sustainable business remains embedded in our purpose, and we are working together to formalise and integrate a common set of goals and actions to deliver this work in a meaningful way. [READ MORE]
GROUP EMPLOYEES as at FY2023
FAVOURABLE RESPONSES in our inaugural employee survey
SOLAR PANELS INSTALLED at Tritech in Ulverston, UK
M:F GENDER SPLIT Across the Group
CARBON FOOTPRINT REDUCTION Scope 1 & Scope 2 emissions at Nortek 2019-2023
MARINE WASTE COLLECTED from our waterways
Our Group ensures consistent, balanced decision-making to meet the diverse needs of our stakeholders while fostering transparency, engagement, and trust in line with industry best practices and sustainability goals.
We recognise the need to recruit and retain the best talent in an increasingly competitive labour market, and the requirement to incentivise and reward employees so they progress their careers.
GO Academy
Women in STEM
Living Wage
We acknowledge that innovation must pave the way to affordable technology that makes sustainable infrastructure, particularly maritime and inland waterways, a reality.
Bubble Barrier project
Data collection and river insights
Funding research programmes for future technologies
From our own facilities to the conferences at which we exhibit and beyond to the use cases of our technologies, responsible consumption and waste reduction are integral.
Work on a reduce, re-use and recycle principle
Design and sourcing of materials for sustainable product packaging
Installation of 354 PV solar panels
The nature of our work means we understand the value of our oceans and our reliance on them. It is our responsibility to innovate means to clean and protect them, so those working at sea can do so responsibly.
Nortek's Bubble Barrier project
Port and harbour survey and security
Academic and government climate research
In 2023, we achieved a robust financial performance, marked by a 28.4% increase in revenue.
We see significant opportunities in the coastal oceans market, including, but not limited to:
DEFENCE
We have contracts with the US, Norwegian, and Royal Navies, and have been awarded contracts, accolades and investments worldwide in technology development as the global landscape for defence continues to evolve.
The rise of the global AUV market is a result of this funding from the defence sector, along with updated infrastructure in acoustic propagation and communication.
MARINE CONSTRUCTION
Long-term forecasts predict an increase in demand for solutions which serve offshore markets such as defence, wind, ports and harbours, and oil and gas. Our ROVs, manipulators, and sensors help make offshore operations safer and more efficient by providing domain awareness, early hazard warnings, and diverless repairs and inspections.
RESEARCH
As the market leader in acoustic sensor technology for ocean research applications, leading scientists around the world have long approached us to develop systems which provide entirely new capabilities, and which can help drive their research forward.
FINANCIAL HIGHLIGHTS
