Annual Report 2021



Space & Defence

An incredible year for the RINA Space & Defence division saw year-on-year increases in many activities:

We completed the strategic acquisition of the hardware and software systems engineering company, Interconsulting Engineering. This highly skilled and competent team received the Service Excellence award from Leonardo for the work they did in 2021. 


productive hours on Space and Defence activities 
(+24% from 2020) 


productive hours on Space Projects 
(+50% from 2020)


productive hours on Security and Cyber Security projects 
(+27% from 2020)


productive hours on Avionics Projects


productive hours on System Engineering 
(+45% from 2020)


productive hours on Training and Learning Solutions projects 
(in line with 2020)


productive hours on Safety projects 
(+35% from 2020)


contribution Margin
(23.6% in 2020, 
20% in 2019)


productive hours on Training and Learning Solutions projects 
(in line with 2020)


productive hours on Training and Learning Solutions projects 
(in line with 2020)

Interconsulting has brought us leading edge competencies and skill sets in mission and safety critical systems and new services for consultancy, system design and prototyping for the Aerospace & Defence market, enabling the design and development of safety critical integrated solutions.  

In the UK, we were presented the Gold Award under the Ministry of Defence Employer Recognition Scheme. As one of only around 400 companies to receive this honour in 2021, the award reflects a commitment to support the defence and armed forces community and recruit ex-forces personnel into the business. It reflects RINA’s desire to support and recruit highly knowledgeable and experienced personnel into its defence business. We have also grown our presence in The Netherlands, an important strategic market for our S&D division.  


2021 saw a strong restart of the manufacturing ecosystem after a tough year in 2020 because of the pandemic. We had an especially good year in the steel sector and have reinforced cooperation with main producers worldwide, including the opportunity to restart our relationship with Ilva S.p.A., the biggest steel plant in Italy, with an important contract to support meeting its research, development and innovation targets. Steel production has been boosted by a strong demand for material across different manufacturing areas and we have been able to continue project delivery even with the restrictions of the pandemic, using our now well established remote working practices.  

We started a flagship project to introduce an Internet of Things (IoT) safety solution, “Safety@Work”, aimed specifically at industries where risks are higher, including steel, construction and oil & gas. We also released a new cloud-based tool for customers to access our consultancy services, “AccessRINA”, increasing our agility to respond to demands. We further released a new cloud tool, ‘CAEUp’, capable of morphing and adapting a nominal CAE model on the real produced shape.

CAEUp is a virtual bridge between design and manufacturing. It improves overall manufacturing process efficiency and checks quality in a data-driven, standardized process. The user can then perform several numerical simulations to consider crucial aspects of the component quality, such as structural analysis and mechanical performance. This important digital tool can be applied in a wide variety of industries and is an important step in enhancing efficiency and sustainability of manufacturing processes.  

We have seen a lot of success from the Projects of Common European Interest in areas such as ‘green’ steel production and are actively supporting many organisations in submitting their projects to the EC. We are very optimistic about some large projects in implementing complete new value chains, especially in energy and hydrogen economies.  

There are many investments in energy transition, with manufacturing and industry sectors setting up their plans to reach 2030 and 2050 decarbonisation targets. Our advanced laboratory capabilities, able to test and pilot full industrial activities, has placed us in a very strong position to support these efforts. Of particular importance is our ability to test materials and equipment for use with hydrogen, which is a more aggressive fuel than natural gas. Indeed, the global demand for this service led us to almost double our laboratory capacity and we now have even more capacity to fulfil market requests in this area.  

In the traditional energy sector, we saw a rise in investment by major producers, requesting support for innovative solutions, advanced materials and safety. Our ability to provide full scale testing of equipment to ensure it is safe and fit for application has delivered us many projects from regions including Middle East, Americas and Europe.  

Our acquisition of Cyber Partners in October 2021 forms the basis of our new Cybersecurity division, a business in which we have strong ambitions for the coming years. It enlarges our presence in cybersecurity and gives us a wide portfolio of services including consulting and advisory services in all aspects of governance, risk and compliance. In December we also engaged a new team of offensive security hackers to provide advanced services for assessing and quantifying exposure to cyber risk: Cyber Security Posture Assessment and Cyber Risk Quantification


Looking ahead 
a baseline to exploit our potential

For 2022 and beyond we have challenging targets, but we have all the instruments in place to deliver.

We have ambitious targets for the coming year for around 44% growth in revenue. We will continue to strengthen our presence in UK, Italy, China and The Netherlands and are working closely with HR to appeal to and retain new talent.

We are very excited about a project from the Next Generation EU (NGEU) instrument to fund green steelmaking. For this and other important projects, we are looking to recruit 380 new colleagues, taking the total number of employees of the Industry business unit to around 1,000. We will focus on both organic and inorganic growth, continuing to actively scout for new acquisitions that will provide strategic and culture fit for our business.

We will continue to focus on developing key account relationships with tier 1 organisations and work with the newly formed business development team to provide end-to-end services underpinned by innovation. 

Energy and digital transformation are megatrends for the coming years, and we are ready to support clients in achieving their goals in these areas. We have invested in our brand and will continue to grow the skills, capabilities and wide range of services we offer.