Tysons, Va. — A 24 percent increase in revenue, 680 new employees, and two corporate acquisitions highlighted a banner year for LMI, which released its 2019 annual report today. With $329 million in fiscal year 2019 revenue, LMI achieved its second consecutive year of double-digit growth. The report details how this growth manifested in expanded support to longtime customers the Defense Logistics Agency, U.S. Border Patrol, and U.S. Postal Service.
“Our organization has transformed profoundly over the past two years. I am immensely proud of our workforce for its continued focus on serving customers and improving the business of government,” said LMI president and CEO Dave Zolet. “We are excited to launch the next phase in our ‘LMI 2025’ growth strategy, with a goal of achieving $750 million in revenue, serving our customers better than ever before, and creating opportunities for our people to have long, fulfilling careers at LMI.”
As part of its “LMI 2025” growth strategy to solve more challenges, LMI strengthened its service offerings in 2019 through increased internal R&D, acquired capabilities, and partnerships forged through its newly launched venture capital initiative, LMI Ventures. The additions of The Tauri Group—for its expertise in life sciences and chemical, biological, radiological, and nuclear (CBRN) defense preparedness—and Austin, Texas-based predictive analytics company Clockwork Solutions brought complementary skill sets and employees to LMI’s workforce. New business, such as the CBRN-focused Joint Health Risk Management Enhanced Capability Demonstration contract followed. LMI submitted $1.2 billion in new business proposals last fiscal year, with the average contract award size increasing by 39 percent since fiscal year 2017.
“We are able to pursue and win larger contracts thanks to the enhanced breadth and depth of our service offerings,” said chief growth officer Brian Fitzpatrick. “This translates to more opportunities for our employees to serve the customers they are passionate about. That’s really important to us as a mission-focused company.”
LMI is a consultancy dedicated to improving the business of government, drawing from deep expertise in advanced analytics, digital services, logistics, and management advisory services. Established as a private, not-for-profit organization in 1961, LMI is a trusted third party to federal civilian and defense agencies, free of commercial and political bias.