NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--Q1 2024 Key figures1
› Revenue of EUR 1,439.5 million in the first quarter of 2024, up 2.5% year-on-year and up 8.0% organically
› Strong organic growth from Industry +16.3%, Certification +13.7%, Marine & Offshore +13.6%, compared to the first quarter of 2023; growth of +6.1% for Consumer Products Services, +3.6% for Buildings & Infrastructure and +3.2% for Agri-food & Commodities
› The scope effect was a positive 0.1%, reflecting bolt-on acquisitions offset by a small disposal
› The currency impact was negative by 5.6% mainly due to the depreciation of some emerging countries’ currencies against the euro
Q1 2024 Highlights
› New strategy LEAP | 28, announced on March 20, 2024, to deliver a step change in growth and performance, built around three pillars: Focused Portfolio, Performance-led execution and Evolved People model
› Strong growth in every region (Americas, Middle East, Africa, Asia-Pacific and Europe), outperforming many underlying markets
› Growth momentum maintained for sustainability services – both transition services and Green Objects - across the entire portfolio
› In line with the LEAP | 28 strategy, the Consumer Products Services business line completed the acquisition of three bolt-on companies in South and North-East Asia, expanding the Group’s portfolio into new sectors and diversifying its geographical coverage, adding an annualized revenue of c. EUR 20 million
› To execute the share buyback program announced in March at the Capital Markets Day, an acquisition of c. 0.8% of the Group’s own shares on April 5, 2024, was completed under the Wendel placement
› Assignment of the first long-term credit rating of Bureau Veritas with a A3 rating from Moody’s, with “stable” outlook, which reflects the Group’s strong financial structure and competitive advantage
› New recognition of Bureau Veritas’ CSR commitment by several non-financial rating agencies, including a first ranking in Sustainalytics. Bureau Veritas also joins the United Nations Global Compact.
2024 Outlook confirmed
Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas expects to deliver for the full year 2024:
› Mid-to-high single-digit organic revenue growth;
› Improvement in adjusted operating margin at constant exchange rates;
› Strong cash flow, with a cash conversion2 above 90%.
The Group expects H2 organic revenue growth above H1 given stronger comparables in Q2.
Hinda Gharbi, Chief Executive Officer, commented:
“In the first quarter of the year, we launched our LEAP I 28 strategy both internally and to our investors. Our commitment to sustainable organic growth, active portfolio management through M&A and yearly margin improvement is in line with our ambition to deliver double-digit shareholder returns.
We have started our strategy execution and Bureau Veritas maintained its growth trajectory with broad organic growth of 8.0% supported by strong market trends in the first quarter of 2024.
In addition, I am pleased to announce the first long-term credit rating of Bureau Veritas. The decision by Moody’s to assign a A3 rating, with stable outlook, confirms our strong financial structure, a leading market position, and a solid business model.
Looking ahead, we confirm our outlook for 2024.”
Q1 2024 KEY REVENUE FIGURES
GROWTH | ||||||||
IN EUR MILLION | Q1 2024 | Q1 2023 | CHANGE | ORGANIC | SCOPE | CURRENCY | ||
Marine & Offshore | 122.1 | 113.1 | +8.0% | +13.6% | - | (5.6)% | ||
Agri-Food & Commodities | 297.3 | 302.7 | (1.8)% | +3.2% | - | (5.0)% | ||
Industry | 295.6 | 295.3 | +0.1% | +16.3% | (2.5)% | (13.7)% | ||
Buildings & Infrastructure | 441.0 | 431.6 | +2.2% | +3.6% | - | (1.4)% | ||
Certification | 117.4 | 106.9 | +9.8% | +13.7% | - | (3.9)% | ||
Consumer Products | 166.1 | 154.9 | +7.2% | +6.1% | +5.4% | (4.3)% | ||
Total Group revenue | 1,439.5 | 1,404.5 | +2.5% | +8.0% | +0.1% | (5.6)% | ||