Bureau Veritas SA

Latest Results (17.12.2024):

Revenue Growth

Bureau Veritas SA reported a revenue of EUR 1,547.9 million for the third quarter of 2024, marking an 8.8% increase compared to the same period in 2023. The company achieved a strong organic growth rate of 13.0%, with significant contributions from its Marine & Offshore, Industry, and Certification sectors. This growth reflects the company's strategic focus on expanding its portfolio and enhancing its market presence across various regions.

Geographical Performance

The third quarter of 2024 saw Bureau Veritas SA experiencing robust growth across all geographical regions. The Americas led with an 18.3% organic growth, driven by strong performances in both Latin America and the US. Europe followed with a 7.5% increase, supported by high activity levels in France and other European countries. The Asia-Pacific region and the Middle East & Africa also contributed significantly, with organic growth rates of 10.4% and 23.4%, respectively.

Portfolio Management

In line with its LEAP | 28 strategy, Bureau Veritas SA actively managed its portfolio by completing several acquisitions and divestments. The company acquired IDP Group, ArcVera Renewables, and Aligned Incentives, enhancing its capabilities in Building Information Modeling, renewable energy consulting, and sustainability planning. Additionally, Bureau Veritas entered into an agreement to sell its Food testing business, which is expected to close by the end of 2024, to further optimize its portfolio.

Financial Position

As of September 30, 2024, Bureau Veritas SA maintained a solid financial position, despite an increase in net financial debt due to dividend payments. The company had EUR 1.2 billion in available cash and cash equivalents, along with EUR 600 million in undrawn committed credit lines. With most of its debt maturities beyond 2026 and 100% at fixed interest rates, Bureau Veritas is well-positioned to support its ongoing strategic initiatives.

Upgraded 2024 Outlook

Based on its strong performance in the first nine months of 2024, Bureau Veritas SA has upgraded its revenue outlook for the full year. The company now expects to achieve 9 to 10% organic revenue growth, an improvement in adjusted operating margin at constant exchange rates, and strong cash flow with a cash conversion rate above 90%. This positive outlook is supported by a healthy sales pipeline and robust market growth across its business segments.