Press release

Strong organic revenue growth in the third quarter of 2022; 2022 Full Year outlook confirmed

Oct. 26 2022

Q3 2022 Key figures1

  • Revenue of EUR 1,457.1 million in the third quarter of 2022, up 8.7% organically and up 17.0% year on year
  • 5 businesses delivered strong organic growth: Buildings & Infrastructure +11.0%, Industry +10.6%, Marine & Offshore +9.7%, Agri-Food & Commodities +9.6% and Certification +6.6%
  • Consumer Products Services grew organically by 0.6%, vs a strong recovery in Q3 2021
  • The currency impact was positive by 7.0%, mainly due to the appreciation of the USD and pegged currencies against the euro

Q3 2022 Highlights

  • Growth driven by the whole portfolio across all geographies (Americas, Middle East, Africa, Europe and Asia Pacific)
  • Strong momentum for Sustainability and ESG-related solutions across all businesses
  • Around 55% of Group sales, in the first 9-month of the year, are related to Sustainability through the BV Green Line of services & solutions
  • Acquisition of two new bolt-on companies in strategic areas (Consumer Products Services and Buildings & Infrastructure) for total annualized revenue of circa EUR 33 million: C.A.P Government Inc. (USA) and Galbraith Laboratories Inc. (USA)

2022 Outlook Confirmed

Based on the year-to-date performance, the significant growth opportunities related to its sustainability range of services and solutions, and excluding the full year impact of the Covid-19 lockdowns in China, Bureau Veritas still expects for 2022 to:

  • Achieve mid-single-digit organic revenue growth;
  • Improve the adjusted operating margin;
  • Generate sustained strong cash flow, with a cash conversion above 90%.

Didier Michaud-Daniel, Chief Executive Officer, commented:

“In a continuing volatile macro and geopolitical environment, Bureau Veritas has maintained a strong growth trajectory in the third quarter, combining sustained organic development and favorable foreign exchange effects.

Our 8.7% organic revenue growth was notably led by a strong performance in Buildings & Infrastructure, Industry, Marine & Offshore, as well as Agri-Food & Commodities. The diversity of our portfolio, our solid sales pipeline and our leadership in terms of Sustainability and ESG solutions, position us well to grow in a sustained manner in the medium term.

Excluding the full-year impact from lockdowns in China, and based on the year-to-date performance, we confirm our 2022 outlook.”

1 Alternative performance indicators are presented, defined and reconciled with IFRS in appendix 4 of this press release.

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