Q3 2021 Key figures1
- Revenue of EUR 1,245.7 million in the third quarter of 2021, up 7.5% organically and up 8.5% year on year (of which an external growth of 0.2% and a currency impact of 0.8%)
- 4 businesses delivered strong organic growth: Industry +10.4%, Consumer Products +8.7%, Buildings & Infrastructure (B&I) +8.0%, and Agri-Food & Commodities +7.7%
- Marine & Offshore and Certification grew organically by 2.7% and 0.8% respectively, with solid underlying trends although faced challenging comparables following catch-up of audits
Q3 2021 Highlights
- Organic revenue up 3.5% in Q3 2021 and 3.9% in the first nine months of 2021, compared to 2019
- Growth driven by the whole portfolio across most geographies (Americas, Middle East, Africa and Asia Pacific)
- Strong momentum for Sustainability and ESG-related solutions across all businesses
- Acquisition of AET France, a company specializing in laboratory testing, product development and sustainability testing for consumer goods markets
2021 Outlook Confirmed
Based on the excellent year-to-date performance, considering tough comparables in the fourth quarter, and assuming no severe lockdowns in its main countries of operation due to Covid-19, Bureau Veritas still expects for the full year 2021 to:
- Achieve strong organic revenue growth;
- Improve the adjusted operating margin;
- Generate sustained strong cash flow.
Didier Michaud-Daniel, Chief Executive Officer, commented:
“Bureau Veritas’ third quarter performance continues to demonstrate the strong growth dynamics of our businesses. The 7.5% organic revenue was notably led by an excellent performance in Industry, Consumer Products, Buildings & Infrastructure as well as Agri-Food & Commodities.
Our focus on sales performance, together with increased demand from our clients for all companies in the world for ESG-related services, position us to grow in a sustained manner. Thanks to our unrivalled expertise related to Sustainability, through our BV Green Line of services and solutions, we are perfectly positioned to capture the full potential of these growing markets.
Short term wise, whilst the conditions surrounding the delivery of some of our services remain uncertain due to the pandemic still affecting some regions of the world, we reiterate our 2021 outlook.”
1 Alternative performance indicators are presented, defined and reconciled with IFRS in appendix 4 of the press release.