Press release

Strong start to the year; 2023 outlook confirmed

Apr. 20 2023

Q1 2023 Key figures1

  • Revenue of EUR 1,404.5 million in the first quarter of 2023, up 8.9% year on year and up 8.5% organically
  • Strong organic growth from Marine & Offshore +13.5%, Industry +12.5%, Certification +11.2%, Buildings & Infrastructure +9.0% and Agri-Food & Commodities +7.7% divisions, compared to the first quarter of 2022; lower Consumer Products Services (3.5)%, due to fewer new product launches and volumes
  • The scope effect was a positive 1.5%, reflecting bolt-on deals realized in the past few quarters
  • The currency impact was negative by 1.1% mainly due to the depreciation of some emerging countries’ currencies against the euro

Q1 2023 Highlights

  • Growth driven by the vast majority of the portfolio across all geographies (Americas, Middle East, Europe, Africa and Asia Pacific)
  • Sustained strong momentum for Sustainability and ESG-related solutions across all businesses, representing 55% of Group sales through the BV Green Line of services and solutions
  • Launch of a certification scheme dedicated to renewable hydrogen, ensuring that it is produced under safe and sustainable practices, and from renewable energy sources
  • Accreditation obtained by Bureau Veritas to certify the “anti-food waste” label created in France (as part of the Anti-Waste for a Circular Economy law)

2023 Outlook confirmed

Based on a healthy sales pipeline and the significant growth opportunities related to Sustainability, and taking into account the current macro uncertainties, Bureau Veritas expects for the full year 2023 to deliver:

  • Mid-single-digit organic revenue growth;
  • A stable adjusted operating margin;
  • A strong cash flow, with a cash conversion2 above 90%.

Hinda Gharbi, Deputy Chief Executive Officer, commented:
“Bureau Veritas maintained a strong growth trajectory in the first quarter of 2023, combining sustained organic development with the contribution of targeted acquisitions realized in the past few quarters, notably in the US. The diversity of our portfolio, our strong sales pipeline and our leadership in Sustainability and energy transition put us in a good position to continue to grow steadily over the medium term.

Bureau Veritas is at the forefront of the energy transition and of all stakeholders’ societal aspirations. During the quarter, we supported our clients through various initiatives, such as the launch of a certification scheme for renewable hydrogen and the accreditation for a new 'anti-waste' label.

Looking ahead, and considering evolving macroeconomic uncertainties impacting our clients, we confirm our outlook for 2023.”

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1 Alternative performance indicators are presented, defined and reconciled with IFRS in appendix 2 of this press release.
2 Net cash generated from operating activities/Adjusted Operating Profit.