Neuilly-sur-Seine, France, April 27, 2017
Return to organic revenue growth in the first quarter of 2017
FY 2017 outlook confirmed
Revenue of €1.14 billion in the first quarter (Q1) 2017, +7.4% vs. Q1 2016
· Organic growth1 at +1.9%
o 4 out of 6 businesses posted organic growth, with Certification being
the best performer (+10.6% organically) alongside Building &
Infrastructure (+4.5%) and Consumer Products (+4.0%)
o 5 Growth Initiatives up 4.6% organically year-on-year
o Q1 benefited from a positive calendar effect which will reverse in Q2
· External growth of +3.5%
o Three acquisitions closed year to date supporting the Building &
Infrastructure/ Agri-Food/ SmartWorld Growth Initiatives
· Currency impact of +2.0%
o Appreciation of USD and pegged currencies as well as some
emerging countries’ currencies against the Euro
Chief Executive Officer Didier Michaud-Daniel commented:
“2017 is the year of strengthening Bureau Veritas’ global transformation. We continue progressing in this journey, through our commercial development, innovation efforts and acquisition strategy. All reinforce the growth profile and resilience of the Group, and put us in a position to reach our mid-term ambition.
Solid commercial wins spurred by our 5 Growth Initiatives, stabilizing Oil & Gas, as well as upstream Metals & Minerals markets enabled us to return to organic growth in Q1 2017. All our major businesses, with the exception of Marine & Offshore, are stabilizing or on improving trends and this is expected to carry on.
Our 2017 outlook is confirmed. We anticipate a slightly positive organic growth with an adjusted operating margin at circa 16%, as well as a higher cash flow compared to 2016.”
|
Q1 2017 Revenue by business (EUR millions) |
2017 |
20162 |
Growth |
|||
|
Total |
Organic |
Acquis. |
FX |
|||
|
Marine & Offshore |
97.1 |
97.7 |
(0.6)% |
(1.4)% |
1.6% |
(0.8)% |
|
Agri-Food & Commodities |
263.6 |
236.4 |
11.5% |
0.6% |
7.8% |
3.1% |
|
Industry |
277.2 |
268.2 |
3.4% |
(1.8)% |
1.5% |
3.7% |
|
Building & Infrastructure |
268.1 |
245.8 |
9.1% |
4.5% |
3.8% |
0.8% |
|
Certification |
87.0 |
78.7 |
10.5% |
10.6% |
0.2% |
(0.3)% |
|
Consumer Products |
145.0 |
132.6 |
9.4% |
4.0% |
2.7% |
2.7% |
|
Total Group Revenue |
1,138.0 |
1,059.4 |
7.4% |
1.9% |
3.5% |
2.0% |
1) Organic growth is the increase in revenue versus last year, at constant currency and scope (i.e. acquisitions excluded)
2) Q1 2016 figures by business reflect the change of segment profit reporting announced on February 24, 2017