Robust H1 2018 performance
Organic growth accelerating to 4.4% in Q2,
2018 outlook confirmed
Didier Michaud-Daniel, Chief Executive Officer, commented:
“We are now halfway through the execution of our 2020 Strategic Plan, which made significant further progress in the first half of 2018. The Group’s organic revenue growth totalled 3.5% with a 4.4% acceleration in the second quarter. This reflected sustained growth for Bureau Veritas’
5 Growth Initiatives and improving growth for the Base Business. We have pursued our external growth through six targeted acquisitions, all in support of our Growth Initiatives and bringing around EUR 85 million of additional annualized revenue.
Five businesses out of six grew overall at 4.3% on average, with the exception of Marine & Offshore, which is still impacted by the down-cycle in shipping however we expect some recovery by year-end. Industry, our second largest business, confirmed its return to organic growth, as a result of our successful diversification. In the last quarter we were awarded a 5-year EUR 64 million contract in Opex services by Qatargas, highlighting the success of our Opex Growth Initiative.
Performance in the first half allows us to confirm our 2018 outlook: an acceleration of organic revenue growth with an adjusted operating margin slightly up at constant currency, as well as a higher cash flow at constant currency compared to 2017.”