Press release

Early impact of the new LEAP | 28 strategy boosting revenue and improving margins in the first half; 2024 revenue outlook upgraded

Aug. 9 2024

H1 2024 Key figures2

  • Revenue of EUR 3,021.7 million in the first half of 2024, up 4.0% year on year and up 9.2% organically (including 10.4% in the second quarter)
  • Adjusted operating profit of EUR 451.9 million, up 4.1% versus EUR 434.2 million in H1 2023, representing an adjusted operating margin1 of 15.0%, up 29 basis points organically year-on-year
  • Operating profit of EUR 388.5 million, up 4.2% versus EUR 372.9 million in H1 2023 
  • Adjusted net profit of EUR 288.3 million, up 4.3% versus EUR 276.3 million in H1 2023 
  • Attributable net profit of EUR 234.3 million, up 0.8% versus EUR 232.5 million in H1 2023 
  • Free cash flow of EUR 189.9 million, up 44% year 
  • Adjusted net debt/EBITDA ratio kept at a low level of 1.06x as of June 30, 2024, versus 0.95x last year

H1 2024 Highlights 

  • Ongoing execution of the new strategy LEAP | 28, announced on March 20, 2024. The strategy intends to deliver a step change in growth and performance, built around three pillars: Focused Portfolio, Performance-led Execution and an Evolved People model
  • Strong growth recorded in most regions (Americas, Middle East, Africa and Asia-Pacific)
  • Growth momentum maintained for sustainability services across the entire portfolio
  • Acquisition of four bolt-on companies for a total cumulated annualized revenue of c. EUR 41 million in line with the LEAP | 28 portfolio strategy of creating new strongholds in i) Cybersecurity (one acquisition); ii) Consumer Products Services Technology (three acquisitions)
  • Completion of the EUR 200 million share buyback program (c. 1.6% of the Group’s shares) announced in March at the Capital Markets Day. The program was executed in two steps (phase one through the Wendel Group market placement and phase two directly on the market)
  • Inaugural rated issuance of a EUR 500 million bond following the assignment of the first long-term A3 credit rating for Bureau Veritas (with a “stable” outlook) delivered by Moody’s

2024 Outlook upgraded 

Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024:

  • High single-digit organic revenue growth (from mid-to-high single-digit previously). 
  • Improvement in adjusted operating margin at constant exchange rates. 
  • Strong cash flow, with a cash conversion3 above 90%. 

The Group expects H2 organic revenue growth to be broadly in line with H1.

Hinda Gharbi, Chief Executive Officer, commented:
“In the first half of the year, we kick started the execution of our LEAP I 28 strategy which was launched at the end of March 2024. Our H1 results confirm our commitment to a step change in growth and returns with organic growth of 9.2%, a solid organic margin improvement of 29 basis points and EPS growth of 16% at constant currency. I thank all my colleagues around the world for these excellent results. We are also actively managing our portfolio through an accelerated M&A program with four acquisitions completed since the beginning of the year. In addition, we have completed our EUR 200 million share buyback program announced in March 2024. Finally, in light of our strong first half performance, our robust backlog and considering our focused operational execution, we are upgrading our revenue outlook for 2024.”

1 At constant currency. 
2 Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this press release. 
3 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.

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