Q3 2023 KEY FIGURES1
- Revenue of EUR 1,423.8 million in the third quarter of 2023, up 6.1% at constant currency, of which 5.8% organic
- Strong organic growth from Marine & Offshore +13.4%, Industry +16.2% and Certification +11.7% compared to the third quarter of 2022; growth of +2.6% for Agri-Food & Commodities; and flat organic growth for both Buildings & Infrastructure and Consumer Products Services
- Positive scope effect of 0.3% in the third quarter of 2023, reflecting bolt-on deals realized last year net of disposals
- Negative currency impact of 8.4%, resulted from the strength of the euro against most currencies
Q3 2023 HIGHLIGHTS
- Growth driven by all geographies (Middle East, Africa, Americas, Europe, and Asia Pacific)
- Strong momentum maintained for Sustainability and energy transition solutions across the portfolio, representing 55% of Group sales through the BV Green Line of services and solutions
- Strategic partnership investment with OrbitMI, a US based maritime software company, for shipping journeys performance management
2023 OUTLOOK CONFIRMED
Based on the 9-month performance, a healthy sales pipeline and the significant growth opportunities related to Sustainability and energy transition, Bureau Veritas expects for full-year 2023 to deliver:
- mid-to-high single-digit organic revenue growth;
- a stable adjusted operating margin at constant exchange rates;
- strong cash flow, with a cash conversion2 above 90%.
Hinda Gharbi, Chief Executive Officer, commented:
“Our operations continue to deliver robust growth through consistent contract execution and to develop business opportunities for the future. Our performance in the third quarter is as expected, after a particularly strong Q3 last year. Our strategic focus is firmly on high growth markets such as sustainability and energy transition and on ensuring that our business mix and investments generate long-term value for the company and our stakeholders.
To that effect, we are reinforcing Bureau Veritas’ leadership in sustainability services, by augmenting our capabilities through partnerships. In Q3, we signed a promising partnership with Capgemini to provide our customers with ESG digital tools. We have also formed a strategic partnership and invested in a US software company focused on enabling shipping decarbonization through journeys performance management.”
1Alternative performance indicators are presented, defined and reconciled with IFRS in appendices 6 and 8 of this press release.
2Net cash generated from operating activities/Adjusted Operating Profit.