Bouygues Reports 26% Sales Increase to €56 Billion for 2023
Bouygues Group announced its 2023 results, showing a 26% year-on-year sales increase to €56 billion, primarily driven by the integration of Equans.
French conglomerate Bouygues announced strong financial results for the full year 2023, with Group sales reaching €56 billion, a 26% increase compared to the previous year. The significant growth was largely attributed to the successful integration of Equans, an energy and services company acquired by Bouygues.
The Group's current operating profit from activities (COPA) rose by 19% to €2.41 billion. Compared to the pro forma figures for 2022, which included Equans, sales grew by 3% and COPA by 11%. CEO Olivier Roussat noted that all Bouygues business segments, except for Bouygues Immobilier, delivered robust results. Bouygues Immobilier's performance was impacted by challenging market conditions in France.
Equans met its financial targets for 2023, achieving a COPA margin of 2.9% and a cash conversion rate of 86%. The Group's net debt decreased substantially to €6.3 billion at the end of 2023, down from €7.5 billion at the end of 2022.
Bouygues also reported progress in corporate social responsibility (CSR) initiatives in 2023. Bouygues Construction, Bouygues Immobilier, and TF1 received Science Based Targets initiative (SBTi) certifications, bringing the total number of certified business segments to five out of six. Equans is pursuing certification in 2024. The construction businesses saw an increase in their order backlog, providing good visibility for future activity.
The Board of Directors proposed a dividend of €1.90 per share for 2023, an increase of €0.10 compared to the previous year. Looking ahead to 2024, Bouygues anticipates further improvement in Equans' results while acknowledging the continued challenging market environment for Bouygues Immobilier.