Bureau Veritas Reports 7.8% Organic Revenue Growth for 2022
Testing, inspection, and certification company Bureau Veritas announced a 7.8% organic revenue growth for 2022. The company anticipates mid-single-digit growth and a stable adjusted operating margin for 2023.
Bureau Veritas, a global leader in testing, inspection, and certification services, reported a 7.8% organic revenue growth for the full year 2022. The company's reported revenue increased by 13.4% to EUR 5.65 billion.
The adjusted operating profit rose by 12.5% to EUR 902.1 million, with an adjusted operating margin of 16.0%. Net profit attributable to shareholders reached EUR 466.7 million, up 10.9% from the previous year. The company proposed a dividend of EUR 0.77 per share, a 45.3% year-on-year increase.
Despite global supply chain disruptions and the consequences of the war in Ukraine, Bureau Veritas achieved revenue growth across all geographies. Demand for sustainability and ESG-related solutions significantly contributed to the performance, accounting for 55% of the group's sales through its BV Green Line services.
Looking ahead to 2023, Bureau Veritas expects mid-single-digit organic revenue growth. The company anticipates a stable adjusted operating margin and strong cash flow, with cash conversion above 90%. The company also completed four bolt-on acquisitions in strategic areas during 2022 to strengthen its market position.