Bureau Veritas reports Q3 revenue decline of 4.4%
Testing and certification company Bureau Veritas announced its third-quarter revenue fell 4.4% organically year-on-year to EUR 1,148 million, but demonstrated resilience amid challenging market conditions.
Bureau Veritas, a global leader in testing, inspection, and certification services, reported a 4.4% organic decrease in revenue for the third quarter of 2020, reaching EUR 1,148 million. The total year-on-year decline was 9.6%, factoring in currency impacts.
The company highlighted its resilience in a challenging environment, with nearly half of its portfolio showing organic growth. The Certification business saw a strong rebound, growing by 7.0%, benefiting from "Restart Your Business with BV" and Safeguard missions, along with a catch-up of audits. The Marine & Offshore segment also continued its outperformance with 1.9% growth, while Buildings & Infrastructure grew by 0.6%.
Other business lines experienced a mixed performance. Agri-Food & Commodities and Industry segments declined by 7.5% and 8.2% respectively, impacted by weak oil markets and frozen capital expenditure projects in oil and gas. The Consumer Products segment saw an 11.0% decrease, though diversification efforts were strengthened. The company also divested a non-core US business unit generating USD 12 million in annual revenue.
Looking ahead, Bureau Veritas anticipates a slow and gradual recovery for the full year 2020, assuming no further widespread lockdowns in its key markets. CEO Didier Michaud-Daniel stated the company's strategy and implementation proved effective, positioning it well to navigate current challenges and leverage its expertise in quality, health, safety, and sustainability.