Bureau Veritas Upgrades 2024 Outlook Following Strong First Half

Paris, France – Bureau Veritas reported a solid first half of 2024, driven by its new LEAP | 28 strategy, prompting an upgrade to its full-year financial outlook. The testing, inspection, and certification company now anticipates high single-digit organic revenue growth for the full year, an increase from its previous mid-to-high single-digit forecast.

The company’s first-half revenue reached EUR 3,021.7 million, a 4.0% increase year-on-year, with organic growth at 9.2%. Adjusted operating profit saw a 4.1% rise to EUR 451.9 million, improving the adjusted operating margin by 29 basis points to 15.0% on an organic basis. Net profit attributable to the group was EUR 234.3 million.

This improved performance is attributed to the ongoing execution of the LEAP | 28 strategy, launched in March 2024. The strategy focuses on a streamlined portfolio, performance-driven execution, and an evolved people model. Growth was observed across most regions, with particular strength in sustainability services.

Bureau Veritas also completed four bolt-on acquisitions in cybersecurity and consumer product testing services, aligning with its portfolio strategy. A EUR 200 million share buyback program was finalized, and the company secured its first investment-grade credit rating from Moody's, completing a EUR 500 million bond issuance.

Looking ahead, Bureau Veritas expects the second half of 2024 to maintain a similar organic revenue growth trajectory as the first half. The company also confirmed its expectation for an improvement in adjusted operating margin at constant exchange rates and strong cash flow with a conversion rate above 90%.