IIOA member Bureau Veritas posts its results for the first half of 2023.
Described as a ‘strong’ operating and financial performance, revenue for the first half of 2023 increased to 2,904m EUR, an increase of 7.8% year-on-year (10.9% at constant currency), up 9.4% organically.
Bureau Veritas reports that this growth came across, ‘the vast majority of the portfolio across all geographies (Americas, Middle East, Europe, Africa and Asia Pacific) backed by good momentum on the sales pipeline’.
Sustainability activities were noted in particular stating that Bureau Veritas, ‘maintained traction for Sustainability and energy transition solutions across the entire portfolio, representing 55% of Group sales through the BV Green Line of services and solutions’.
Within the overall results, Certification grew to 227.8m EUR, an 8.9% increase (-2.3% constant currency), an 11.2% organic growth.
Bureau Veritas comments, ‘This good performance was enhanced by the acceleration of the diversification of the Group’s portfolio. Strong commercial development and solid price increases also supported growth over the period, mostly led by very good traction in South America and Asia-Pacific, where the offering has been expanded with new schemes (with the shift from traditional QHSE schemes towards new services). This is illustrated by the sustained good performance in countries such as Brazil, Vietnam and India, on the back of good momentum for CSR-driven solutions and customized audits.
Double-digit growth was recorded for QHSE schemes, Supply Chain and Food Certification (led by Food Safety), with a strong momentum for Sustainability-related solutions. Momentum was particularly strong on certifications dedicated to companies for anti-bribery, IT service management, information security and business continuity. Similarly to Q1 2023, Cybersecurity solutions also posted stellar performances. This is due to rising demand for more control on security systems. In the United Arab Emirates, Bureau Veritas recently won an important contract to provide cybersecurity and penetration testing services on behalf of an energy company.
Sustainability-driven solutions are in high demand as the search for more brand protection, data transparency, and social responsibility commitments all along the supply chain drove a 17.3% organic growth performance. It reflected a high demand for verification of greenhouse gas emissions and supply chain audits on ESG topics.’
For the second half of 2023, leading to the full year, Bureau Veritas describes the outlook, ‘Based on the half-year performance, a healthy sales pipeline and the significant growth opportunities related to Sustainability, Bureau Veritas now expects for full-year 2023 to deliver mid-to-high single-digit organic revenue growth’.
Full information of H1 2023 results here.