Bureau Veritas 2020 1st half results

July 28, 2020

IIOA member Bureau Veritas posts its 1st half 2020 results with revenue down 9.5% (constant currency) 11.1% actual to 22000m Euros

Within this, Certification performance was hit particularly hard by the Covid-19 pandemic, down 21.9%(constant currency).

Within Certification, performance varied due to a number of factors, including the lockdown circumstances in particular geographies and the ability of audits to be carried out in some sectors, such as IATF (automotive) due to restrictions on the use of remote audits.

In sectors/schemes where remote audits are allowed, take-up rates have varied, as the preparedness at the client end varied.

In its reporting, Bureau Veritas notes, ‘In the context of Covid-19, the Group has worked on business continuity solutions by promoting remote audits and virtual classrooms. It prepared the crisis exit with initiatives related to restarting the business at the end of the lockdown (“Restart Your Business with BV”) and from which it is currently seeing strong momentum. Many contracts were signed with clients across very different sectors, including hospitality and restaurants, airlines, banks, shopping centers or the public sector. This suite of solutions is expected to contribute to the gradual improvement of the business from Q3 onwards.’

Given the nature of the Covid-19 pandemic, Bureau Veritas suggests three potential outlook scenarios for H2 2020: “Slow & gradual recovery”; “Muted recovery”; “Worsening pandemic throughout H2”.

The outlooks, along with Bureau Veritas’ full report of its H1 2020 results, can be viewed here.