Bureau Veritas 2024 full year results

IIOA member Bureau Veritas posts its 2024 full year results

Revenue in 2024 rose to EUR 6,240.9m, a 6.4% year-on-year increase, up 10.2% organically, 10.8% at constant currency.

Geographically, Bureau Veritas report, ‘the Americas (27% of revenue, up 12.5% organically) delivered strong growth led by a double-digit increase in Latin America and solid growth in North America. Europe (35% of revenue, up 5.6% organically) achieved robust growth, primarily led by high activity levels in France and in Southern and Eastern parts of the continent. Business in Asia-Pacific (28% of revenue, up 9.2% organically) benefited from mid-single digit growth in China, and double-digit growth for Australia and India. Finally, activity was very strong in Africa and the Middle East (10% of revenue, up 23.9% organically), supported by Buildings & Infrastructure and energy projects in the Middle East.’

Within the overall performance, the Certification business, ‘was among the strongest performing businesses within the Group’s portfolio in full year 2024, with organic growth of 15.0%, (including organic revenue growth of 11.3% in the last quarter). This was led by increasing volumes and robust price escalations.

The Group’s portfolio diversification accelerated, driving broad-based growth, and covering various schemes and all geographic regions. This was a result of successful business development programs and deployment of new services, including sustainability and corporate social responsibility solutions.

QHSE & Specialized Schemes solutions (51% of divisional revenue) recorded double-digit growth in the year, helped by the recertification cycle occurring this year for several schemes across different industries. The Group also benefited from the ramp up of large public outsourcing contracts for food safety inspections in France and for food audits and training services in Spain.

Sustainability-related solutions & Digital (Cyber) certification activities (28% of divisional revenue). On the sustainability front, strong double-digit organic growth was achieved, as the Group responded to high demand for carbon footprint assessments and ESG related supply chain audits. Additionally, as customers develop their sustainability plans, they have increasing needs for verifications and assessments of their Greenhouse Gas emissions and of their supply chains.’

In 2024, ‘the Group launched its Smart Certification program to modernize its service delivery by automating audit planning, reporting, and back-office tasks. The SmartCert platform will eliminate time-consuming manual tasks, allowing the Group to scale its operations, optimize resource utilization, and generate reports more efficiently.’

Bureau Veritas’ expectations for 2025 are, ‘Mid-to-high single-digit organic revenue growth.’

The full Bureau Veritas press release can be viewed here.