Bureau Veritas posts 2022 full year results

February 23, 2023

IIOA member Bureau Veritas posts its 2022 full year results, with headline revenue of 5650m EUR up 13.4%, 8.7% at constant currency. This was an organic growth rate of 7.8%.

Commenting on the results, Bureau Veritas state, ‘Diversified portfolio drives delivery of 7.8% organic revenue growth in the year across all geographies, despite the Covid-19 related disruption in China and the consequences of the war in Ukraine. Maintained momentum for Sustainability and ESG-related solutions across the entire portfolio, representing 55% of Group sales through the BV Green Line of services and solutions’.

Geographically, it is reported that, ‘activities in the Americas strongly outperformed the rest of the Group (27% of revenue; up 17.4% organically), led by a 11.8% increase in North America (B&I driven) and by a 27.8% increase in Latin America (Brazil driven). Europe (34% of revenue; up 4.8% organically) was primarily led by strong activity levels in Southern Europe and in the Netherlands. The activity in Asia Pacific (30% of revenue; up 2.2% organically) benefited from robust growth in Australia as well as strong growth in South-East Asian countries (notably Vietnam and India) while was impacted by the several lockdowns which occurred in China. Finally, in Africa and Middle East (9% of revenue), business increased by 14.5% on an organic basis, essentially driven by B&I and energy projects in the Middle East.’

By business activity, ‘Four businesses delivered high single-digit to low double-digit organic revenue growth, with Industry up 11.4%, Marine & Offshore 9.4%, Agri-Food & Commodities 9.3% and Buildings & Infrastructure 7.6%. The remainder of the portfolio saw low to mid organic revenue growth with Certification, up 5.5% and Consumer Products, up 1.0%.’

Within the results, for certification it is noted that the, ‘Certification business continued to be led by the increased client demand for more brand protection, traceability, and social responsibility commitments all along the supply chain. Within the Group’s portfolio, double-digit growth was recorded in Corporate Responsibility & Sustainability, Enterprise Risks (led by Cybersecurity) and Training & Personnel services; and high single-digit growth was achieved in Food certification (fueled by Organic Food Products and Food Safety) across most geographies.’

For the 2023 outlook, Bureau Veritas states that, ‘Based on a healthy sales pipeline and the significant growth opportunities related to Sustainability, and taking into account the current macro uncertainties, Bureau Veritas expects for the full year 2023 to deliver mid-single-digit organic revenue growth’

The full press release from Bureau Veritas is available here.