Bureau Veritas publishes Q3 2024 results

IIOA Member Bureau Veritas has posted its Q3 2024 results, with revenue at 1,547.9 million EUR, up 8.8% year-on-year and up 13.0% organically. Q3 was negatively impacted by 4.7% due to currency change. This equates to a 10.5% organic growth for the first nine months of 2024.

This strong organic growth was seen across all businesses compared to the third quarter of 2023: with Industry at +23.8%, Certification at +17.7%, Marine & Offshore at +13.2%, Buildings & Infrastructure at +9.3%, Agri-Food & Commodities at +8.5% and Consumer Products Services at +7.5%.

Geographically, Bureau Veritas state that they, ‘delivered consistent growth in every region. By geography, the Americas (28% of revenue, up 18.3% organically) delivered strong growth led by a double-digit increase in both Latin America and in the US. Europe (33% of revenue, up 7.5% organically) recorded robust growth, primarily led by high activity levels in France and in Southern and Eastern European countries. Business in Asia-Pacific (29% of revenue, up 10.4% organically) benefited from robust growth in China, and double-digit growth for Australia and India. Finally, activity was also very strong in Africa and the Middle East (10% of revenue, up 23.4% organically), supported by Buildings & Infrastructure and energy projects in the Middle East.

Within the results , Certification grew by 16.3% year-on-year, +17.7% organically, but with a negative 3.6% impact from currency change, from revenue of 124.1m EUR.

Bureau Veritas state, ‘Certification was among the strongest performing businesses within the Group’s portfolio in the third quarter of 2024 with an organic growth of 17.7%, a similar growth trend to the last two quarters (9-month organic revenue growth of 16.5%). This was led by strong volume increases, and robust price escalations across most geographies. This performance reflects the high market growth rate where comprehensive brand protection and sustainability commitments fuel strong customer demand.

QHSE & Specialized Schemes solutions – (55% of the divisional revenue) posted double-digit growth in the third quarter of the year, as it benefits from the reoccurrence of recertifications for several schemes across different industries, such as the automotive sector IATF. This activity is also supported by the development of innovative solutions in response to customers’ demand for customized and voluntary schemes. Additionally, we continued to develop public outsourcing services to address government and local authorities’ needs. In line with the recent outsourced government contracts secured in France, the Group was awarded a food second party audit and training services in Madrid nursing homes in Spain.

Sustainability-related solutions & Digital (Cyber) certification activities – (24% of divisional revenue) also recorded strong double-digit organic growth. This is mainly fueled by high demand for verification of carbon and greenhouse gas emissions, services around forestry-related topics and ESG related supply chain audits ahead of upcoming tightening regulations. In addition, cybersecurity certification and assurance services are still benefiting from excellent market traction resulting in double-digit growth in the third quarter.

Other solutions, including Training (21% of the divisional revenue) delivered broadly stable revenue growth in the third quarter of 2024.’

Commenting on the results for Q3 and the total nine month performance so far for 2024, Bureau Veritas state, ‘Based on the 9-month performance, leveraging a healthy and growing sales pipeline and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024 9 to 10% organic revenue growth (from “high single-digit” previously)’. This is the second upgrading of revenue on 2024.

Full Q3 2024 Bureau Veritas press release available here.