Bureau Veritas reports strong first half 2024 results

IIOA member Bureau Veritas publishes its 2024 half year results.

Revenue increased 4% on H1 2023, up 9.2% organically to 3,021.7m EUR. Of this, organic revenue increased 9.2% in Q2. At constant currency, revenue grew 9.3%.

Bureau Veritas note in particular,

• ‘Strong growth recorded in most regions (Americas, Middle East, Africa and Asia-Pacific)
• Growth momentum maintained for sustainability services across the entire portfolio’.

In response to these results, Bureau Veritas has upgraded the Outlook for the remainder of 2024:

‘Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024 High single-digit organic revenue growth (from mid-to-high single-digit previously).

The Group expects H2 organic revenue growth to be broadly in line with H1.’

Within the results, Certification delivered a, ‘another stellar performance in the second quarter of 2024, the Certification business posted a strong double-digit organic growth in the first half of the year at 16.0%, with a strong performance across all geographies. This was led by increasing volumes and robust price escalations.

QHSE & Specialized Schemes solutions (50% of the divisional revenue) posted double-digit growth in the first half of the year, with strong traction from the recertification year occurring for several schemes across different industries. The certification market benefits from a dynamic of innovation in response to consumers’ needs for customized and voluntary schemes.

Sustainability-related solutions & Digital (Cyber) certification activities (31% of divisional revenue) also recorded very strong double-digit organic growth, with excellent ongoing momentum around carbon services. With double-digit growth in the second quarter of the year, the suite of services and solutions delivered by Bureau Veritas on forestry-related topics is developing strongly. This performance is driven by market share gains, primarily in the US and in China, as well as a favorable regulatory environment. For example, the soon-to-be implemented EUDR regulation is creating new business opportunities at the European level. Finally, cybersecurity certification and assurance services are still benefiting from excellent market traction driving double-digit growth in the first half of the year.

Other solutions, including Training (19% of the divisional revenue) recorded broadly stable revenue growth in the first half of 2024.’

The 2024 Bureau Veritas Half Year report can be viewed here.