IIOA member Bureau Veritas posts Q1 2022 results

April 21, 2022

Bureau Veritas report strong growth for Q1 2022 with revenue up 11.7% year-on-year, including 8% organic increase to 1,290.1m EUR.

The highlights of this include:

‘Growth driven by the whole portfolio across all geographies (Americas, Middle East, Europe, Africa and Asia Pacific)
Sustained strong momentum for Sustainability and ESG-related solutions across all businesses
58% of group sales related to Sustainability through the BV Green Line of services and solutions
Limited impact from Russia / Ukraine conflict (c.1% of group revenue all together in FY 2021)’.

Within the overall results, Certification revenue grew 5.9% (4% organic), reported as ‘strong growth’ given the ‘challenging comparables following the catch-up in Q1 2021 of postponed audits in 2020 during the lockdown period and against a year of recertification for several schemes related to QHSE and Transportation.’

In terms if geography, ‘Most geographies delivered organic growth. The Americas, Africa and the Middle East performed above the divisional average, fuelled notably by stellar growth in Latin America (and Brazil in particular). Europe and Asia grew below the average led by the UK and by Thailand and India respectively.

In the meantime, Certification activities declined in the countries which faced tough comparables against last year (primarily Germany, Canada, Japan) as they are more exposed to sectors that benefited from the effect related to a year of recertification in 2021 (which implied an increase of the man days).’

In terms of product areas, ‘strong growth was achieved in Corporate Responsibility & Sustainability, Organic Food products certification as well as for Training & Personnel services; conversely, the activity slightly declined for QHSE and Transportation due to tough comparables against the prior year (linked to the year of recertification).’

The outlook for the remainder of 2022 is for mid-single digit organic revenue growth; this assume that there are no severe Covid-19 lockdowns in the main countries of Bureau Veritas’ operation.

Further information available in the Bureau Veritas press release.