NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):
2024 key figures1
› Revenue of EUR 6,240.9 million in the full year 2024, up 6.4% year-on-year and up 10.2% organically (including 9.6% in the fourth quarter),
› Adjusted operating profit of EUR 996.2 million, up 7.1% versus EUR 930.2 million in 2023, representing an adjusted operating margin of 16.0%, up 11 basis points year-on-year and up 38 basis points at constant currency,
› Operating profit of EUR 933.4 million, up 13.2% versus EUR 824.4 million in 2023,
› Adjusted net profit of EUR 620.7 million, up 8.0% versus EUR 574.7 million in 2023,
› Attributable net profit of EUR 569.4 million, up 13.0% versus EUR 503.7 million in 2023,
› Adjusted Earnings Per Share (EPS) of EUR 1.38, up 8.7% versus EUR 1.27 in 2023,
› Record Free Cash Flow of EUR 843.3 million, up 27.9% year-on-year and cash conversion of 114%2,
› Adjusted net debt/EBITDA ratio of 1.06x as of December 31, 2024, versus 0.92x last year,
› Proposed dividend of EUR 0.90 per share3, up 8.4% year-on-year, payable in cash.
2024 highlights
› 2024 financial targets of organic growth, margin and cash flow exceeded,
› Tangible achievements and successes delivered in the first year of the new LEAP | 28 strategy,
› Strong growth recorded in the Americas, the Middle East, Africa, Asia-Pacific and Europe,
› Sustained growth momentum in sustainability services across the full portfolio,
› In line with the LEAP I 28 focused portfolio strategy and through active portfolio management, in 2024 the company completed: i) the acquisition of 10 bolt-on companies for a total annualized revenue of c. EUR 180 million; ii) the divestment of its Food testing business and of a technical supervision business on construction projects in China (c. EUR 165 million in annualized combined revenue),
› Double-digit shareholder returns based on EPS growth of c. 9%, a dividend yield of c. 3% and enhanced by a EUR 200 million share buyback program announced in March 2024,
› First A3 long-term credit rating by Moody’s,
› EUR 1 billion bond issuances to refinance four US Private Placements in advance with a nominal amount of USD 755 million as well as the bond debt of EUR 500 million maturing in January 2025,
› Good progress towards achieving the 2028 CSR ambitions with multiple recognitions by several non-financial rating agencies,
› Inclusion of Bureau Veritas in the CAC 40 Paris stock index in December 2024.
2025 outlook
Building on a strong 2024 momentum, a robust opportunities pipeline, a solid backlog, and strong underlying market growth, and in line with the LEAP | 28 financial ambitions, Bureau Veritas expects to deliver for the full year 2025:
› Mid-to-high single-digit organic revenue growth,
› Improvement in adjusted operating margin at constant exchange rates,
› Strong cash flow, with a cash conversion2 above 90%.
Hinda Gharbi, Chief Executive Officer, commented:
“2024 was an excellent year with the launch of our LEAP | 28 strategy in Q1-2024 and the delivery of record results on most fronts. I take this opportunity to thank all our colleagues around the world for their contributions and for their commitment.
This transformative strategic plan is built around three pillars: a focused portfolio, a performance-led execution, and an evolved people model. In its first year, we delivered tangible results in line with our commitment to make a step change in growth and returns. We recorded an organic growth of 10.2%, solid margin improvements of 38 basis points and adjusted EPS growth of 17.0% at constant currency. We also successfully completed our EUR 200 million share buyback initiative. Additionally, we significantly accelerated our M&A program with ten acquisitions and two important divestments.
Looking ahead, our focus remains on executing our growth and margin accretion plans and further accelerating our M&A program. Building on this strong momentum, we start 2025 with confidence that Bureau Veritas is well positioned for continued progress and for superior value creation.”
2024 KEY FIGURES
On February 24, 2025, the Board of Directors of Bureau Veritas approved the financial statements for the full year 2024. The main consolidated financial items are:
|
IN EUR MILLION |
2024 |
2023 |
CHANGE |
CONSTANT CURRENCY |
|
Revenue |
6,240.9 |
5,867.8 |
+6.4% |
+10.8% |
|
Adjusted operating profit(a) |
996.2 |
930.2 |
+7.1% |
+13.4% |
|
Adjusted operating margin(a) |
16.0% |
15.9% |
+11bps |
+38bps |
|
Operating profit |
933.4 |
824.4 |
+13.2% |
+20.1% |
|
Adjusted net profit(a) |
620.7 |
574.7 |
+8.0% |
+16.2% |
|
Attributable net profit |
569.4 |
503.7 |
+13.0% |
+22.2% |
|
Adjusted EPS(a) |
1.38 |
1.27 |
+8.7% |
+17.0% |
|
EPS |
1.27 |
1.11 |
+13.8% |
+23.0% |
|
Operating cash-flow |
1,004.8 |
819.7 |
+22.6% |
+27.0% |
|
Free cash-flow(a) |
843.3 |
659.1 |
+27.9% |
+32.4% |
|
Adjusted net financial debt(a) |
1,226.3 |
936.2 |
+31.0% |
|
|
(a) Alternative performance indicators are presented, defined and reconciled with IFRS in appendices 6 and 8 of this press release |
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