Bureau Veritas 2014 H1 Revenue reached EUR 1,967.4 million, increasing by 7% on a constant currency basis, and the Adjusted operating profit reached EUR 310 million, increasing by 8% on a constant currency basis.
Didier Michaud-Daniel, Chief Executive Officer, stated:
"The Group expects organic growth improvement in H2 2014 from a more favorable comparison base, the start of new contracts, a catch-up of delayed contracts and despite continuous softness in Europe and pending Metals & Minerals recovery. 2014 revenue growth on a constant currency basis should be above 9% with a strong contribution from acquisitions. To date, we have completed 7 acquisitions representing close to EUR 290 million in annual revenues. Profitability should continue to improve on a constant currency basis.
The Group confirms the objective to achieve revenue growth above 9% per year on average over the 2012-2015 period, at constant exchange rates, but with a different mix than the one initially contemplated:
- Due to weakness in Metals & Minerals and European markets, the average organic growth should be lower than +6%.
- Based on the current pipeline and acquisitions already carried out, the average external growth should be higher than +4%.
The Group could achieve its objective of a 100 basis points margin improvement in 2015 compared with 2011, but has decided recently to invest part of the profitability gains, generated notably through Excellence@BV, in commercial initiatives to accelerate its future organic growth. As a consequence, the 2015 adjusted operating margin will be around 17%.
In this context, the average growth of adjusted EPS for the period 2012-2015 should be in the +5-7% range per year, due notably to tax rates increase and currency headwinds."
2014 H1 Revenue by business
2014 H1 Adjusted operating profit by business
Bureau Veritas share evolution since the Group's listing on the Stock Exchange (October 24, 2007 - August 25, 2014)
As of August 25, 2014, Bureau Veritas share price is up by more than 100% compared to its introduction price in October 2007.
