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Bureau Veritas release solid 2017 full-year results

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LNG Industry,

2017 Key Figures:

  • 2017 Full-year results in line with guidance.
  • Revenue of €4689 million in 2017, up 3.1% year-on-year, with organic growth of +2.2%.
  • H2 acceleration confirmed with 3.0% organic growth.
  • Adjusted operating profit of €746 million in 2017, up 1.4%; adjusted operating margin of 15.9%; 16.1% organically.
  • Adjusted net profit of €416 million (€0.95/share), up 1.7%.
  • Free Cash Flow of €350 million, up 3.2% organically vs. 2016.
  • Proposed dividend of 56 cents per share, up 9.8% over 2 years.

2018 Outlook:

  • Full-year 2018 organic revenue growth to accelerate vs. full-year 2017.
  • Full-year 2018 adjusted operating margin to slightly improve at constant currency vs. full year 2017.
  • Full-year cash flow generation to improve at constant currency vs. full-year 2017.

2020 Ambition Reaffirmed:

  • Strategy execution well underway.
  • Growth Initiatives generated 6.9% organic growth in 2017.
  • c.50% of 2020 external growth ambition achieved, including 9 acquisitions in 2017 and 2 YTD.
  • Digital transformation accelerating across the Group.

Didier Michaud-Daniel, Chief Executive Officer, commented:
“In 2017, as presented during our Investor Days, we have made significant progress in the execution of our Strategic Plan, with a focus on Group diversification well underway. Over the past year, we continued to deploy our ambitious transformation plan.We streamlined the Group’s organisation enabling a quicker decision-making process. We have reinforced our focus to place our clients’ challenges at the heart of our marketing and sales approach. In addition, we are making good progress with the Group digital transformation.

Bureau Veritas' expansion strategy in targeted sectors and countries is delivering results and is making the Group more resilient. Our 5 Growth Initiatives, now representing a third of Group revenue, generated 6.9% organic growth in 2017. We have pursued our external growth through nine targeted acquisitions, all supporting our Growth Initiatives and adding around EUR 150 million of annualised revenue.

The accelerated growth in 2017, which we expect to continue in 2018, reinforces the management’s confidence in achieving the 2020 ambition”.

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