Bureau Veritas News.



Mar. 4 2024


  • Revenue of EUR 5,867.8 million for the full year 2023, up 8.5% organically and up 3.8% on a reported basis (including a positive 0.6% scope effect and a negative 5.3% currency fluctuations) 

  • In the fourth quarter, organic revenue growth achieved 9.4% 

  • Adjusted operating profit of EUR 930.2 million, up 3.1% versus EUR 902.1 million in 2022, representing an adjusted operating margin of 15.9%, down c.10 basis points on a reported basis, and up 20 basis points organically at 16.2% (of which +c.50bps in H2 2023) 

  • Operating profit of EUR 824.4 million, up 3.1% versus EUR 799.3 million in 2022 

  • Attributable net profit of EUR 503.7 million, up 7.9% versus EUR 466.7 million in 2022 

  • Adjusted net profit of EUR 574.7 million (adjusted EPS of EUR 1.27 per share), up 7.6% versus EUR 533.9 million in 2022 and up 17.6% at constant currency 

  • Free cash flow of EUR 659.1 million (11% of Group revenue), up 0.3% year-on-year and 5.5% at constant currency, led by disciplined capex policy and working capital management 

  • Adjusted net debt/EBITDA ratio2 reduced to 0.92x as of December 31, 2023, versus 0.97x last year 

  • Proposed dividend of EUR 0.83 per share3, up 7.8% year-on-year, payable in cash 


  • Appointment of a new CEO and strengthening of the Executive Committee to support future growth ambitions 

  • 2023 financial targets exceeded on all metrics 

  • Over 80% of the portfolio delivered at least mid-to-high single digit or double-digit organic revenue growth driven by good momentum in the sales pipeline

  • Strong growth in every region (Americas, Middle East, Europe, Africa and Asia-Pacific), substantially outperforming many underlying markets 

  • Strong momentum maintained for Sustainability and energy transition solutions across the entire portfolio 

  • Acquisition of two bolt-on companies further diversifying Consumer Products Services adding annualized revenue of c. EUR 28 million. This includes ANCE, a leading player in Mexico for Electrical and Electronics products (c. EUR 21 million of revenue), announced today 

  • Good progress towards the achievement of the 2025 CSR ambitions; commitment recognized by several non-financial rating agencies, including a first ranking in the 2023 S&P Global rating (DJSI); mid-term GHG emissions targets approved by the Science Based Targets initiative (SBTi) 


Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas expects to deliver for the full year 2024: 

  • Mid-to-high single-digit organic revenue growth; 
  • Improvement in adjusted operating margin at constant exchange rates; 
  • Strong cash flow, with a cash conversion above 90%. 

The Group expects H2 organic revenue growth above H1 (with stronger comparables in H1).

Hinda Gharbi, Chief Executive Officer, commented: 
“We delivered very strong results in 2023, reflecting our robust business fundamentals, our consistent execution and our customer centricity around the globe. We achieved organic growth of 8.5%, a healthy organic margin of 16.2%, and record earnings per share of EUR 1.27, up over 17% at constant exchange rates. 

I would like to warmly thank all our colleagues around the world for their dedication and hard work to deliver this outstanding performance. 

I also want to thank our shareholders for their continued support. As a result of our robust cash flow generation and financials, the Board is recommending a dividend increase of 8% compared to last year. 

I am convinced that we can take Bureau Veritas to higher levels of performance and achievement. Our portfolio of leading global business lines, strong execution track record and exposure to positive secular trends are key contributors to our current performance and a great foundation for future outperformance. 

Specifically, we expect powerful demand for services supporting transition to sustainable development models, evolving buildings integrity needs, growing infrastructure investment and increased spending in low-carbon energy development. Our current pipeline of opportunities in these business areas is a testament to this durable growth dynamic. I look forward to updating the market with our vision and new strategy at our Capital Markets Day on March 20th

For 2024, we expect Bureau Veritas to deliver another strong year of organic revenue growth, margin expansion4 and strong cash conversion.”

1 Alternative performance indicators are presented, defined and reconciled with IFRS in appendices 6 and 8 of this press release.
2 Ratio of adjusted net financial debt divided by consolidated EBITDA (earnings before interest, tax, depreciation, amortization and provisions), adjusted for any entities acquired over the last 12 months.
3 Proposed dividend, subject to Shareholders’ Meeting approval on June 20, 2024.
4 At constant currency.