IIOC member Bureau Veritas announces its Q3 2022 results, with headline revenue of 1457m EUR, an increase of 10% (constant currency), 17% (actual). Of the 10% growth, 8.7% was generated organically. This brings total organic growth in the first three quarters of 2022 to 7.3%.
The key elements within the results are:
Within this performance the Certification strategic area achieved 2.9% growth (constant currency), 9.5% actual, all organic. This meant revenue grew 4.9% in the first three quarters of 2022
On the Certification business, Bureau Veritas notes:
‘The growth was supported by both volume and robust price increases across most geographies. Latin America, Africa and Asia Pacific performed above the divisional average, fueled by a solid commercial development and overall strong traction for sustainability driven solutions. The countries where the business mix has been significantly diversified (shift from traditional schemes towards new services) grew the most. This is illustrated by Brazil, Australia, Vietnam and the UK (sustainability driven) and China (CSR), which all saw double-digit organic growth in the quarter.
Overall, business remained driven by the rising client demand for more brand protection, traceability, and social responsibility commitments all along the supply chain. Within the Group’s portfolio, double-digit growth was achieved in Corporate Responsibility & Sustainability, Enterprise Risks (led by Cybersecurity and IT Management Systems Solutions) and Training & Personnel services; and high single-digit growth was achieved in Food certification (fueled by Food Product Certification, Food Safety and Food Sustainability). Conversely, revenue slightly declined in QHSE and Transportation, after several recertification schemes in 2021 (three-year cycle for ISO 9001, 14001 and Transportation schemes as well as the transition of OSHAS 18001 scheme towards ISO 45001), which implied an increase of the man days.
During the third quarter, Bureau Veritas’ sustainability-related services for Certification grew organically by 15%, still driven by buoyant demand for verification of carbon emissions, supply chain audits on ESG topics, Assurance of Sustainability Reporting and Wood Management Systems Certification.
The benefits for portfolio diversification continued to drive growth with strong momentum on Sustainability services, alongside solutions dedicated to Anti-bribery, Asset Management, IT Service Management Information Security, and Business Continuity. In the quarter, the Cybersecurity offering delivered a 31.6% organic revenue growth, led by a rising demand for more transparency and control on IT and security systems. The Group has won an international contract for Anti-bribery audits (ISO 37001) to be delivered in 12 European countries for a Japanese electronics company.
In addition, the commercial deployment of Clarity, launched in December 2021, continued. With this solution, the Group supports companies in managing their ESG strategy roadmap, measuring their performance and tracking their implementation. The commercial pipeline is healthy, with recent wins in different sectors, including Food & Beverage, Industry, Retail and Hospitality.’
The overall prospect for the full year results of ‘mid-single digit organic revenue growth’.