Bureau Veritas posts 2013 first half results
The Bureau Veritas Board of Directors, met yesterday and closed the accounts for the first half of 2013, said in the company's press release.
Revenue of EUR 1,958 million
Growth of 7.5% on a constant currency basis
Organic growth of 4.7%
Adjusted operating profit of EUR 313 million, up 6 %
Adjusted operating margin of 16%, up 10 basis poin ts
Operating cash flow of EUR 222 million, up 55%
Adjusted earnings per share of EUR 0.44, up 2.3%
Didier Michaud-Daniel, CEO of Bureau Veritas stated : "During the first half of 2013, revenue growth at B ureau Veritas stood at 7.5% on a constant currency basis. First half organic growth of 4.7% was in line with the first quarter level. Growth remained driven by the Industry, Consumer Products and Government Services businesses and was more modest in businesses exposed to Europe, especially In-Service Inspection & Verification and Certification. The Construction business returned to growth on the back of increase d exposure to Asia, whereas the Marine business remained in decline; however new orders more than d oubled. Revenue in the Commodities business increased slightly, with the decline in mining expl oration related activities having been made up for by better than expected growth in oil products. The Group now derives 55% of revenue from fast-grow ing geographies. Momentum remains intact since our activities are more associated with the strengt hening of regulations and investments in energy infrastructure than with growth in domestic product alone. Lean management initiatives and portfolio optimizat ion helped improve adjusted operating margin by 10 basis points and operating cash flow by 55%. In 2013, Bureau Veritas should deliver solid growth in revenue and adjusted operating profit, despite an ongoing challenging economic environment in Europe and a decline in mining exploration. Organic growth in the second half of 2013 should be in line with t he first half level. The priority is to continue im proving profitability."