Half Year 2024 Bureau Veritas SA Earnings Call Transcript
Key Points
- Bureau Veritas SA (BVRDF) reported a strong financial performance in the first half of 2024, with revenue reaching EUR3 billion and an organic growth of 9.2%.
- The company achieved a double-digit organic growth of 10.4% in the second quarter, driven by high volumes and pricing.
- Adjusted operating profit increased by 4.1% year-on-year to EUR451.9 million, with a margin of 15%, up 33 basis points at constant currency.
- Free cash flow totaled EUR189.9 million, up 44% year-on-year, reflecting disciplined capital allocation and rigorous working capital management.
- Bureau Veritas SA (BVRDF) upgraded its full-year revenue growth outlook to high single digits, reflecting strong performance and confidence in business execution.
- The company's reported growth was only 4% due to a 5.3% negative impact from foreign exchange, mainly attributed to the strength of the euro against several emerging market currencies.
- Agri-food and commodities division experienced a margin decline of 90 basis points organically, reflecting a negative mix from the metals and minerals segment.
- Building and Infrastructure (B&I) margin eroded by 53 basis points organically, with strong recovery in US operations not fully compensating for soft performance in China.
- The consumer technology segment contracted in the first half, affected by low demand for electronics, wireless products, and electrical vehicle equipment.
- Despite strong organic growth, the company's adjusted operating margin guidance remains unchanged due to necessary investments in performance programs.
Hello, welcome to the Bureau Veritas H1 2024 results presentation. My name is Caroline, and I will be your coordinator for today's event. Please note this call is being recorded. (Operator Instructions)
Today's call, we have Hinda Gharb, the CEO; and Francois Chabas, CFO and Executive VP. I will now hand over to your host to begin today's conference. Thank you.
Thank you, Caroline. Good afternoon and good evening to everyone. Thank you for joining Bureau Veritas today on the webcast and on the call. Francois Chabas, our Group CFO, is here with me to present our first half 2024 results and answer your questions.
In the first half of the year, Bureau Veritas continued to deliver on its commitments with a strong performance for top line margins, earnings per share and cash. This is fully in line with our LEAP 28 strategy goals and shows the excellent execution pedigree of our company. I take this opportunity to warmly thank our colleagues around the
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