2017 First-Half Results

Currency impact of +1.6%

Adjusted operating profit of €359.4 million, +2.5% year-on-year, delivering a 15.2% margin


Adjusted net profit of €187.6 million, broadly stable vs. H1 2016 at constant currency


Operating cash flow of €149.9 million, improvement in underlying FCF adjusted for one-off items

Chief Executive Officer Didier Michaud-Daniel commented:

“We are on track with our strategic journey to transform the Group. Since the beginning of the year we have further progressed on our Growth Initiatives, with an accelerated organic growth and four targeted acquisitions. Our commercial efforts, notably towards key accounts, are materializing in significant wins. Finally, in many of our activities, the Group’s digital transformation is now clearly visible for our people and customers. As a result, our organic revenue growth in the first-half is confirmed”

All our businesses are on improving trends, apart from Marine & Offshore, which is currently facing a market downturn. Consumer Products is accelerating, Certification remains robust and Agri-Food & Commodities is gradually improving. Industry, our largest business, is now close to stability as adverse conditions in the Oil & Gas markets are compensated by end market diversification. This encouraging momentum should continue to strengthen our performance.

The Group’s 2017 outlook is reaffirmed: we still anticipate a slightly positive organic revenue growth for the full- year with acceleration in the second-half confirmed. We also confirm our full-year objective of an adjusted operating margin of circa 16% as well as higher cash flow compared to 2016.

Bureau Veritas’ expansion strategy in targeted sectors and countries is paying off and is making the Group more resilient.”

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