Q3 2017 Results

25/10/17

Organic revenue growth of 2.2% in the third quarter of 2017

FY 2017 outlook confirmed


Revenue of €1.13 billion in the third quarter 2017, +3.8% vs. Q3 2016 at constant currency

·        Organic growth1 at +2.2%

o   4 out of 6 businesses posted organic growth, with Certification being 

     the best performer (+5.2%) alongside Building & Infrastructure 

     (+4.0%), Consumer Products (+3.7%) and Agri-Food & Commodities 

     (+3.1%), led by the Agri-Food and the Metals & Minerals businesses

o   Marine & Offshore and Industry remained in negative territory 

     organically (-1.8% and -0.7% respectively) still facing the down-cycle 

     in shipping and O&G markets

o   All 5 Growth Initiatives maintained strong momentum, +7.2% 

    organically year-on-year (vs. +7.1% in H1 2017). Key performers were SmartWorld (+17.3%), Automotive (+13.2%) and Agri-Food (+10.3%)

·        External growth of +1.6%

o   €100 million in annualized revenue with 4 strategic acquisitions completed YTD, supporting the Building & Infrastructure /Agri-Food /SmartWorld Growth Initiatives

·        Currency impact of -4.1%

o   Appreciation of the Euro against the USD and emerging countries’ currencies

Chief Executive Officer Didier Michaud-Daniel commented:

"We continue to progress with the Group transformation in order to execute our strategic plan. In the third quarter of 2017, our Growth Initiatives have maintained strong momentum and have driven the Group’s organic revenue growth to 2.2%, compared to the 1.3% recorded in the first half.

Our Agri-Food & Commodities business is accelerating, led by contract wins in Agri-Food as well as the recovery of the Metals and Minerals markets. Certification, Building & Infrastructure and Consumer Products businesses all remain solid.  As anticipated, our New Construction business in Marine & Offshore continues to feel the impact of the market downturn. In Industry, our successful end market diversification and our push on Opex related-services is almost compensating the persistent depressed conditions in the Oil & Gas Capex markets.

Our outlook for the full-year 2017 is confirmed. We anticipate a slightly positive organic growth with acceleration confirmed in the second half. For the full year, we also confirm an adjusted operating margin of around 16% as well as a higher cash flow compared to 2016.

Our Investor Days, on December 7 and 8, will be an opportunity to update the market further on the progress we’ve made in executing our strategic plan and on the latest development regarding our Digital transformation.”


Revenue as of September 30, 2017

(EUR millions)

2017

2016

Total growth

Organic

Scope

Currencies

Q3

1,132.7

1,136.4

(0.3)%

2.2%

1.6 %

(4.1)%

9 months

3,492.8

3,357.7

4.0%

1.6%

2.7%

(0.3)%

1 Organic growth is the increase in revenue versus last year, at constant currency and scope (i.e. acquisitions excluded)

Q3 / 9M 2017 Revenue by business

(EUR millions)

% of gp revenue

2017

20162

Growth

Total

Organic

Acquis.

FX

Marine & Offshore

8%

85.8

92.0

(6.7)%

(1.8)%

0.0%

(4.9)%

Agri-Food & Commodities

23%

265.7

257.4

3.2%

3.1%

3.4%

(3.3)%

Industry

24%

265.9

288.4

(7.8)%

(0.7)%

(2.6)%

(4.5)%

Building & Infrastructure

23%

266.8

250.1

6.7%

4.0%

5.5%

(2.8)%

Certification

7%

79.5

80.4

(1.2)%

5.2%

0.0%

 (6.4)%

Consumer Products

15%

169.0

168.0

0.6%

3.7%

1.7%

(4.8)%

Total Q3

100%

1,132.7

1,136.3

(0.3)%

2.2%

1.6%

(4.1)%

Marine & Offshore

8%

276.6

295.7

(6.5)%

(5.7)%

0.8%

(1.5)%

Agri-Food & Commodities

23%

806.6

742.8

8.6%

1.6%

6.9%

0.1%

Industry

24%

825.5

840.2

(1.7)%

(0.9)%

(0.8)%

0.0%

Building & Infrastructure

23%

814.3

754.0

8.0%

4.0%

4.7%

(0.7)%

Certification

8%

268.2

253.0

6.0%

5.8%

0.1%

0.1%

Consumer Products

14%

501.4

472.0

6.2%

4.7%

1.9%

(0.4)%

Total 9 months

100%

3,492.8

3,357.7

4.0%

1.6%

2.7%

(0.3)%

 

1) Organic growth is the increase in revenue versus last year, at constant currency and scope (i.e. acquisitions excluded)

2) Q3 2016 figures by business reflect the change of segment profit reporting announced on February 24, 2017

CONTACT US

Bureau Veritas

Phone: +33 1 55 24 70 00

Send an email
CONTACT US

Bureau Veritas

Phone: +33 1 55 24 70 00

Send an email
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