2017 Annual Results

02/05/18


Solid 2017 Full-year results, with 2.2% organic revenue growth


2017 Key Figures

• 2017 Full-year results in line with guidance

• Revenue of EUR 4,689 million in 2017, up 3.1% year-on-year, with organic growth of +2.2%

• H2 acceleration confirmed with 3.0% organic growth

• Adjusted operating profit of EUR 746 million in 2017, up 1.4%; adjusted operating margin of 15.9%; 16.1% organically

• Adjusted net profit of EUR 416 million (EUR0.95/share), up 1.7%

• Free Cash Flow of EUR 350 million, up 3.2% organically vs. 2016

• Proposed dividend of 56 cents per share [1] , up 9.8% over 2 years


2018 Outlook

• Full-year 2018 organic revenue growth to accelerate vs. full-year 2017

• Full-year 2018 adjusted operating margin to slightly improve at constant currency vs. full year 2017

• Full-year cash flow generation to improve at constant currency vs. full-year 2017


2020 Ambition Reaffirmed

• Strategy execution well underway

• Growth Initiatives generated 6.9% organic growth in 2017

• c.50% of 2020 external growth ambition achieved, including 9 acquisitions in 2017 and  2 YTD

• Digital transformation accelerating across the Group


Didier Michaud-Daniel, Chief Executive Officer, commented:

“In 2017, as presented during our Investor Days, we have made significant progress in the execution of our Strategic Plan, with a focus on Group diversification well underway. Over the past year, we continued to deploy our ambitious transformation plan.We streamlined the Group’s organization enabling a quicker decision-making process. We have reinforced our focus to place our clients’ challenges at the heart of our marketing and sales approach. In addition, we are making good progress with the Group digital transformation.

Bureau Veritas' expansion strategy in targeted sectors and countries is delivering results and is making the Group more resilient. Our 5 Growth Initiatives, now representing a third of Group revenue, generated 6.9% organic growth in 2017. We have pursued our external growth through nine targeted acquisitions, all supporting our Growth Initiatives and adding around EUR 150 million of annualized revenue.

The accelerated growth in 2017, which we expect to continue in 2018, reinforces the management’s confidence in achieving the 2020 ambition”.

Read the full press release here.


[1] Proposed dividend, subject to Shareholders’ Meeting approval on May 15, 2018.

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