BVVBY - Bureau Veritas SA (BVRDF) Q1 2024 Sales/Trading Statement Call Transcript
2024-04-25 21:35:24 ET
Bureau Veritas SA (BVRDF)
Q1 2024 Sales/Trading Statement Conference Call
April 25, 2024 12:00 PM ET
Company Participants
Hinda Gharbi - Chief Executive Officer
François Chabas - Chief Financial Officer
Conference Call Participants
Annelies Vermeulen - Morgan Stanley
Suhasini Varanasi - Goldman Sachs
Sylvia Barker - JPMorgan
Carl Raynsford - Berenberg
James Rose - Barclays
Karl Green - RBC
Arthur Truslove - Citi
Presentation
Operator
Good day and welcome to the Bureau Veritas Q1 2024 Revenue Conference Call. Please note this conference is being recorded. And for the duration of the call, your lines will be on listen-only. [Operator Instructions]
At this time, I would like to hand the call over to Hinda Gharbi, Chief Executive Officer; and François Chabas, Chief Financial Officer. Hinda, please go ahead.
Hinda Gharbi
Thank you. Good morning, good afternoon and good evening to everyone. Thank you for joining Bureau Veritas today on the webcast and on the call. François Chabas, our Group CFO is here with me to present our Q1 2024 revenue and answer your questions.
In the first quarter of the year, Bureau Veritas maintained a strong growth trajectory in line with our expectations for the year and our commitments following the unveiling of our LEAP | 28 strategy.
First, starting with our revenue performance in Q1. Revenue for the quarter was €1.44 billion, up 2.5% year-on-year. The organic increase was 8% exceeding our expectations and confirming the strong underlying market trends. The growth was broad-based across divisions with three out of six businesses delivering more than 13% organic growth.
The scope effect was a positive 0.1%, reflecting the contribution from recent bolt-on acquisitions offset by the impact of a small disposal last year. ForEx had a negative impact of 5.6% in Q1, primarily due to the depreciation of some emerging market currencies against the euro. Excluding ForEx, our growth was up 8.1%....
Bureau Veritas SA (BVRDF) Q1 2024 Sales/Trading Statement Call Transcript