BVVBY - Bureau Veritas SA (BVRDF) Q2 2024 Earnings Call Transcript
2024-07-25 19:12:06 ET
Bureau Veritas SA (BVRDF)
Q2 2024 Results Conference Call
July 25, 2024 12:00 PM ET
Company Participants
Hinda Gharb - CEO
Francois Chabas - CFO & Executive VP
Conference Call Participants
Annelies Vermeulen - Morgan Stanley
Sylvia Barker - JPMorgan
Suhasini Varanasi - Goldman Sachs
Rory McKenzie - UBS
Arnaud Palliez - CIC Market Solutions
James Rose - Barclays
Carl Raynsford - Berenberg
Arthur Truslove - Citi
Presentation
Operator
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 and for the duration of the call your lines will on listen-only mode. However, you will have an opportunity to ask question at the end of the call. [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.
Hinda Gharbi
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 commitment 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 showed the excellent execution pedigree of our company. I take this opportunity to warmly thank our colleagues around the world for all their contributions.
Starting with the financial highlights for this record first half. Revenue reached EUR3 billion with an organic growth of 9.2% and was 9.3% at constant currency. This performance demonstrates the excellent execution of our business plan. In the second quarter, we delivered double-digit organic growth of 10.4%. Growth was driven by high volumes and pricing. On a reported basis, growth was at 4%. Adjusted operating profit increased by 4.1% year-on-year to EUR451.9 million, generating a margin of 15%, up 33 basis points at constant currency. Our adjusted net EPS is up 4.5% to EUR0.64 and is up 6% at constant currency.
Free cash flow totaled EUR189.9 million, up 44% year-on-year, reflecting our disciplined capital allocation and demonstrating our rigorous working capital management. Strong performance in half one, coupled with a healthy backlog allow us to revise upwards our revenue growth outlook for this year.
In terms of mix, all business lines and regions delivered a strong performance with high growth from sustainability services and energy transition projects. Specifically, Marine & Offshore, Industry & Certification continued their strong growth momentum, up high double-digits organically, in line with previous quarters. The Consumer Products business continued its recovery with an organic growth of 7.3% in half one, driven mainly by an increase in new product launches....
Bureau Veritas SA (BVRDF) Q2 2024 Earnings Call Transcript