(News Bulletin 247) – Revenue reached 1,404.5 million euros in the first quarter of 2023, up 8.9% compared to the first quarter of 2022. Organic growth amounted to 8.5 %, ‘thanks to a sustained momentum in all activities on the issues of sustainability and energy transition’ specifies the group.
Half of the business portfolio (Food & Commodities, Building & Infrastructure) posted average organic growth of 8.4%.
By geographic region, activities in the Americas posted an organic increase of 13.9%, driven by growth of 7.8% in the United States (thanks to the Buildings & Infrastructures activity) and 26.5% in Latin America (driven by Brazil and Chile in particular).
Business in Europe (35% of revenue) was up 6.7% on an organic basis. It was mainly driven by the robust performance of Southern Europe and the Netherlands.
In the Asia-Pacific region (28% of revenue) the increase was 4.3% on an organic basis. Strong growth was recorded in Australia as well as in Southeast Asian countries, while China returned to growth during the quarter.
Bureau Veritas expects 2023 to achieve mid-single-digit organic revenue growth, stable adjusted operating margin and strong cash flow, with a cash conversion rate above 90%.
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