Press release

Solid h1 2022 operating and financial performance; 2022 full year outlook confirmed

Jul. 28 2022

H1 2022 key figures1

  • Revenue of EUR 2,693.4 million in the first half of 2022, up 6.5% organically (of which 5.2% in the second quarter) and up 11.4% on a reported basis
  • Adjusted operating profit of EUR 410.9 million, up 8.7% versus EUR 378.2 million in H1 2021, representing an adjusted operating margin of 15.3%, despite the lockdowns which occurred across China in the second quarter
  • Operating profit of EUR 375.2 million, up 8.4% versus EUR 346.1 million in H1 2021
  • Attributable net profit of EUR 225.2 million, up 14.4% versus EUR 196.9 million in H1 2021
  • Adjusted net profit of EUR 248.6 million (EUR 0.55 per share) up 15.8% versus EUR 214.7 million in H1 2021
  • Free cash flow of EUR 129.9 million, with continued disciplined capex policy (1.9% of Group revenue), hampered by working capital requirement increase (9.8% of Group revenue) mostly attributed to the delays in invoice settlement triggered by the Chinese lockdowns
  • Adjusted net debt/EBITDA ratio reduced to 1.10x as of June 30, 2022 versus 1.30x last year


  • Growth driven by the whole portfolio and most geographies
  • Underlying momentum on Sustainability and ESG related solutions remained strong
  • 58% of Group sales related to Sustainability through the BV Green Line of services & solutions
  • Diversified portfolio drives delivery of 5.2% organic revenue growth in the second quarter despite the lockdown measures which negatively impacted the activity in China
  • Limited impact from Russia/Ukraine war
  • Acquisitions of two new bolt-on companies in strategic areas (Consumer and Sustainability assurance) for total annualized revenue of circa EUR 34 million (and EUR 58 million including PreScience announced in January): Advanced Testing Laboratory (US) and AMSfashion (Spain)

2022 outlook confirmed

Based on a solid sales pipeline around the Group’s diversified portfolio and the significant growth opportunities related to its sustainability range of services and solutions, and assuming there are no new Covid-19 lockdowns in its main countries of operation, Bureau Veritas still expects for the full year 2022 to:

  • Achieve mid-single-digit organic revenue growth;
  • Improve the adjusted operating margin;
  • Generate sustained strong cash flow, with a cash conversion above 90%.

Didier Michaud-Daniel, Chief Executive Officer, commented:

“The Group’s half year results demonstrate the strength of our diversified business portfolio and geographical footprint. We delivered a very sound 6.5% organic revenue growth in the semester, despite the consequences of the Ukraine war and the lockdowns in many cities in China in Q2. We continue to seize numerous growth opportunities, notably regarding Sustainability related solutions, illustrated by a solid level of our sales pipeline at the end of June 2022. We remain uniquely positioned to support our clients in their commitment towards resilient and sustainable business models. This underlines the relevance of our ambition to be a Business to Business to Society company aiming at leading the industry in terms of ESG by 2025. Looking ahead, despite the uncertain environment we are facing, we confirm our 2022 outlook.”

 1 Alternative performance indicators are presented, defined and reconciled with IFRS in appendices 6 and 8 of this press release.