Reporting adjusted earnings per share (EPS) of 1.38 euros for 2024, Bureau Veritas SA (EPA:BVI) said that this marks an 8.7% rise from 1.27 euros in the previous year.



Reflecting an 11-basis-point improvement, the company's adjusted operating margin was 16%.

With organic development of 10.2%, including a 9.6% rise in the fourth quarter, full-year revenue hit 6,24 billion euros, up 6.4% from 2023. The 10.2% rise was generally in line with forecasts of 10% held by consensus.

Following the revelation, the company's shares dropped more than 4% in European trading Tuesday.

Maintaining a 16% adjusted operating margin, adjusted operating profit climbed 7.1% to 996.2 million euros in 2024 from 930.2 million euros a year earlier. Consensus forecast matches this.

"2024 was an outstanding year with the launch of our LEAP | 28 strategy in Q1-2024 and the delivery of record results on most fronts," stated Hinda Gharbi, CEO of Bureau Veritas.

"Our first priorities going forward are still carrying out our margin accretion and expansion strategies and quickening our M&A activity. Building on this great momentum, we enter 2025 knowing Bureau Veritas is positioned for ongoing development and for exceptional value generation.

At the June 19 AGM, the company's Board of Directors intends to recommend a 0.90 euros per share dividend, therefore representing an 8.4% increase and a distribution ratio of 65% of adjusted net income. Should this be accepted, the dividend will be paid in cash on July 3.

Given some investor expectations, the testing, inspection and certification company declared no share buyback or increased cash return, which could be the cause of a negative share price reaction.

Bureau Veritas projects "mid-to--high single-digit," organic revenue growth, a better adjusted operating margin at constant currency rates, and "strong cash flow, with a cash conversion above 90%."


"Overall, a solid print with continuous good growth and margin momentum," Morgan Stanley analysts said in a post-earnings note.

"We expect them to perform in line today, though, with the shares having had a decent run into numbers and no expected upgrades to consensus at this stage."