BV reports 10.1% revenue rise

French classification society Bureau Veritas (BV) has reported a 10.1\% rise in its marine andoffshorerevenues to EUR323.8 million (USD368.1 million) last year as the group benefited from recovery in newbuilding activity.

Excluding acquisitions, organic growth in marine and offshore was 7.1\%, putting the division alongside industry and consumer products as one of the group’s three businesses with organic growth exceeding 5\%.

Marine and offshore adjusted operating profit showed a lower 3.6\% increase at EUR81 million as the increase in business volumes was offset by investment in technical centres.

Group revenue overall exceeded EUR4 billion for the first time, increasing 6.1\% to EUR4.17 billion and 9.4\% on a constant exchange rate basis.

Adjusted operating profit rose 5.6\% to EUR694 million and 9.7\% on a constant currency basis but attributable net profit fell 14.4\% to EUR294.6 million as the group took measures to deal with “challenging conditions” generally in European economies and in its metals and minerals businesses.

Chief executive Didier Michaud-Daniel said that, taking account of expected oil market conditions, the group expected only a slight increase in organic revenue growth this year and a moderate increase in operating margin.