currencies fell against the euro; Adjusted operating profit of EUR 310 million, +8% on a constant currency basis, thanks to operational excellence initiatives; Adjusted net profit of EUR 177.5 million, +3.7% on a constant currency basis. Didier Michaud-Daniel, CEO of Bureau Veritas, stated: "The Group expects organic growth improvement in H2 2014 from a more favorable comparison base, the start of new contracts, a catch-up of delayed contracts and despite continuous softness in Europe and pending Metals & Minerals recovery.
2014 revenue growth on a constant currency basis should be above 9% with a strong contribution from acquisitions. To date, we have completed 7 acquisitions representing close to EUR 290 million in annual revenues. Profitability should continue to improve on a constant currency basis. The Group confirms the objective to achieve revenue growth above 9% per year on average over the 2012-2015 period, at constant exchange rates, but with a different mix than the one initially contemplated: - Due to weakness in Metals & Minerals and European markets, the average organic growth should be lower than +6%. - Based on the current pipeline and acquisitions already carried out, the average external growth should be higher than +4%. The Group could achieve its objective of a 100 basis points margin improvement in 2015 compared with 2011, but has decided recently to invest part of the profitability gains, generated notably through Excellence@BV, in commercial initiatives to accelerate its future organic growth. As a consequence, the 2015 adjusted operating margin will be around 17%. In this context, the average growth of adjusted EPS for the period 2012-2015 should be in the +5-7% range per year, due notably to tax rates increase and currency headwinds."
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