Hithium Hosts Roundtable at the BNEF Summit New York, Discussing Next Generation Battery Energy Storage System

 NEW YORK - Wednesday, 24. April 2024

Hithium’s first attendance and hosted roundtable discussion in BNEF summit New York

Insightful conversations about battery technology innovation and global applications

 

(BUSINESS WIRE) -- From April 16th to 17th, the BloombergNEF (BNEF) Summit was held in New York, USA. The BNEF Summit brings together energy, finance, and technology professionals to facilitate the exchange of ideas, insights, and connections. This was Hithium's first time attending after its global launch in 2023. Hithium was also invited to host a roundtable discussion on the topic of "Next Generation Battery Energy Storage System: Latest Technology Trends and Impact on Project Economics," led by Hithium Director of Global Applications Engineering, Neil Bradshaw. The discussion focused on the future development trends of energy storage and included insights on Hithium's technology innovations, global application practices, and international development for global energy green transformation.

Hithium’s advantages on the PCS flexible solution

In the roundtable, Neil Bradshaw mentioned Hithium’s technical compatibility with major suppliers of power conversion systems. As a manufacturer of cells, battery modules, and full DC-side solutions, Hithium works with PCS suppliers on systems and projects onsite. Hithium manufactures and works with a range of inverter-makers to confirm that its battery products match well with their products. Neil stated, “Hithium's compatibility with major suppliers of inverters allows customers and investors to pre-select matching PCS for their projects. PCS supplier flexibility provides customers with cost-effective, space-saving, and integration services.”

“Just BESS” Strategy achieves in technology and product innovations

“While some companies offer only standard products, we tailor our services with market needs. Customizing is expensive, but we believe in the value of doing that,” Neil said. As the pace of global energy transition accelerates, energy storage technology, as a key technology to support the large-scale application of renewable energy, is facing unprecedented development opportunities. Neil introduced Hithium’s products that have diverged from EV due to the company’s revolutionary advancements in battery technology. These advancements include the 280Ah battery cell, the first excellent SEI films lead to ultra-long-lasting batteries, and the latest 314Ah battery cell, created to offer cost optimization and 11,000 cycles. The “Just BESS” strategy is solely focused on stationary energy storage and providing customers with reliable, cost-effective energy storage products and solutions. Hithium delivered more than 200 energy storage projects with total shipment of over 20 GWh and aims to reach 135 GWh of production capacity only for stationary batteries by the end of 2025. Just recently, Hithium was listed as global Tier 1 energy storage manufacturer in the BNEF 2024 Q1 and Q2 reports, and ranks in 2023’s Top 5 for global BESS shipments within its first year on the world stage.

About Hithium

Founded in 2019, Hithium is a leading manufacturer of top-quality stationary energy storage products for utility-scale as well as commercial and industrial applications. With four distinct R&D centers and multiple “intelligent” production facilities, Hithium’s innovations include groundbreaking safety improvements to its lithium-ion batteries as well as increases in lifecycle. With decades of cumulative experience in the field among its founders and senior executives, Hithium leverages its specialization in BESS to deliver partners and customers unique advances in energy storage. The company is based in Xiamen, China, with further locations in Shenzhen, Chongqing, Munich, Dubai, New York and California. Hithium has shipped 20+ GWh of BESS products to date.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240423336349/en/

Permalink

https://www.aetoswire.com/en/news/2404202438878

Contacts

chloe.chen@hithium.cn

 

Takeda Receives Positive CHMP Opinion for Fruquintinib in Previously Treated Metastatic Colorectal Cancer

 OSAKA, Japan & CAMBRIDGE, Mass. 

− If Approved in the European Union, Fruquintinib Will Be the First Novel Targeted Therapy for Metastatic Colorectal Cancer Regardless of Biomarker Status in Over a Decade

− Positive Opinion Based on Results from a Phase 3 Clinical Trial Which Demonstrated Significant Improvements in Overall Survival and Progression Free Survival versus Placebo Plus Best Supportive Care, with Benefit Seen Regardless of Prior Types of Therapy Received

OSAKA, Japan & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Takeda (TSE:4502/NYSE:TAK) today announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has recommended the approval of fruquintinib, a selective inhibitor of vascular endothelial growth factor receptors (VEGFR) -1, -2 and -3 for the treatment of adult patients with previously treated metastatic colorectal cancer (mCRC). The European Commission (EC) will consider the CHMP positive opinion when determining the potential marketing authorization for fruquintinib for mCRC throughout the European Union (EU), Norway, Liechtenstein and Iceland. If approved, fruquintinib will be the first and only selective inhibitor of all three VEGF receptors approved in the EU for previously treated mCRC.1,2

“People living with metastatic colorectal cancer in the European Union currently have limited treatment options, which can lead to poor outcomes. With this positive opinion for fruquintinib, we are one step closer to potentially offering patients a new, oral, chemotherapy-free option that may provide a survival benefit,” said Awny Farajallah, M.D., chief medical officer, oncology at Takeda. “We look forward to the European Commission’s official decision in the near future as we work to redefine the treatment landscape and help address a significant unmet need for those affected by mCRC.”

The Committee’s positive opinion was primarily based on results from the Phase 3 multi-regional FRESCO-2 trial. The trial investigated fruquintinib plus best supportive care (BSC) versus placebo plus BSC in patients with previously treated mCRC. FRESCO-2 met all its primary and key secondary efficacy endpoints and showed consistent benefit among patients treated with fruquintinib, regardless of the prior types of therapies they received. Fruquintinib demonstrated a manageable safety profile in FRESCO-2. Adverse reactions leading to treatment discontinuation occurred in 20% of patients treated with fruquintinib plus BSC versus 21% of those treated with placebo plus BSC. Data from FRESCO-2 were published in The Lancet in June 2023.3

About Fruquintinib

Fruquintinib is a selective oral inhibitor of VEGFR -1, -2 and -3. VEGFR inhibitors play a pivotal role in blocking tumor angiogenesis. Fruquintinib was designed to have enhanced selectivity that limits off-target kinase activity, allowing for high drug exposure, sustained target inhibition, and flexibility for potential use as part of combination therapy.

Takeda has the exclusive worldwide license to further develop, commercialize, and manufacture fruquintinib outside of mainland China, Hong Kong and Macau. Fruquintinib was approved by the U.S. Food and Drug Administration (FDA) in November 2023 and is marketed under the brand name FRUZAQLA®. A submission to the Japan Pharmaceuticals and Medical Devices Agency (PMDA) took place in September 2023. Fruquintinib is developed and marketed in China by HUTCHMED. Fruquintinib was approved for marketing by the China National Medical Products Administration (NMPA) in September 2018 and commercially launched in China in November 2018 under the brand name ELUNATE®.

U.S. IMPORTANT SAFETY INFORMATION

WARNINGS AND PRECAUTIONS

Hypertension occurred in 49% of 911 patients with mCRC treated with FRUZAQLA, including Grade 3-4 events in 19%, and hypertensive crisis in three patients (0.3%). Do not initiate FRUZAQLA unless blood pressure is adequately controlled. Monitor blood pressure weekly for the first month and at least monthly thereafter as clinically indicated. Initiate or adjust anti-hypertensive therapy as appropriate. Withhold, reduce dose, or permanently discontinue FRUZAQLA based on severity of hypertension.

Hemorrhagic Events including serious, fatal events can occur with FRUZAQLA. In 911 patients with mCRC treated with FRUZAQLA, 6% of patients experienced gastrointestinal hemorrhage, including 1% with a Grade ≥3 event and 2 patients with fatal hemorrhages. Permanently discontinue FRUZAQLA in patients with severe or life-threatening hemorrhage. Monitor the International Normalized Ratio (INR) levels in patients receiving anticoagulants.

Infections. FRUZAQLA can increase the risk of infections, including fatal infections. In 911 patients with mCRC treated with FRUZAQLA, the most common infections were urinary tract infections (6.8%), upper respiratory tract infections (3.2%) and pneumonia (2.5%); fatal infections included pneumonia (0.4%), sepsis (0.2%), bacterial infection (0.1%), lower respiratory tract infection (0.1%), and septic shock (0.1%). Withhold FRUZAQLA for Grade 3 or 4 infections, or worsening infection of any grade. Resume FRUZAQLA at the same dose when the infection has resolved.

Gastrointestinal Perforation occurred in patients treated with FRUZAQLA. In 911 patients with mCRC treated with FRUZAQLA, 1.3% experienced a Grade ≥3 gastrointestinal perforation, including one fatal event. Permanently discontinue FRUZAQLA in patients who develop gastrointestinal perforation or fistula.

Hepatotoxicity. FRUZAQLA can cause liver injury. In 911 patients with mCRC treated with FRUZAQLA, 48% experienced increased ALT or AST, including Grade ≥3 events in 5%, and fatal events in 0.2% of patients. Monitor liver function tests (ALT, AST, and bilirubin) before initiation and periodically throughout treatment with FRUZAQLA. Temporarily hold and then reduce or permanently discontinue FRUZAQLA depending on the severity and persistence of hepatotoxicity as manifested by elevated liver function tests.

Proteinuria. FRUZAQLA can cause proteinuria. In 911 patients with mCRC treated with FRUZAQLA, 36% experienced proteinuria and 2.5% of patients experienced Grade ≥3 events. Monitor for proteinuria before initiation and periodically throughout treatment with FRUZAQLA. For proteinuria ≥2g/24 hours, withhold FRUZAQLA until improvement to ≤Grade 1 proteinuria and resume FRUZAQLA at a reduced dose. Discontinue FRUZAQLA in patients who develop nephrotic syndrome.

Palmar-Plantar Erythrodysesthesia (PPE) occurred in 35% of 911 patients treated with FRUZAQLA, including 8% with Grade 3 events. Based on severity of PPE, withhold FRUZAQLA and then resume at the same or reduced dose.

Posterior Reversible Encephalopathy Syndrome (PRES), a syndrome of subcortical vasogenic edema diagnosed by characteristic finding on MRI, occurred in one of 911 patients treated with FRUZAQLA. Perform an evaluation for PRES in any patient presenting with seizures, headache, visual disturbances, confusion, or altered mental function. Discontinue FRUZAQLA in patients who develop PRES.

Impaired Wound Healing. In 911 patients with mCRC treated with FRUZAQLA, 1 patient experienced a Grade 2 event of wound dehiscence. Do not administer FRUZAQLA for at least 2 weeks prior to major surgery. Do not administer FRUZAQLA for at least 2 weeks after major surgery and until adequate wound healing. The safety of resumption of FRUZAQLA after resolution of wound healing complications has not been established.

Arterial Thromboembolic Events. In 911 patients with mCRC treated with FRUZAQLA, 0.8% of patients experienced an arterial thromboembolic event. Initiation of FRUZAQLA in patients with a recent history of thromboembolic events should be carefully considered. In patients who develop arterial thromboembolism, discontinue FRUZAQLA.

Allergic Reactions to FD&C Yellow No. 5 (Tartrazine) and No. 6 (Sunset Yellow FCF). FRUZAQLA 1 mg capsules contain FD&C Yellow No. 5 (tartrazine), which may cause allergic-type reactions (including bronchial asthma) in certain susceptible persons. FRUZAQLA 1 mg contains FD&C Yellow No. 6 (sunset yellow FCF), which may cause allergic reactions.

Embryo-Fetal Toxicity. Based on findings in animal studies and its mechanism of action, FRUZAQLA can cause fetal harm when administered to pregnant women. Advise pregnant women of the potential risk to a fetus. Advise females of childbearing potential and males with female partners of childbearing potential to use effective contraception during treatment with FRUZAQLA and for 2 weeks after the last dose.

ADVERSE REACTIONS

The most common adverse reactions (incidence ≥20%) following treatment with FRUZAQLA included hypertension, palmar-plantar erythrodysesthesia (hand-foot skin reactions), proteinuria, dysphonia, abdominal pain, diarrhea, and asthenia.

DRUG INTERACTIONS: Avoid concomitant administration of FRUZAQLA with strong or moderate CYP3A inducers.

USE IN SPECIFIC POPULATIONS

Lactation: Advise women not to breastfeed during treatment with FRUZAQLA and for 2 weeks after the last dose.

To report SUSPECTED ADVERSE REACTIONS, contact Takeda Pharmaceuticals at 1-844-662-8532 or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Please see FRUZAQLA (fruquintinib) full Prescribing Information

About CRC

CRC is a cancer that starts in either the colon or rectum. According to the International Agency for Research on Cancer, CRC is the third most prevalent cancer worldwide, associated with more than 935,000 deaths in 2020. In Europe, CRC was the second most common cancer in 2020, with approximately 520,000 new cases and 245,000 deaths.4 In the U.S., it is estimated that 153,000 patients will be diagnosed with CRC and 53,000 deaths from the disease will occur in 2024.5 In Japan, CRC was the most common cancer, with an estimated 148,000 new cases and 60,000 deaths, in 2020.4 Although early-stage CRC can be surgically resected, metastatic CRC remains an area of high unmet need with poor outcomes and limited treatment options. Some patients with metastatic CRC may benefit from personalized therapeutic strategies based on molecular characteristics; however, most patients have tumors that do not harbor actionable mutations.6,7,8,9,10

About the Phase 3 FRESCO-2 Trial

The FRESCO-2 study is a multi-regional clinical trial conducted in the U.S., Europe, Japan and Australia investigating fruquintinib plus BSC vs placebo plus BSC in patients with previously treated mCRC (NCT04322539). The study met all its primary and key secondary endpoints, demonstrating that treatment with fruquintinib resulted in statistically significant and clinically meaningful improvement in OS and PFS. The safety profile of fruquintinib in FRESCO-2 was consistent with previously reported fruquintinib studies. Results from the study were presented at ESMO in September 2022 and subsequently published in The Lancet in June 2023.11,3

The Phase 3 FRESCO-2 trial supported the marketing authorization application (MAA) from the EMA for fruquintinib, which was validated and accepted for review in June 2023.

About Takeda

Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com.

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations, including global health care reforms; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda’s operations and the timing of any such divestment(s); and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

References:

Xu X, et al. Efficacy and safety of regorafenib and fruquintinib as third-line treatment for colorectal cancer: a narrative review. Transl Cancer Res 2022;11(1):276-287. doi: 10.21037/tcr-20-3539.

Sun Q, et al. (2014) Discovery of fruquintinib, a potent and highly selective small molecule inhibitor of VEGFR 1, 2, 3 tyrosine kinases for cancer therapy, Cancer Biol Ther. 2014 15:12, 1635-1645. Doi: 10.4161/15384047.2014.964087.

Dasari NA, et al. Fruquintinib versus placebo in patients with refractory metastatic colorectal cancer (FRESCO-2): an international, multicentre, randomised, double-blind, phase 3 study. Lancet. 2023;402(10395):41-53. doi:10.1016/S0140-6736(23)00772-9.

Sung H, et al. Global Cancer Statistics 2020: GLOBOCAN Estimates of Incidence and Mortality Worldwide for 36 Cancers in 185 Countries. CA Cancer J Clin. 2021;71(3):209-249. doi:10.3322/caac.21660.

American Cancer Society. Cancer Facts & Figures 2024. Atlanta, American Cancer Society; 2024.

Bando H, et al. Therapeutic landscape and future direction of metastatic colorectal cancer. Nat Rev Gastroenterol Hepatol 2023; 20(5)306-322. doi:10.1038/s41575-022-00736-1.

D'Haene N, et al. Clinical application of targeted next-generation sequencing for colorectal cancer patients: a multicentric Belgian experience. Oncotarget. 2018;9(29):20761-20768. Published 2018 Apr 17. doi:10.18632/oncotarget.25099.

Venderbosch, et al. Mismatch repair status and braf mutation status in metastatic colorectal cancer patients: A pooled analysis of the Cairo, Cairo2, coin, and Focus Studies. Clinical Cancer Res.,2014; 20(20):5322–5330. doi:10.1158/1078-0432.ccr-14-0332.

Koopman, M., et al. Deficient mismatch repair system in patients with sporadic advanced colorectal cancer. Br J Cancer. 209;100(2), 266–273. doi:10.1038/sj.bjc.6604867.

Ahcene Djaballah S, et al. HER2 in Colorectal Cancer: The Long and Winding Road From Negative Predictive Factor to Positive Actionable Target. Am Soc Clin Oncol Educ Book. 2022;42:1-14. doi:10.1200/EDBK_351354.

Dasari NA, et al. LBA25 – FRESCO-2: A global phase 3 multiregional clinical trial (MRCT) evaluating the efficacy and safety of fruquintinib in patients with refractory metastatic colorectal cancer. Ann Oncol. 2022 Sep;33(suppl_7): S808-S869. Doi:10.1016/annonc/annonc1089.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425251580/en/

Permalink

https://www.aetoswire.com/en/news/2604202438943

Contacts

Media:

Japanese Media

Jun Saito

jun.saito@takeda.com

U.S. and International Media

Emma Nash

emma.nash@takeda.com

 

Open Source Database Leader Percona Appoints Liz Warner to Chief Technology Officer

 

RALEIGH, N.C. -

Seasoned industry veteran tapped to help push the boundaries of database innovation

(BUSINESS WIRE) -- Percona, a leader in enterprise-grade, open source database software, support, and services, today announced the appointment of Liz Warner as its new Chief Technology Officer, to help meet the growing demand to make data simpler, faster, and easier to manage.

An industry veteran, Warner comes to Percona with decades of technical and senior leadership experience; including a proven track record of driving successful organizational transformations. As CTO, she will play an instrumental role in the development and implementation of Percona’s ever-expanding collection of database solutions, including the much-anticipated Percona Everest, an open source cloud-native database platform.

“We’ve reached a pivotal moment in open source, and Percona is doubling down on its commitment to staying open through the expansion of our products and service offerings, as well as our involvement in industry-wide initiatives such as The Linux Foundation’s Valkey Community. Our accelerated growth will require a new level of strategic thinking, so I couldn’t be more excited to welcome Liz Warner to the team,” said Ann Schlemmer, CEO of Percona. “Liz brings a wealth of experience and plenty of success transforming organizations across a variety of industries. Her experience and leadership will prove invaluable to the Percona team as we continue to scale and build world-class open source database solutions.”

Most recently, Warner served as the CTO of Weaveworks, a cloud-native container management company, where she led product strategy and engineering teams. She comes to Percona with over a decade of success serving as CTO across a range of industries and organizations, including Clim8 Invest, Nationwide for Business, Motion Picture Solutions, Mettle, LendInvest, and Toyota Connected.

Warner’s appointment comes at a strategic time for Percona. After a historic 2023 — marked by sustained customer growth, multiple prestigious award wins, and several innovative product enhancements — Percona is well-positioned to bolster its position as the go-to provider of open source database solutions and support services in the months and years ahead.

The new executive appointment comes as Percona co-founder and long-time CTO, Vadim Tkachenko, has chosen to step away from the executive position to assume a new set of duties as Technology Fellow at Percona. As Technology Fellow, Tkachenko will focus on Percona’s involvement in the Linux Foundation’s Valkey Community, the growth of vector databases and other emerging technologies.

About Percona:

Percona is a world-class open source database software, support, and services company. The organization is dedicated to helping businesses ensure their databases — and the applications that depend on them — are secure, compliant, performant, and highly available.

Through a unique combination of database expertise and enterprise-grade open source software, Percona empowers organizations with the freedom to choose, the freedom to create, and the freedom to innovate with speed as they grow. For more information, visit www.percona.com.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424498483/en/

Permalink

https://www.aetoswire.com/en/news/2404202438872

Contacts

Jacob Manchester

Senior Account Executive, PR

Scratch Marketing + Media

Percona@scratchmm.com

 

Exergen Sues Baxter International to Defend Its Right to Publish Data Regarding the Accuracy of Oral Thermometers

 

(BUSINESS WIRE)--Last week Exergen Corporation filed a lawsuit against Baxter International Inc. in the United States District Court for the District of Massachusetts. As detailed in its complaint, Exergen’s lawsuit is a response to an effort by Baxter to censor true statements that Exergen has made in a scientific journal about a matter of public concern, among other issues.

Through its lawsuit, Exergen seeks a legal declaration that its statements are not only true, but that they constitute First Amendment protected speech. Exergen looks forward to having this matter resolved in a court of law.

Click here to read the formal complaint.

About Exergen Corporation

Exergen invented, manufactures, and markets two series of the TemporalScanner thermometer: a professional version for hospitals and clinics, and a consumer version sold in major retailers nationwide. More than three billion temperatures are taken each year with TemporalScanners. Used in thousands of hospitals and clinics across the country as well as in millions of homes, TemporalScanners are the #1 preference of pediatricians, nurses, and parents. The Exergen TemporalScanner's accuracy is supported by more than 100 peer-reviewed published clinical studies covering all ages from preterm infants to geriatrics and all care areas from hospitals to homes. Exergen has also long been a leader in nursing. For nearly 20 years, it has been part of the nursing profession's educational curriculum. Published textbooks from 2005 to present include Exergen thermometers and have set nurse training standards, relied upon in thousands of nursing programs nationwide.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424792864/en/

Permalink

https://aetoswire.com/en/news/2404202438871

Contacts

Press:

exergen@matternow.com

LYCRA® Brand Launches New Customizable Fit Solution at Kingpins Amsterdam

WILMINGTON, Del. - Wednesday, 24. April 2024

Patented innovation adds discreet and targeted support to stretch denim

(BUSINESS WIRE) -- The LYCRA Company, a global leader in developing innovative and sustainable fiber and technology solutions for the apparel industry, announced the launch of a revolutionary new targeted shaping innovation for stretch denim at a press conference at Kingpins Amsterdam today.

LYCRA FitSense® denim technology is a shaping technology engineered to provide a unique fit solution to consumers of all body types and shapes. Its advanced shaping effect delivers targeted support to common trouble spots that can impact garment fit, such as the tummy and waist, thighs and rear, offering a customizable fit solution that is a breakthrough for the denim industry.

“Targeted support is engineered into stretch jeans using our technology, new fabric construction, and precision garment making,” said Ebru Ozaydin, The LYCRA Company’s global strategic marketing director for denim, wovens, and ready-to-wear. “Our innovative solution is discreet and invisible, and jeans retain the authentic denim look and feel consumers love.”

Designers working for brands and garment makers will be able to take their craft to the next level by choosing where to shape, support, and lift, delivering a customized fit experience that will help consumers look and feel great in their jeans. This innovation also offers the potential to increase consumer satisfaction and reduce costly returns related to poor fit.

“The LYCRA® brand has consistently redefined what is possible, and our technologies continue to reshape the apparel industry,” said Steve Stewart, chief brand & innovation officer. “We’re thrilled to bring LYCRA FitSense® denim technology to market and look forward to showcasing it at Kingpins China in May and Kingpins New York in July.”

For the third consecutive year, the LYCRA® brand has teamed up with the House of Denim Foundation and Jean School students to mount the exhibition “Stretch Yourself #3: Denim of the Future, Designed by Gen Z.” Once again, talented student designers have created inspiring silhouettes that feature innovative fabrics from leading mills and powered by The LYCRA Company’s technologies.

Kingpins visitors can also learn more about the development of bio-derived LYCRA® fiber made with QIRA®. The LYCRA Company has teamed up with Qore®, the maker of QIRA®, to enable the world’s first large-scale commercial production of renewable elastane. Available in early 2025, this sustainable product will use field corn to reduce the carbon footprint of LYCRA® fiber by up to 44 percent* and is expected to offer equivalent performance.

The LYCRA® brand is also celebrating 20 years of Kingpins Shows, including 10 years in Amsterdam, by sponsoring a happy hour at the end of the first day. DJ Red Planet will provide the soundtrack as memorable moments in the iconic brand's 65-year history flash on monitors. Opening remarks will recognize the elastane brand's status as the longest-standing sponsor of the show and the strong bond both companies share.

"A sure sign of success in life is who chooses to accompany you on the journey,” said Andrew Olah, Founder and CEO of Kingpins. “The LYCRA Company has been an amazing partner to so many in the jeans business and Kingpins has gained so much by our close relationship over two decades.”

To learn more about new LYCRA FitSense® denim technology, visit The LYCRA Company in the blue zone stand 11 at Kingpins Amsterdam, or lycra.com.

*Estimate from Cradle-to-Gate Screening LCA for a representative LYCRA® fiber manufacturing facility, June 2022, prepared by Ramboll US Consulting, Inc.

About The LYCRA Company

The LYCRA Company innovates and produces fiber and technology solutions for the apparel and personal care industries and owns the leading consumer brands: LYCRA®, LYCRA HyFit®, LYCRA® T400®, COOLMAX®, THERMOLITE®, ELASPAN®, SUPPLEX® and TACTEL®. Headquartered in Wilmington, Delaware, U.S., The LYCRA Company is recognized worldwide for its sustainable products, technical expertise, and marketing support. The LYCRA Company focuses on adding value to its customers’ products by developing unique innovations designed to meet the consumer’s need for comfort and lasting performance. For more information, visit lycra.com.

LYCRA® and LYCRA FitSense® are trademarks of The LYCRA Company.

Qore® and QIRA® are trademarks of Qore® LLC.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424493653/en/

Permalink
https://www.aetoswire.com/en/news/2404202438875

Contacts

Izaskun Hernanz
Izaskun.Hernanz@lycra.com

LTIMindtree Closes FY24 with a Strong Order Inflow of $5.6 Bn; up 15.7% YoY

 Revenue growth of 4.4% in USD; Growth broad-based across all verticals

(BUSINESS WIRE) -- LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the fourth quarter and full year ended March 31, 2024, as approved by its Board of Directors.

“We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4% in USD terms and an EBIT margin of 15.7%. Our order inflow for the full year at USD 5.6 billion registered a 15.7% growth over FY23. This growth reflects the positive outcomes of our positioning as an organization with scale, expanded capabilities, and larger partnerships. As the market dynamics evolve, we are excited to be part of innovations, partnerships, and initiatives that our clients will embark on in FY 25.”

-Debashis Chatterjee, Chief Executive Officer and Managing Director

Key financial highlights:

Quarter ended March 31, 2024

In USD:

- Revenue at $1,069.4 million (-1.3% Q-o-Q / +1.1% Y-o-Y)

- Net profit at $132.4 million (-5.8% Q-o-Q / -2.4% Y-o-Y)

In INR:

- Revenue at ₹88,929 million (-1.4% Q-o-Q / +2.3% Y-o-Y)

- Net profit at ₹11,007 million (-5.9% Q-o-Q / -1.2% Y-o-Y)

Year ended March 31, 2024

In USD:

- Revenue at $4,287.3 million (growth of 4.4% Y-o-Y)

- Net profit at $553.4 million (growth of 1.4% Y-o-Y)

In INR:

- Revenue at ₹3,55,170 million (growth of 7.0% Y-o-Y)

- Net profit at ₹45,846 million (growth of 4.0% Y-o-Y)

Other highlights:

Clients:

- 738 active clients as of March 31, 2024

- $5 million+ clients increased by 7 on a Y-o-Y basis, total 153

- $10 million+ clients increased by 10 on a Y-o-Y basis, total 91

- $20 million+ clients increased by 2 on a Y-o-Y basis, total 40

People:

- 81,650 professionals as of March 31, 2024

- Trailing 12 months attrition was 14.4%

Deal Wins

As part of a multi-year engagement, a leading financial services firm specializing in loans and mortgages has selected LTIMindtree as their primary engineering partner to meet their regulatory timelines and enable seamless operations of their application landscape through a ‘Remediation-as-a-Service’ and ‘Operations-as-a-Service’ engagement.

A multinational financial services corporation has awarded LTIMindtree a multi-year contract as an exclusive assurance partner for their transformation journey by implementing a centralized Quality Engineering organization.

A global leader in insurance brokerage services and risk management solutions has chosen LTIMindtree as their primary partner to establish a new technology platform as they create a new operating model in their digital transformation journey.

A leading energy company in the Middle East has awarded LTIMindtree an end-to-end infrastructure-managed services contract for five years.

A leading producer of frozen products in Sweden has awarded LTIMindtree with a full-scope infrastructure contract for Cloud Transformation. This is a new logo for LTIMindtree.

Partnerships

LTIM has achieved Amazon Connect service delivery designation, allowing businesses to provide improved customer service at a lower cost through the cloud-based contact center service.

LTIM joined the IBM Quantum Network, to explore quantum computing innovation for the benefit of its global clientele across multiple industries. This solidifies LTIM’s position in the global quantum ecosystem being the first Indian GSI to join the IBM Quantum Network.

LTIM has been awarded the Fivetran Global and EMEA Innovation Partner of the Year 2024, showcasing our dedication to innovation and customer-centricity.

LTIM was awarded "Global Breakthrough Partner of the Year" by Tricentis. This award highlights our strong partnership and dedication to delivering innovative solutions to clients using Tricentis technology.

Received Temenos Learning Community Award accrediting LTIM’s commitment towards constant upskilling in Banking Digital transformation.

Recognitions

LTIMindtree recognized as a Major Contender in Everest Group’s CPG IT Services PEAK Matrix® Assessment 2024.

LTIMindtree recognized as a Major Contender in Everest Group’s Retail IT Services PEAK Matrix® Assessment 2024.

LTIMindtree featured in Forrester's ‘The state of Digital Workplace Services, 2024’.

LTIMindtree recognized as a Major Contender in Everest Group’s Application Transformation Services PEAK Matrix Assessment 2024-North America.

LTIMindtree featured in Forrester's ‘The Adobe Services Landscape Q1 2024’.

Announcements

The Board of Directors have recommended a final dividend of ₹45 per equity share of par value ₹1 each for the financial year ended March 31, 2024.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 81,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit https://www.ltimindtree.com/.

Earnings Conference Call

Universal Dial-in

+91 22 6280 1157

+91 22 7115 8058

 

International Toll Free

USA : 18667462133

UK : 08081011573

Singapore : 8001012045

Hong Kong : 800964448

Replay of Conference Call

Available after 1 hour from the call end time until April 25th, 2024

Playback Code: 80201

Dial-in Number: India +91 22 71945757

Audio Webcast

The audio from the conference call will be available online through a webcast and can be accessed at the following link: Click here for Audio Webcast

Click here for your DiamondPass™

DiamondPass™ is a Premium Service that enables you to connect to your conference call without having to wait for an operator.

If you have a DiamondPass™, click the above link to associate your pin and receive the access details for this conference. If you do not have a DiamondPass™, please register through the link and you will receive your DiamondPass™ for this conference.

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424576822/en/

Permalink

https://aetoswire.com/en/news/2404202438877

Contacts

Media Relations: Shambhavi.revandkar@ltimindtree.com

Bureau Veritas: Strong Start to the Year; 2024 Outlook Confirmed

 (BUSINESS WIRE) -- Q1 2024 Key figures1

› Revenue of EUR 1,439.5 million in the first quarter of 2024, up 2.5% year-on-year and up 8.0% organically
› Strong organic growth from Industry +16.3%, Certification +13.7%, Marine & Offshore +13.6%, compared to the first quarter of 2023; growth of +6.1% for Consumer Products Services, +3.6% for Buildings & Infrastructure and +3.2% for Agri-food & Commodities
› The scope effect was a positive 0.1%, reflecting bolt-on acquisitions offset by a small disposal
› The currency impact was negative by 5.6% mainly due to the depreciation of some emerging countries’ currencies against the euro

Q1 2024 Highlights

› New strategy LEAP | 28, announced on March 20, 2024, to deliver a step change in growth and performance, built around three pillars: Focused Portfolio, Performance-led execution and Evolved People model
› Strong growth in every region (Americas, Middle East, Africa, Asia-Pacific and Europe), outperforming many underlying markets
› Growth momentum maintained for sustainability services – both transition services and Green Objects - across the entire portfolio
› In line with the LEAP | 28 strategy, the Consumer Products Services business line completed the acquisition of three bolt-on companies in South and North-East Asia, expanding the Group’s portfolio into new sectors and diversifying its geographical coverage, adding an annualized revenue of c. EUR 20 million
› To execute the share buyback program announced in March at the Capital Markets Day, an acquisition of c. 0.8% of the Group’s own shares on April 5, 2024, was completed under the Wendel placement
› Assignment of the first long-term credit rating of Bureau Veritas with a A3 rating from Moody’s, with “stable” outlook, which reflects the Group’s strong financial structure and competitive advantage
› New recognition of Bureau Veritas’ CSR commitment by several non-financial rating agencies, including a first ranking in Sustainalytics. Bureau Veritas also joins the United Nations Global Compact.

2024 Outlook confirmed

Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas expects to deliver for the full year 2024:

› Mid-to-high single-digit organic revenue growth;
› Improvement in adjusted operating margin at constant exchange rates;
› Strong cash flow, with a cash conversion2 above 90%.

The Group expects H2 organic revenue growth above H1 given stronger comparables in Q2.

Hinda Gharbi, Chief Executive Officer, commented:

“In the first quarter of the year, we launched our LEAP I 28 strategy both internally and to our investors. Our commitment to sustainable organic growth, active portfolio management through M&A and yearly margin improvement is in line with our ambition to deliver double-digit shareholder returns.

We have started our strategy execution and Bureau Veritas maintained its growth trajectory with broad organic growth of 8.0% supported by strong market trends in the first quarter of 2024.

In addition, I am pleased to announce the first long-term credit rating of Bureau Veritas. The decision by Moody’s to assign a A3 rating, with stable outlook, confirms our strong financial structure, a leading market position, and a solid business model.

Looking ahead, we confirm our outlook for 2024.”

Q1 2024 KEY REVENUE FIGURES

					GROWTH
IN EUR MILLION	Q1 2024	Q1 2023		CHANGE		ORGANIC	SCOPE	CURRENCY
Marine & Offshore	122.1	113.1		+8.0%		+13.6%	-	(5.6)%
Agri-Food & Commodities	297.3	302.7		(1.8)%		+3.2%	-	(5.0)%
Industry	295.6	295.3		+0.1%		+16.3%	(2.5)%	(13.7)%
Buildings & Infrastructure	441.0	431.6		+2.2%		+3.6%	-	(1.4)%
Certification	117.4	106.9		+9.8%		+13.7%	-	(3.9)%
Consumer Products	166.1	154.9		+7.2%		+6.1%	+5.4%	(4.3)%
Total Group revenue	1,439.5	1,404.5		+2.5%		+8.0%	+0.1%	(5.6)%

Revenue in the first quarter of 2024 amounted to EUR 1,439.5 million, a 2.5% increase compared with Q1 2023. Organic growth was 8.0%, benefiting from solid underlying trends for most businesses.

This is reflected as follows by business:

› More than a third of the portfolio delivered double-digit organic revenue growth in the quarter, benefiting from increasing decarbonization trends and energy transition for Marine & Offshore, and Industry. The rising demand for Sustainability and ESG-driven services are seen in the growth momentum of Certification.
› An eighth of the portfolio delivered mid-to-high single-digit organic revenue growth (up 6.1%). The growth in the Consumer Products Services activities was led by most geographies. The business benefited from the organic growth coming from recent acquisitions as the Group executes its strategy of geography, sector, and services diversification in this market.
› Half of the portfolio including Buildings & Infrastructure and Agri-Food & Commodities achieved low single-digit organic revenue growth (up 3.6% and 3.2% respectively). The growth was driven by solid underlying trends.

By geography, activities in the Americas were strong (27% of revenue; up 8.0% organically), led by a double-digit increase in Latin America. Europe (36% of revenue; up 5.6% organically) was primarily led by high activity levels in Southern and Eastern Europe. Business in Asia-Pacific (27% of revenue; up 7.0% organically) benefited from a recovery in China, while strong growth was delivered in South-East Asian countries as well as in Australia. Finally, activity was also strong in Africa and the Middle East (10% of revenue; up 19.9% organically) primarily driven by Buildings & Infrastructure and energy projects in the Middle East.

The scope effect was a positive 0.1%, reflecting bolt-on acquisitions realized in the past few quarters offset by the impact of a small disposal which was made in the third quarter of 2023.

Currency fluctuations had a negative impact of 5.6%, mainly due to the depreciation of some emerging countries’ currencies against the euro (in Latin America essentially).

SOLID FINANCIAL POSITION

At the end of March 2024, the Group's adjusted net financial debt slightly increased, with cash and cash equivalent levels materially unchanged compared with the levels at December 31, 2023. The Group also had in place EUR 600 million of undrawn committed credit lines. Bureau Veritas has a solid financial structure with the bulk of its maturities beyond 2025 and 100% at fixed interest rates.

2024 SHARE BUYBACK PROGRAM

To execute the EUR 200 million share buyback program announced on March 20, 2024, an acquisition of c. 0.8% of the Group’s own shares, or the equivalent of c. EUR 100 million on April 5, 2024, was completed under the Wendel placement. The Group will purchase the remainder in 2024.

In accordance with the purpose of the share buyback program approved by the Annual General Meeting, the shares bought back will be used for cancellation purposes and for any other purposes authorized by the Company’s shareholders at the Annual General Meeting of June 22, 2023.

A3 FIRST LONG-TERM CREDIT RATING BY MOODY’S

Bureau Veritas announces that it has been assigned on April 24, 2024 its first Long-Term Credit rating of A3 from Moody’s, with a “stable” outlook.

According to Moody’s, the A3 rating is primarily supported by the Group:

› Leading market position, protected by high barriers to entry, and by its well diversified business model;
› Long track record of positive organic growth through the cycle;
› Supportive long-term fundamentals of the TIC (Testing, Inspection and Certification) market;
› Conservative financial policies underpinned by large cash reserves and balanced capital allocation between Capex spending, acquisitions and shareholder distributions;
› Track record of solid free cash flow (FCF) generation and strong liquidity.

This long-term credit rating will help Bureau Veritas in further diversifying its sources of funding, enhancing access to capital markets, and managing debt maturities in line with the Group’s strategy. The full rating report is available on moodys.com.

FOCUSED PORTFOLIO

In line with the LEAP | 28 strategy of active portfolio management and in order to focus the portfolio on market leadership positions, Bureau Veritas has activated an M&A program to develop a new market stronghold in Consumer Technology Testing. To that effect the Group signed definitive agreements to acquire three players to expand its position in testing and certification services for the Electrical and Electronics consumer products segment in South and North-East Asia, for a combined revenue of c. EUR 20 million in 2023.

	ANNUALIZED REVENUE	COUNTRY/ AREA	SIGNING DATE	FIELD OF EXPERTISE
Consumer Products Services
OneTech Corp.	EUR 12m	South Korea	March 2024	Testing and certification services for Electrical and Electronics consumer products
Kostec Co., Ltd	EUR 5m	South Korea	March 2024	Testing and certification services for Electrical and Electronics consumer products
Hi Physix Laboratory India Pvt.	EUR 3m	India	March 2024	Electrical and electronics products testing and certification services laboratory

For more information, the press release is available by clicking here.

CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS

› Bureau Veritas joins the United Nations Global Compact

On February 26, 2024, Bureau Veritas announced that it joined the United Nations Global Compact, the world’s largest initiative related to corporate social responsibility (CSR). With this move, the Group confirms its commitment to abiding by the Ten Principles of the voluntary initiative, which seeks to advance universal principles on human rights, labor, environment, and anti-corruption.

› Strong recognition by non-financial rating agencies

On March 7, 2024, the Group was ranked first in its category by Morningstar Sustainalytics. With a 9.1 rating, the Group ranks at the first position of the ‘Research and Consulting’ category out of 72 companies and is now classified in the “Negligible risk” category.

› Corporate Social Responsibility (CSR) key indicators

	UNITED NATIONS’ SDGS	Q1 2024	Q1 2023	2028 TARGET
ENVIRONMENT / NATURAL CAPITAL
CO2 emissions (scope 1 & 2, 1,000 tons)3	#13	150	146	107
SOCIAL & HUMAN CAPITAL
Total Accident Rate (TAR)4	#3	0.28	0.27	0.23
Gender balance in senior leadership (EC-II)5	#5	28%	30%	36%
Number of learning hours per employee (per year)6	#8	2.8	4.2	40.0
GOVERNANCE
Proportion of employees trained to the Code of Ethics	#16	98.5%	96.6%	99.0%

OPERATIONAL APPOINTMENTS

› Khurram Majeed appointed Executive Vice- President, Commodities, Industry and Facilities, Middle East, Caspian and Africa

On April 1st, 2024, Khurram Majeed became Executive Vice-President, Commodities, Industry and Facilities, for the Middle East, Caspian and Africa. With this role, the Group aims to leverage the full potential of this growing market opportunities specific to the Middle East, Caspian and Africa region. This is a dynamic region undergoing several evolutions in natural resources, construction, and industrial spaces. This new organization will also allow Bureau Veritas to facilitate solutions scaling and resources utilization across the region.

For more information, the press release is available by clicking here.

2024 OUTLOOK CONFIRMED

Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas expects to deliver for the full year 2024:

› Mid-to-high single-digit organic revenue growth;
› Improvement in adjusted operating margin at constant exchange rates;
› Strong cash flow, with a cash conversion7 above 90%.

The Group expects H2 organic revenue growth above H1 given stronger comparables in Q2.

LEAP | 28 STRATEGY

On March 20, 2024, Bureau Veritas announced its new strategy, LEAP | 28, with the following ambitions:

2024-2028
GROWTH CAGR		High-single digit total revenue growth8
With:		Organic: mid-to-high single digit
And:		M&A acceleration and portfolio high-grading
MARGIN		Consistent adjusted operating margin improvement8
EPS CAGR8 + DIVIDEND YIELD		Double digit returns
CASH		Strong cash conversion9: above 90%

Over the period 2024-2028, the use of Free Cash Flow generated from the Group’s operations will be balanced between Capital Expenditure (Capex), Mergers & Acquisitions (M&A) and shareholder returns (dividend):

ASSUMPTIONS
CAPEX		Around 2.5-3.0% of Group revenue
M&A		M&A acceleration
DIVIDEND		Pay-out of 65% of Adjusted Net Profit
LEVERAGE		Between 1.0x-2.0x by 2028

Q1 2024 BUSINESS REVIEW

MARINE & OFFSHORE

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	122.1	113.1	+8.0%	+13.6%	-	(5.6)%

The Marine & Offshore business delivered a strong 13.6% organic revenue increase in the first quarter of 2024 with the following trends:

› A solid double-digit increase in New Construction (40% of divisional revenue), supported by a strong orderbook made of various types and sizes of vessels;
› Core In-service activity (47% of divisional revenue) posted a double-digit growth, benefiting from a combination of price increases and volume growth due to the increase in the number of classed vessels and from the ageing of the fleet. At March end, the fleet classed by Bureau Veritas comprised of 11,823 ships, representing 150.8 million of Gross Register Tonnage (GRT);
› Services (13% of divisional revenue, including Offshore) recorded a mid-single-digit growth, and were driven by good commercial development of non-class services, including consulting services around ship energy efficiency.

New orders totaled 2.8 million gross tons at the end of March 2024, up 21% from March 2023, in a stable shipping market. This brings the order book to a healthy 23.3 million gross tons at the end of the quarter, up 9.7% year on year.

Sustainability achievements

During this first quarter of 2024, Bureau Veritas has awarded the World’s first prototype certification for Solarduck's Floating Offshore Solar Solution. Throughout the certification process, Bureau Veritas meticulously evaluated the prototype against rules and standards, including guidance note NI631 on the Certification Scheme for Marine Renewable Energy Technologies. These assessments covered various aspects such as the floating structure, mooring system, stability analysis, materials, and electrical safety systems. Bureau Veritas also delivered a certificate to a valve manufacturer for pioneering hydrogen valve technology.

AGRI-FOOD & COMMODITIES

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	297.3	302.7	(1.8)%	+3.2%	-	(5.0)%

The Agri-Food & Commodities business achieved organic revenue growth of 3.2% in the first quarter of 2023, with a mixed growth dynamic of the different activities.

The Oil & Petrochemicals segment (O&P, 32% of divisional revenue) recorded once again a mid-single-digit organic growth, despite the competitive nature of this business in some geographies such as Asia. This strong performance was driven by (i) market share gains in Europe; (ii) a stronger activity level in the Middle East from trading routes shifts and new laboratories starts; (iii) a sustained growth traction from non-trade activities (Oil Condition Monitoring, bio and sustainable fuels for the marine and aviation fields). This includes a solid ramp-up of a large contract around lubrication fuels for a key player of the Automotive Industry.

The Metals & Minerals segment (M&M, 31% of divisional revenue) achieved a stable performance in the first quarter. The Upstream business (which represents two-third of M&M) faced unfavorable comparables as customers remained cautious on investments in view of the current macro conditions. The activity however benefited from a very good momentum for precious metals such as gold and from the Group’s on-site laboratories strategy, with a new win in Latin America. Trade activities performed well owing to a favorable mix and volume combination for some metals such as copper or zinc.

In Q1 2024, Agri-Food (23% of divisional revenue) grew mid-single digit on an organic basis, led by a high-single digit performance in the Agri business. Europe led the pack, growing strongly thanks to solid developments in key countries such as Italy and Portugal or along the Danube corridor. The Food business grew mid-single digit organically, benefited from a good traction in Asia and the recovery of the Australian activities. The Middle East region continued to show strong performance led by favorable prices and volumes growth as well as the ramp-up of new laboratories.

Government services (14% of the divisional revenue) delivered a slightly negative organic growth in the quarter due mainly to unfavorable comparables and temporary volume reductions from the ending of some contracts. These were partly offset by the good performance of Single Window contracts in some African countries. The pipeline of new opportunities remains solid.

Sustainability achievements

In the first quarter of 2024, Bureau Veritas delivered several sustainability services to its customers ranging from services around commodities emission fugitive, sustainable aviation fuel or traceability for wood products.

INDUSTRY

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	295.6	295.3	+0.1%	+16.3%	(2.5)%	(13.7)%

Industry continued to perform well in the first quarter of 2024 with an organic growth of 16.3%, with growth in most markets and geographies.

By market, Power & Utilities (12% of divisional revenue) growth was moderated by unfavorable comparables. Business declined in Latin America reflecting the decision to exit low profitable contracts (in Brazil and Chili). In Europe, the nuclear power generation segment was fueled by the ramp-up of QA/QC inspection projects in the UK while suffering from the negative impact of the end of EPR Flamanville 3 project in France.

Renewable Power Generation activities (solar, wind, hydrogen) continued to accelerate with high double-digit organic performance delivered across most geographies. This was led by the US, where the Group continued to expand its renewables power (solar/wind) business, with many small contracts wins as it benefited from early opportunities linked to the Inflation Reduction Act investments. Opportunities around hydrogen, carbon capture and storage projects are also promising. During the period, the Group signed a partnership with Inthy, a renewable energy and hydrogen producer, and the Bourgogne Franche-Comté region of France, to launch Europe's first large-scale hydrogen storage test site.

In Oil & Gas (33% of divisional revenue), the activity remained buoyant, up double-digit organically in the quarter. Both Capex and Opex services strongly increased across most geographies as they continue to benefit from the conversion of a solid sales pipeline and a healthy backlog. The activity was particularly dynamic in the US, Asia and Australia.

Industry Products Certification (17% of divisional revenue) delivered high-single-digit organic revenue growth led by price increases and growing activity for Pressure & Welding, and Electromechanical & Advanced Technologies sub-segments. Growth was strong in the Asia Pacific and Middle East regions.

Elsewhere, the Environmental Testing business (9% of divisional revenue) performed well, with the remediation works in Canada benefiting from favorable weather conditions in the first quarter.

Sustainability achievements

In the first quarter of 2024, the Group was awarded a contract to deliver integrated QA/QC services for the construction of a 493 MW El Dorado Solar facility with TriGlobal Energy in the US. The Group was also selected for the renewables equipment supervision for a Chinese energy company.

BUILDINGS & INFRASTRUCTURE

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	441.0	431.6	+2.2%	+3.6%	-	(1.4)%

The Buildings & Infrastructure (B&I) business delivered an organic revenue growth of 3.6% in the first quarter, fueled by Europe, North America, Asia Pacific and by the Middle East.

During the period, the building-in service activity outperformed the construction-related activities.

The Americas region (27% of divisional revenue) delivered solid growth. Bureau Veritas US operations recorded mid-single digit organic revenue growth, benefitting from its diversified portfolio of activities. Double-digit growth was maintained for the data center commissioning business fueled by continued geographical expansion. Code compliance grew high-single-digit organically thanks to housing expansion in southern states. In Latin America, the Group delivered solid growth in both Brazil and Chile offsetting the contraction from B&I activity termination in Argentina.

Growth in Europe (51% of divisional revenue) was robust overall, up 4.9% organically. Strong growth was delivered in Italy benefiting from infrastructure spend thanks to the National Recovery and Resilience Plan (NRRP). In France, Opex services, representing three quarters of the country’s revenue, grew above the country average thanks to positive pricing and newly introduced services. The Capex-related activities grew slightly in a declining market, as it leverages its different served markets. This business is weighted more towards infrastructure and public works (including the Olympic Games 2024).

The Asia Pacific region (18% of divisional revenue) recorded a 5.1% organic revenue increase led by high growth in South and Southeastern Asian countries and Australia. In China, activity remained moderate, with solid trends in energy-related construction activity, boosted by the energy transition, but weak spending on transport infrastructure projects.

Lastly, in the Middle East & Africa region (4% of divisional revenue), the Group continued to deliver double-digit organic revenue growth led by Saudi Arabia, benefiting from the development of numerous megaprojects.

Sustainability achievements

The Group continues to provide decarbonization solutions as asset owners transition towards a building sector aligned with long term goals of the Paris Agreement in 2015. In the first quarter, in Spain, the Group was selected to carry out Energy Audits (EED) mandatory compliance on all shops for a large European retailer. The Group also performed an environmental assessment of 40 sites in France for a leading retailer, through soil pollution audits.

CERTIFICATION

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	117.4	106.9	+9.8%	+13.7%	-	(3.9)%

Once again, the Certification business posted a strong performance over the first quarter of 2024, recording a 13.7% growth on an organic basis. This was achieved through good volumes growth, owing to favorable market conditions, and robust price increases. All geographies grew organically, with the Americas, Middle East & Africa and Asia leading the pack.

QHSE & Specialized Schemes solutions (48% of the divisional revenue) grew high-single digit, thanks to the recertification cycle occurring this year for some standards. It supported the robust performance in QHSE solutions, especially in Europe where it recorded a high organic growth thanks to Bureau Veritas’ leading position and broad coverage. As an illustration, the Group recently signed an exclusive multi-year framework agreement with a leading beverage industry player for ISO 9001 and ISO 14001 schemes across all European operations. This agreement also covers environmental management system & food safety schemes certification. Specialized Schemes contributed strongly to the growth. Volumes benefited from strong tailwinds linked to the recertification requirements around specific schemes in the automotive industry.

Sustainability-related solutions & Digital (Cyber) certification activities (31% of divisional revenue) also grew double-digit on an organic basis, benefiting from the excellent traction around environmental and carbon services, food sustainability and increasing demand for cybersecurity assurance. In France, the public outsourcing contract with the Direction Générale de l’Alimentation providing inspection services around food safety is ramping up.

Other solutions, including Training (21% of the divisional revenue) recorded a low-single-digit revenue contraction in Q1 2024, despite the excellent performance of its Spanish operations.

Sustainability achievements

In the first quarter of 2024, Bureau Veritas was granted a key contract by a large online retailer, covering training and advisory solutions pertaining to the development of environmental procedures in 13 European countries. The scope of services to be rolled-out will encompass different themes such as air quality and GHG emissions, waste and wastewater as well as biodiversity.

In the US, the Group also delivered FSC (Forestry Stewardship Council) label certification services to ensure sustainable practices in the forest management services operated by the Maryland Department of Natural Resources.

CONSUMER PRODUCTS SERVICES

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	166.1	154.9	+7.2%	+6.1%	+5.4%	(4.3)%

The Consumer Products Services division posted a 6.1% organic revenue performance over the first quarter of 2024, with varying geographical and service trends boosted by early seasons shipments.

Asia is progressively recovering, especially in China, while the Americas (especially Latin America) and the Middle East continue to benefit from the geographical, sector and services diversification strategy.

Softlines, Hardlines & Toys (46% of divisional revenue) saw high-single digit organic growth in the first quarter of 2024, due to the end of destocking and early shipments, in response to logistics delays from the Red Sea shipping lanes disruptions.

Healthcare (including Beauty and Household) (9% of divisional revenue) delivered solid double-digit organic growth in Q1. This performance is driven by global accounts, especially for Advanced Testing Laboratory (ATL) and Galbraith Laboratories Inc. with a promising sales pipeline (both companies acquired in 2022 in the US).

Supply Chain & Sustainability services (14% of divisional revenue) recorded a very good double-digit performance accreditable to the restart of test activities and to the shipment growth.

Technology (31% of divisional revenue) saw a mid-single-digit contraction on the first quarter of 2024, affected by a global decrease in demand for electrical and mobility equipment.

The Group pursued its geographical diversification strategy to build resilience and unlock growth for the consumer Tech sub-segment in the first quarter of 2024. Realizing three acquisitions (OneTech Corp., Kostec Co. and Hi Physix Laboratory India Pvt.) to strengthen its position in the Electrical & Electronics consumer products testing in South and North-East Asia. The acquisition of ANCE, announced in February 2024, also allows Bureau Veritas to enter a new market and will serve as a springboard for expansion into North America, Mexico being one of the fastest growing exporters towards the USA.

Sustainability achievements

During the first quarter of 2024, Bureau Veritas was awarded a contract to deliver social audits for the social responsibility program expansion of a large online retailer in more than 800 additional locations across Asia. The Group also was awarded a contract to realize environmental audit and sustainable claims services for an American luxury department store chain.

PRESENTATION

› Q1 2024 revenue will be presented on Thursday, April 25, 2024, at 6:00 p.m. (Paris time)
› A video conference will be webcast live. Please connect to: Link to video conference
› The presentation slides will be available on: https://group.bureauveritas.com/investors/financial-information/financial-results
› All supporting documents will be available on the website
› Live dial-in numbers:

- France: +33 (0)1 70 37 71 66
- UK: +44 (0) 33 0551 0200
- US: +1 786 697 3501
- International: +44 (0) 33 0551 0200
- Password: Bureau Veritas

2024 FINANCIAL CALENDAR

› Shareholder’s Meeting: June 20, 2024
› H1 2024 Results: July 26, 2024 (pre-market)
› Q3 2024 Revenue: October 23, 2024 (post market)

ABOUT BUREAU VERITAS

Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress. With a vision to be the preferred partner for customers’ excellence and sustainability, the company innovates to help them navigate change.
Created in 1828, Bureau Veritas’ 83,000 employees deliver services in 140 countries. The company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability.
Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40 ESG, CAC Next 20, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on LinkedIn and X/Twitter.

Our information is certified with blockchain technology.
Check that this press release is genuine at www.wiztrust.com.

This press release (including the appendices) contains forward-looking statements, which are based on current plans and forecasts of Bureau Veritas’ management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors such as those described in the Universal Registration Document (“Document d’enregistrement universel”) filed by Bureau Veritas with the French Financial Markets Authority (“AMF”) that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These forward-looking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, according to applicable regulations.

APPENDIX 1: Q1 2024 REVENUE BY BUSINESS

IN EUR MILLION	Q1 2024	Q1 2023	CHANGE	ORGANIC	SCOPE	CURRENCY
Marine & Offshore	122.1	113.1	+8.0%	+13.6%	-	(5.6)%
Agri-Food & Commodities	297.3	302.7	(1.8)%	+3.2%	-	(5.0)%
Industry	295.6	295.3	+0.1%	+16.3%	(2.5)%	(13.7)%
Buildings & Infrastructure	441.0	431.6	+2.2%	+3.6%	-	(1.4)%
Certification	117.4	106.9	+9.8%	+13.7%	-	(3.9)%
Consumer Products	166.1	154.9	+7.2%	+6.1%	+5.4%	(4.3)%
Total Group revenue	1,439.5	1,404.5	+2.5%	+8.0%	+0.1%	(5.6)%

APPENDIX 2: DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS

The management process used by Bureau Veritas is based on a series of alternative performance indicators, as presented below. These indicators were defined for the purposes of preparing the Group’s budgets and internal and external reporting. Bureau Veritas considers that these indicators provide additional useful information to financial statement users, enabling them to better understand the Group’s performance, especially its operating performance. Some of these indicators represent benchmarks in the testing, inspection and certification (“TIC”) business and are commonly used and tracked by the financial community. These alternative performance indicators should be seen as a complement to IFRS-compliant indicators and the resulting changes.

GROWTH

Total revenue growth

The total revenue growth percentage measures changes in consolidated revenue between the previous year and the current year. Total revenue growth has three components:

› organic growth;
› impact of changes in the scope of consolidation (scope effect);
› impact of changes in exchange rates (currency effect).

Organic growth

The Group internally monitors and publishes “organic” revenue growth, which it considers to be more representative of the Group’s operating performance in each of its business sectors.

The main measure used to manage and track consolidated revenue growth is like-for-like, or organic growth. Determining organic growth enables the Group to monitor trends in its business excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control, as well as scope effects, which concern new businesses or businesses that no longer form part of the business portfolio. Organic growth is used to monitor the Group’s performance internally.

Bureau Veritas considers that organic growth provides management and investors with a more comprehensive understanding of its underlying operating performance and current business trends, excluding the impact of acquisitions, divestments (outright divestments as well as the unplanned suspension of operations – in the event of international sanctions, for example) and changes in exchange rates for businesses exposed to foreign exchange volatility, which can mask underlying trends.

The Group also considers that separately presenting organic revenue generated by its businesses provides management and investors with useful information on trends in its industrial businesses, and enables a more direct comparison with other companies in its industry.

Organic revenue growth represents the percentage of revenue growth, presented at Group level and for each business, based on constant scope of consolidation and exchange rates over comparable periods:

› constant scope of consolidation: data are restated for the impact of changes in the scope of consolidation over a 12‑month period;
› constant exchange rates: data for the current year are restated using exchange rates for the previous year.

Scope effect

To establish a meaningful comparison between reporting periods, the impact of changes in the scope of consolidation is determined:

› for acquisitions carried out in the current year: by deducting from revenue for the current year revenue generated by the acquired businesses in the current year;
› for acquisitions carried out in the previous year: by deducting from revenue for the current year revenue generated by the acquired businesses in the months in the previous year in which they were not consolidated;
› for disposals and divestments carried out in the current year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year in the months of the current year in which they were not part of the Group;
› for disposals and divestments carried out in the previous year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year prior to their disposal/divestment.

Currency effect

The currency effect is calculated by translating revenue for the current year at the exchange rates for the previous year.

___________________________________
1 Alternative performance indicators are presented, defined and reconciled with IFRS in appendix 2 of this press release.
2 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.
3 Indicator calculated over 12 rolling months.
4 TAR: Total Accident Rate (number of accidents with and without lost time x 200,000/number of hours worked).
5 Proportion of women from the Executive Committee to Band II (internal grade corresponding to a management or executive management position) in the Group (number of women on a full-time equivalent basis in a leadership position/total number of full-time equivalents in leadership positions).
6 Indicator calculated over a 3-month period compared to a 12-month period for 2028 target values.
7 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit
8 At constant currency.
9 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424501799/en/

Permalink
https://www.aetoswire.com/en/news/2404202438890

Contacts

ANALYST/INVESTOR CONTACTS

Laurent Brunelle
+33 (0)1 55 24 76 09
laurent.brunelle@bureauveritas.com

Colin Verbrugghe
+33 (0)1 55 24 77 80
colin.verbrugghe@bureauveritas.com

Karine Ansart
+33 (0)1 55 24 76 19
karine.ansart@bureauveritas.com

MEDIA CONTACTS

Anette Rey
+ 33 (0)6 69 79 84 88
anette.rey@bureauveritas.com