(AFP/ERIC PIERMONT)
The investment company Wendel announced on Thursday an 11.7% increase in its consolidated turnover in the first quarter, to 1.85 billion euros, thanks in particular to the good health of two of its holdings.
“The first quarter of 2024 was dynamic for Wendel and the companies in its portfolio,” commented Wendel Chairman of the Management Board Laurent Mignon, quoted in a press release.
The listed investment company relied in particular on the “strong organic growth” of Crisis Prevention Institute (training, +9.7%) and the French inspection and certification group Bureau Veritas (+8%), its main line.
The activity of the certification specialist against money laundering and financial crime ACAMS, on the other hand, is in decline (-3.1%), affected “by calendar effects which should be offset during the year” .
The revalued net assets, a key indicator for measuring the value of the portfolio, reached 7.9 billion euros as of March 31, or 178.1 euros per share.
The investment company Wendel saw its net profit divided by more than four last year, to 142.4 million euros, the fall being explained by the absence of a large sale unlike in 2022.
It announced at the beginning of April, after the close of the first quarter, the sale of 9% of the capital of the French inspection and certification group Bureau Veritas for an amount of 1.1 billion euros.
Wendel “remains the largest shareholder and controlling shareholder of Bureau Veritas, and reiterates its full confidence in Bureau Veritas’ strategy,” the company wrote on Thursday.
Heir to a Lorraine industrial group, Wendel has been making a strategic shift since the end of 2022 and the arrival of former BPCE boss Laurent Mignon, aiming in particular to “intensify and accelerate” investments.
The company has 2.3 billion euros in cash as well as a credit line of 875 million euros, it said on Thursday.
It has already started to market: Wendel announced last October exclusive negotiations for the repurchase of a majority stake in IK Partners, an asset management company specializing in the unlisted market.
The finalization of this operation is expected “in the coming weeks”, according to Mr. Mignon.