Q3 2018 trading update

Continued strong revenue growth and improved EBIT, driven by early cyclical marine site characterisation market

Leidschendam, The Netherlands
26 Oct 2018

  • Revenue growth of 29.1% on comparable basis, mainly driven by offshore wind and oil & gas markets.
  • Close to mid-single digit EBIT margin, improved compared to the same period last year, mainly as a result of strong performance of the Marine site characterisation business.
  • Net debt/EBITDA unchanged at 2.5 and expected to improve towards year-end.
  • Strong backlog growth, especially in offshore activities.
  • Outlook 2018 unchanged: revenue growth on a comparable basis, a marginally positive EBIT margin, and positive cash flow from operating activities after investments dependent on revenue growth and the related working capital requirements.
  • Strategy update to be presented at the Capital Markets Day on 14 November 2018.
Key figures (in EUR million)
Unaudited
Q3 2018 Q3 2017 reported growth comparable growth1
Revenue 434.7 364.0 19.4% 29.1%
Backlog remainder of the year 366.9 348.9 5.2% 8.3%
Backlog next 12 months 916.8 867.2 5.7% 8.9%
1Revenue and backlog growth corrected for currency effect (of approximately -1% on revenues and -3% on backlog) and for portfolio changes related to the divestment of the marine construction and installation activities in 2017.

Mark Heine, CEO: “I am pleased to report the third consecutive quarter of top-line growth driven by the ongoing expansion of offshore wind developments and recovery of the global oil and gas market. In our early cyclical marine site characterisation activities we are experiencing sharp growth and improving prices, resulting in strongly improved profitability.

The marine asset integrity market is still oversupplied, which leads to a continued challenging pricing environment. Due to favourable infrastructure markets in most of the countries where we operate, we also realised good revenue growth in the site characterisation business line of the Land division.

We remain committed to generate positive cash flow by focusing on margin and price improvement, cost control and strict working capital management. 

During the past couple of months we have been working on a strategy update, and we will present the results on 14 November. We will address both the required improvement in our performance as well as our mid to long term strategy.”

For more information

Media

Edward Legierse
media@fugro.com
+31 (0) 70 31 11129

Investors

Catrien van Buttingha Wichers
c.vanbuttingha@fugro.com
+31 703 115 335

 

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