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Fugro half-year financial results 2021

Return to growth in Q2 and improved margins. Further diversification driven by growth in renewables, infra and nautical.

29 Jul 2021   07:00 CET
Leidschendam, The Netherlands

Half year results 2021

  • In the second quarter, revenue was up by 14.1%; the first increase since the start of the pandemic. Overall, first half-year revenue declined slightly despite growth in the renewables, infrastructure and nautical markets, which now represent 60% of Fugro’s revenue.
  • Improved EBIT margin for the second quarter and the first half-year, in both the marine and land businesses, resulting from a combination of cost control and second quarter revenue growth.
  • Free cash flow was negative EUR 52.5 million due to higher working capital mainly resulting from revenue growth, seasonality and an exceptionally low working capital at year-end 2020.
  • Completion of divestment of non-core subsidiary Seabed Geosolutions for EUR 13.4 million in cash.
  • The 12-month backlog is up 3.3%, driven by the land business.
  • Outlook full-year 2021: revenue growth, modest margin improvement and around break-even free cash flow.
Key figures (x EUR million)
from continuing operations unless otherwise indicated1
Q2 2021 Q2 2020 H1 2021 H1 2020
Revenue 389.5 349.0 673.3 707.4
   comparable growth2 14.1% (19.3%) (1.8%) (10.3%)
EBITDA3 59.8 54.1 72.9 61.3
EBIT3 31.7 25.8 16.7 4.3
EBIT margin3 8.1% 7.4% 2.5% 0.6%
Net result4 5.4 (51.6)
Net result incl. discontinued operations 17.2 (113.1)
Cash flow from operating activities after investing (free cash flow)5 (5.6) 33.0 (52.5) 15.5
Backlog next 12 months 863.4 845.2 863.4 845.2
   comparable growth2 3.3% 1.1% 3.3% 1.1%


  1. Seabed Geosolutions’ results classified as discontinued operations
  2. Corrected for currency effect
  3. Adjusted for specific items; with a total impact on EBIT of EUR 5.9 million (impairment and restructuring costs) in H1 2021
  4. Excluding non-controlling interests
  5. Free cash flow includes cash flow from discontinued operations

Mark Heine, CEO: “During the second quarter, one year after the outbreak of the pandemic, we have returned to growth. This was largely on account of our renewables business, highlighting our leading position and flexibility to shift assets and capabilities to growth markets. In the second quarter, our infrastructure and oil & gas related activities were also up, after a very challenging 2020. 

We continue to make progress with our diversification. Currently, 60% of our revenue is generated in renewables, infrastructure and nautical. This is in line with our objective to support clients with the energy transition, climate change adaptation and the development of sustainable infrastructure. For example, we are presently executing services for offshore wind projects for Atlantic Shores in the US and Thang Long in Vietnam, and a cable route survey for Alcatel’s new fibre-optic cable system connecting North America to Asia. In addition, we continue to implement our remote operations, encompassing remote positioning, hydrography and inspection services. For Woodside in Australia, we recently successfully completed our first remote inspection project with an uncrewed surface vessel, which has much lower CO2 emissions and safety risks than a traditional vessel. 

Supported by cost reductions implemented over the past quarters and second quarter revenue growth, our margins are up. While there are still Covid uncertainties that impact our business, we expect revenue growth and a modest margin improvement for the full-year. Even though there is still a gap between current performance and our mid-term targets, we are confident that we are back on our Path to Profitable Growth.

For more information


Serge van de Ven

+31 (0) 70 31 11129


Catrien van Buttingha Wichers

+31 (0) 70 31 15335


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