The publication of this H1 2022 press release, originally planned for 28 July 2022, has been brought forward to support the launch of Fugro’s new financing package (reference is made to separate press release).
- Ongoing growth in revenue supported by particularly high client demand for renewables services.
- Overall EBIT margin improved despite inflationary and supply chain pressures, which mainly impacted the marine business in the second quarter.
- Operating cash flow increase offset by higher capital expenditure, resulting in negative free cash flow.
- The 12-month backlog is up 21.7%, supported by all business lines and regions.
- Outlook full-year 2022 reconfirmed: continued revenue growth and further margin expansion.
Key figures (x EUR million)
unaudited |
Q2 2022 |
Q2 2021 |
H1 2022 |
H1 2021 |
| Revenue |
467.7 |
389.5 |
833.0 |
673.3 |
| comparable growth1 |
12.8% |
14.1% |
17.2% |
(1.8%) |
| EBITDA2 |
70.6 |
59.8 |
97.5 |
72.9 |
| EBIT2 |
40.7 |
31.7 |
38.0 |
16.7 |
| EBIT margin2 |
8.7% |
8.1% |
4.6% |
2.5% |
| Net result |
|
|
29.4 |
17.2 |
| Cash flow from operating activities after investing (free cash flow)3 |
(67.6) |
(5.6) |
(74.8) |
(52.5) |
| Backlog next 12 months |
1,104.7 |
863.4 |
1,104.7 |
863.4 |
| comparable growth1 |
21.7% |
3.3% |
21.7% |
3.3% |
1. Corrected for currency effect
2. Adjusted for specific items with a total impact of EUR (3.8) million on EBIT in H1 2022
3. Including discontinued operations
Mark Heine, CEO: “Against a backdrop of geopolitical uncertainty and volatile markets, we are experiencing high client demand for energy transition and climate change adaptation solutions across the globe. In particular for offshore wind developments, activity levels are high. Due to the tragic war in Ukraine, energy security is now also firmly on the agenda of countries worldwide and supports our traditional energy activities. Notable recent awards include site investigations for Denmark’s largest offshore wind farm Thor and for the Hung Shui Kiu/Ha Tsuen New Development Area in Hong Kong and the creation of a 3D elevation model to support Ireland’s coastal resilience. By now, over 60% of our revenue is generated from offshore wind, infrastructure and water related projects.
Our EBIT margin improved, and I am pleased that, in addition to Europe-Africa, the Americas, Asia Pacific and Middle East & India are contributing again to group performance. Overall, we have seen another solid step up in the operational performance of our land business. At the same time, the uncertain macro-economic environment, intensified by the war in the Ukraine has resulted in a sharp increase in inflationary and supply chain pressures during the past months, especially in marine. However, in good cooperation with our clients, we have managed to partially mitigate the impact of these unprecedented price increases.
We reconfirm our full-year outlook of growth and further margin expansion. The strength of Fugro’s end-markets and our unique positioning is emphasised by clients seeking to secure capacity, also beyond the coming 12 months. Overall, we are making good progress on our Path to Profitable Growth strategy, targeting further improvements in our margin and cash generation through higher pricing, increasing asset utilisation, disciplined cost management, operational excellence and digital transformation.”