Fugro: net result maintained in first half year of 2009

Major developments in the first half of 2009

• The net result for the first six months of 2009 increased by 2.8% to EUR 112.4 million (first half of 2008: EUR 109.3 million).
• Revenue in the first half of 2009 increased by 4.3% to EUR 1,035.3 million (first half of 2008: EUR 992.9 million).
• The acquisition strategy continued by way of acquisitions with a combined annual revenue of EUR 18.6 million. The total purchase price for the acquisitions up to 30 June 2009 was EUR 23.2 million.
• Thanks to a good utilisation, the company’s position in the market and a number of cost-saving measures, net result was maintained. There is price pressure in a few market segments.
• Agreement was reached for the prolongation of the bank credit lines (EUR 300 million) up to April 2012.

Outlook

• Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the full year 2009 will be approximately the same as last year (2008: EUR 2,154.5 million) with a net result of around EUR 260 million (2008: EUR 283.4 million).
• Activities related to exploration are experiencing the greatest pressure on prices.
• Positive effects from stimulus packages are expected in the coming period.
• The already initiated investment programme, which includes, among others, the refitting and renewal of the vessel fleet, continues.
• The order backlog for the coming six months amounts to EUR 931 million (end June 2008: EUR 969 million).

Read the full press release below (pdf).