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Q1 2022 trading update

Strong revenue and backlog growth. Improved EBIT and cash flow

22 Apr 2022   07:00 CET
Leidschendam, the Netherlands

  • Revenue increased by 23.3% supported by high client demand in energy and infrastructure markets
  • Overall margin improvement in a seasonally weak quarter
  • Free cash flow was negative EUR 7.2 million; a significant year-on-year improvement
  • 12-month backlog is up by 27.8% to EUR 1,164 million
  • Outlook full-year 2022: continued revenue growth and further margin expansion.
Key figures (x EUR million)
Q1 2022 Q1 2021
Revenue 365.4 283.8
    comparable growth1 23.3% (17.2%)
EBITDA2 26.9 13.1
EBIT2 (2.7) (14.9)
EBIT margin2 (0.7%) (5.3%)
Cash flow from operating activities after investing (free cash flow)3 (7.2) (44.8)
Backlog next 12 months 1,164.00 875.7
    comparable growth1 27.8% (0.9%)

1. Corrected for currency effect
2. Adjusted for specific items
3. Including discontinued operations

Mark Heine, CEO: “We experience high client demand for our solutions for the energy transition, climate change adaptation and sustainable infrastructure. As energy security is now firmly on the agenda, traditional energy activities are also growing stronger than anticipated. The positive market sentiment is demonstrated by recent awards. These include site investigations for bp’s offshore wind farms Morgan and Mona in the Irish Sea and artificial islands in Hong Kong’s Central Waters, as well as a coastal resilience survey along India’s Andhra Pradesh coast.

The current market outlook supports our Path to Profitable Growth strategy. It is encouraging that we improved our margin and cash flow in a seasonally weak quarter. We remain focused on disciplined tendering and mitigating inflationary pressures.

As communicated earlier, we are suspending our limited operations in Russia as a consequence of the tragic war in Ukraine. The war particularly affects our marine crew from Ukraine and Russia. We have immediately set up teams tasked with providing tangible support for our Ukrainian colleagues and their families. I am very impressed by how everyone involved has been handling this extremely difficult situation and in the meantime, we secured sufficient staff to ensure ongoing operation of our vessels.”

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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