- Revenue increased by a modest 3.7% compared to the third quarter last year. Renewables now generate 30% of Fugro’s revenue, up from 23% in the first half of the year.
- The 7.6% EBIT margin continued to be impacted by pandemic related challenges, more than anticipated at the start of the year.
- Free cash flow of EUR 77.4 million as a result of good operational cash flow and lower working capital.
- 12-month backlog is up 8.9%, supported by all business lines.
- Outlook full-year 2021 reconfirmed: revenue growth, modest margin improvement and around break-even free cash flow.
- Timing of mid-term targets redefined to 2023-2024.
Key figures (x EUR million)
from continuing operations unless otherwise indicated1
unaudited |
Q3 2021 |
Q3 2020 |
YTD 2021 |
YTD 2020 |
| Revenue |
378.0 |
360.7 |
1,051.3 |
1,068.2 |
| comparable growth2 |
3.7% |
(15.8%) |
0.1% |
(12.3%) |
| EBITDA3 |
57.8 |
67.5 |
130.7 |
128.8 |
| EBIT3 |
28.8 |
40.4 |
45.5 |
44.7 |
| EBIT margin3 |
7.6% |
11.2% |
4.3% |
4.2% |
| Cash flow from operating activities after investing (free cash flow)4 |
77.4 |
36.7 |
24.9 |
52.4 |
| Backlog next 12 months |
|
|
930.9 |
841.8 |
| comparable growth2 |
|
|
8.9% |
(3.7%) |
1. Results Seabed Geosolutions (divested per 28 June 2021) classified as discontinued operations
2. Corrected for currency effect
3. Adjusted for specific items; with a total impact on EBIT of EUR 5.8 million (impairment and restructuring costs) YTD 2021
4. Free cash flow includes cash flow from discontinued operations (EUR 11.9 million in Q3 2021)
Mark Heine, CEO: “Our revenue was up, highlighting our leading position and flexibility to shift assets and capabilities to strategic growth markets. We grew in line with the buoyant offshore wind market, which by now accounts for 30% of our revenue. Another third of our revenue was generated in the infrastructure and water markets.
With our technical innovations, digital solutions and strong reputation we are well positioned to contribute to the energy transition, climate change adaptation and sustainable infrastructure. This is demonstrated by a couple of our recent project awards, such as multiple site characterisations for offshore wind in Germany, the US, South Korea and Taiwan; various positioning projects for damage assessments in the aftermath of Hurricane Ida and research into the cause of subsidence at a former peat extraction site in the Netherlands.
We recently signed a strategic partnership with the Intergovernmental Oceanographic Commission of the UNESCO. Having been involved in UN’s “Ocean Decade” planning since 2019, Fugro is committed to help build a digital ecosystem, encompassing all sources and types of ocean science data. This bold global initiative, focused on reversing the cycle of decline in ocean health, fits perfectly with Fugro’s purpose to create a safe and liveable world.
I am confident that we are on track with our Path to Profitable Growth, targeting an EBIT margin of 8-12% and a free cash flow of 4-7% of revenue by 2023-2024.”