Fugro half-year financial results 2023


27 Jul 2023 07:00 CET


Leidschendam, The Netherlands

Strong set of results in first half of 2023. Delivering on mid-term targets.

  • 24.1% revenue growth due to continued high client demand in energy markets, in particular for offshore wind site characterisation solutions and related nearshore activities.

  • Significant improvement in EBITDA and EBIT margin to 15.8% and 8.9% respectively, driven by all regions.

  • Net result increases to EUR 71.7 million

  • Free cash flow increases by EUR 85.0 million as a result of EUR 59.4 million higher operating cash flow and better working capital performance.

  • The 12-month backlog is up 21.3%, supported by marine business lines in all regions.

  • Improved outlook full-year 2023: ongoing strong revenue growth, EBIT margin and return on capital employed within mid-term target range, and positive free cash flow.

Key figures (x EUR million) - UnauditedQ2 2023Q2 2022H1 2023H1 2022
- comparable growth*21.5%12.8%24.1%17.2%
EBIT margin**11.8%8.7%8.9%4.6%
Net result71.729.4
Cash flow from operating activities after investing (free cash flow)***(5.4)(67.6)10.2(74.8)
Backlog next 12 months1,303.21,104.71,303.21,104.7
- comparable growth*21.3%21.7%21.3%21.7%

* Corrected for currency effect
** Adjusted for specific items with a total impact of EUR 2.5 million on EBIT in H1 2023
*** Including discontinued operations

Mark Heine, CEO: “I am very pleased to report a strong set of results. All regions contributed to significant higher margins and cash generation, in particular the Americas and Europe-Africa. Overall, better contracting conditions, increasing asset utilisation and better operational performance led to a significant improvement in particular in the marine site characterisation business.

Across the globe, we are benefitting from high client demand for climate change adaptation and energy transition solutions, in particular for offshore wind developments. We are continuing on our trajectory of further diversification into future proof markets. At the same time, as expected, revenue in oil & gas is growing due to the need for energy security.

On the back of this set of results, the strength of our markets and our unique positioning, we are confident that we will deliver on our mid-term targets this year. To remain successful in capturing the market opportunities and secure controlled growth, we continue to invest in our people and asset base. At our capital markets day on 14 November 2023, we will update the market on our strategy and future targets.”

Press release

Half year press release 2023

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Catrien van Buttingha Wichers

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Serge van de Ven

Director Corporate Communications

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