Q1 2023 trading update


26 Apr 2023 07:00 CET


Leidschendam, The Netherlands

Strong improvement in revenue, margin and cash flow. Capturing high client demand in energy markets.

  • Exceptional revenue growth of 27.5%, especially related to offshore wind site characterisation solutions

  • 5.4% EBIT margin driven by all regions & business lines, due to better pricing and operational performance

  • Operating cash flow increased by EUR 29.3 million to EUR 42.2 million due to higher profitability, partly offset by higher growth-related working capital, resulting in a free cash flow of EUR 15.6 million

  • 12-month backlog up by 22.4% due to solid client demand in particular in the energy markets

  • Outlook full-year 2023: ongoing strong revenue growth, margin expansion towards mid-term target of 8-12% EBIT and a positive free cash flow.

Key figures (x EUR million) unauditedQ1 2023 Q1 2022
Revenue465.8 365.4
comparable growth127.5%23.3%
EBITDA258.7 26.9
EBIT225.3 (2.7)
EBIT margin25.4% (0.7%)
Cash flow from operating activities after investing (free cash flow)315.6(7.2)
Backlog next 12 months1,401.5 1,164.0
comparable growth122.4% 27.8%

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

Mark Heine, CEO: “These first quarter results represent a further step-up in our performance. I am particularly pleased with the strong margin and cash flow improvement, with all four regions contributing. We are delivering on the ongoing significant client demand, in particular for our offshore wind farm site characterisation solutions, resulting in higher vessel utilisation and better pricing. In our land business, we report a continuation of the performance improvement as demonstrated over the past quarters.

Our robust backlog provides support towards our mid-term margin. In order to remain successful in capturing the market opportunities and realise controlled growth, we continue to invest in project execution, our people and asset base. On 14 November 2023, we will host a capital markets day to update the market on our strategy and mid-term targets.”

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Catrien van Buttingha Wichers

Director Investor Relations

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Serge van de Ven

Director Corporate Communications

Sea Auk activities on the WaveWalker1 working on windfarm Hollandse Kust Noord

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