Full-year results 2023


29 Feb 2024 07:00 CET


Leidschendam, the Netherlands

Strong 2023 for Fugro: high growth, improved margins and boosted cash flow

  • 27.5% revenue growth to EUR 2.2 billion driven by high client demand in energy markets

  • Significant step-up in performance in all regions, resulting in EBITDA of EUR 397.3 million (18.2% margin) and EBIT of EUR 252.1 million (11.5% margin)

  • Net result increases to EUR 254.8 million compared to EUR 74.1 million in 2022

  • Boosted cash flow of EUR 213.3 million compared to EUR 23.9 million last year as a result of higher operating cash flow and strict working capital management

  • Robust 12-month backlog of EUR 1.48 billion; 6.3% increase after steep growth during previous quarters

  • Proposed dividend of EUR 0.40 per share

  • New strategy Towards Full Potential and mid-targets for 2027 launched in November 2023

  • Outlook 2024: continued revenue growth and EBIT margin within mid-term target range of 11-15%.

Key figures (x EUR million) - unauditedQ4 2023Q4 202220232022
- comparable growth*28.2%8.5%27.5%14.8%
EBIT margin**11.5%3.8%11.5%6.1%
Net result254.874.1
Earnings per share***2.270.70
Cash flow from operating activities after investing (free cash flow)****136.229.2213.323.9
Backlog next 12 months1,483.21,424.81,483.21,424.8
- comparable growth*6.3%37.5%6.3%37.5%

* Corrected for currency effect
** Adjusted for specific items with a total impact of +EUR 0.2 million on EBIT in 2023
*** Basic earnings per share
**** Including discontinued operations

Refer for definitions of non-IFRS measures to the glossary in the additional information to the 2022 annual report. Refer to the back of this report for a reconciliation of non-IFRS performance measures to the most directly comparable IFRS figures

Mark Heine, CEO: I am excited to announce another quarter of strong performance, concluding a year in which we made great progress in delivering on our strategy, resulting in an EBIT margin of 11.5%. By benefitting from significant investments in energy systems around the world, including offshore wind, we have realised a major step-up in our results. Better contracting conditions, substantially higher activity levels and good project execution resulted in a step change in profitability, in particular in our marine site characterisation activities. We delivered on our Path to Profitable Growth targets, and we also made good progress with our non-financial targets by improving employee engagement and reducing our vessels’ carbon emissions. I am also pleased that our clean balance sheet and robust cash flow generation enable us to resume dividend payments.

Over the past years, we have created a solid foundation to seize the compelling opportunities in our markets, resulting from an ever-increasing need for Geo-data insights. With our unique client solutions, highly skilled people, market-agnostic assets and innovative scalable technology we are ready for the next chapter of our strategic journey: Towards Full Potential. Our key strategic priority is to grow and transform our current business, which will continue to be the most important driver of our revenue and value creation in the mid term. In addition, we have defined two other priorities that offer significant potential for the long term: expanding into developing segments with a large requirement for Geo-data such as coastal resilience, and building recurring revenues with Geo-data as a service. We have set targets for 2027 for our financial, social and environmental performance. In order to deliver on our ambitions while ensuring sustainable growth, we remain committed to investing in our people, technology and execution excellence.

The macro-economic and geopolitical environment remains uncertain and we continue to navigate this carefully. At the same time, Fugro remains well positioned to benefit from of the energy transition, massive infrastructure investments and urgently needed climate change adaptation.”


Full-year results 2023 press release

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