Fugro Half-year results 2024
Published
01 Aug 2024 07:00 CET
Location
Leidschendam, the Netherlands
Fugro expands margin considerably in H1 2024. Diversified revenue mix with renewables representing 40%
Strong 7.1% revenue growth driven by client demand in offshore wind, partially offset by lower oil & gas
For the first time, renewables surpasses oil & gas revenue (40% and 35% of revenue, respectively)
Significant step-up in results with 20.5% EBITDA and 13.2% EBIT margin, fuelled by strong Marine performance, specifically in Europe-Africa
Net result increases to EUR 112.5 million
Operating cash flow expands to EUR 187.0 million, offset by higher working capital
12-month backlog growth of 16.6% supported by all regions
Outlook full-year 2024 updated: continued revenue growth, EBIT margin around 13%.
| Key figures (x EUR million) unaudited | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
|---|---|---|---|---|
| Revenue | 587.9 | 552.5 | 1,091.1 | 1,018.3 |
| - comparable growth* | 5.5% | 21.5% | 7.1% | 24.1% |
| EBITDA** | 141.2 | 101.7 | 224.1 | 160.4 |
| EBIT** | 99.3 | 65.0 | 143.6 | 90.3 |
| EBIT margin** | 16.9% | 11.8% | 13.2% | 8.9% |
| Net result | 112.5 | 71.7 | ||
| Earnings per share*** | 1.00 | 0.66 | ||
| Operating cash flow before changes in working capital | 120.8 | 88.8 | 187.0 | 131.0 |
| Cash flow from operating activities after investing (free cash flow)**** | (47.2) | (5.4) | (105.1) | 10.2 |
| Backlog next 12 months | 1,521.7 | 1,303.2 | 1,521.7 | 1,303.2 |
| - comparable growth* | 16.6% | 21.3% | 16.6% | 21.3% |
* Corrected for currency effect
** Adjusted for specific items with a total impact of EUR (7.2) million on EBIT in H1 2024
*** Basic earnings per share (in euro)
**** Including discontinued operations
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 pleased with the significant margin expansion that we have achieved during the first half of the year, in particular in our Marine business. The improved performance was underpinned by better terms and conditions, operating leverage and solid project execution, despite still increasing cost levels.
While geopolitical developments and elections worldwide create uncertainties which may impact policies, our Geo-data solutions remain key to the energy transition, infrastructure development and climate change adaptation. We continue to capture the ample opportunities in our markets, supported by our healthy and growing backlog.
We are progressing well with the implementation of our Towards Full Potential strategy, supported by ongoing investments in people, technology and execution excellence. Since early July, Fugro Resolve and Fugro Resilience are at work, supporting further growth in the buoyant market for geotechnical site characterisation solutions. We are successfully attracting the people we need to support our clients. In the first half year, despite tight labour markets, we hired over 1000 people, and voluntary staff turnover dropped to 9%.
Looking ahead, I am convinced that with our people, technology and solutions we are well positioned to achieve our strategic objectives and mid-term targets.“
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