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DEME reports strong first half 2023 performance

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 29/08/2023 DEME Group

DEME announces impressive performance highlights for the first half of 2023, showcasing substantial growth in its orderbook, turnover, and EBITDA. The company's strategic initiatives, expansion efforts, and commitment to sustainability have all contributed to these positive outcomes.

DEME's orderbook for the first half of 2023 reached a remarkable €7.7 billion, representing a substantial 36% increase compared to the same period in 2022. This surge underscores DEME's solid market positioning and robust demand across all segments.

Group turnover witnessed a robust year-over-year growth of 14%, soaring from €1.3 billion in H1 2022 to almost €1.5 billion in H1 2023. This growth was particularly pronounced in the Offshore Energy and Environmental segments, reflecting the company's diverse portfolio and expanding global operations.

DEME achieved an EBITDA of €222 million, with an impressive EBITDA margin of 15.0% of sales, showcasing a significant uptick from the €191 million and 14.8% margin reported in the first half of 2022. Despite challenges related to project start-ups and supply chain delays in certain segments, the company's solid financial performance remains evident.

Net profit for the first half of 2023 was €30 million, influenced by exchange rate fluctuations. Capital expenditure for the period totaled €216 million, reflecting the company's ongoing investments in its fleet to enhance capabilities across segments.

DEME's continuous efforts to combat climate change and drive sustainable growth have yielded positive outcomes. The company achieved significant milestones, including the expansion of its orderbook, entry into new markets in the US and Asia, fleet investments, and ongoing growth initiatives. Notably, DEME's operational excellence aligned with its long-term vision for sustainable profitability.

With a strong orderbook and promising turnover figures for the first semester, coupled with healthy profitability, DEME reaffirms its full-year guidance. The company remains committed to its strategic goals and anticipates continued positive performance throughout the year.

Luc Vandenbulcke, CEO of DEME, stated: "During the first half of 2023, while we continued our fight against climate change, we once again demonstrated strong and consistent performance including sizeable additions to our orderbook, geographical expansions in the US and Asia, further investment in our fleet, and the continuation of several long-term growth initiatives."

Vandenbulcke continued: "With important projects in start-up phase in the first half of the year, we delivered results consistent with our goal of ensuring a sustainable profitable long-term future for DEME."

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