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Fugro announces strong full year results for 2023

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 29/02/2024 Fugro

Fugro, a global geotechnical and geo-data specialist, proudly reports a robust performance for the full year 2023, showcasing impressive growth, improved margins, and increased cash flow.

Key Highlights
  • 27.5% Revenue Growth: Fugro experienced a substantial 27.5% surge in revenue, reaching EUR 2.2 billion, fueled by heightened client demand in energy markets.
  • Enhanced Profitability: The company achieved an EBITDA of EUR 397.3 million (18.2% margin) and EBIT of EUR 252.1 million (11.5% margin), showcasing improved performance in all regions.
  • Net Result Soars: Net result increased to EUR 254.8 million, a significant rise from EUR 74.1 million in 2022.
  • Cash Flow Boost: Fugro witnessed a strengthened cash flow of EUR 213.3 million, a substantial increase from EUR 23.9 million in the previous year, attributed to higher operating cash flow and rigorous working capital management.
  • Solid Backlog: The company maintains a robust 12-month backlog of EUR 1.48 billion, marking a 6.3% increase after remarkable growth in previous quarters.
  • Proposed Dividend: Fugro proposes a dividend of EUR 0.40 per share, subject to approval by the annual general meeting of shareholders on 25 April 2024.
  • New Strategy: The company launched its new strategy, 'Towards Full Potential', and mid-term targets for 2027 in November 2023.
  • Outlook 2024: Fugro anticipates continued revenue growth and an EBIT margin within the mid-term target range of 11-15%.
    Fourth Quarter Highlights

    • Revenue increased by 28.2%, maintaining a strong growth trend from previous quarters.
  • Remarkably strong 11.5% EBIT margin in a typically low season, attributed to strong project execution in marine and improved terms & conditions.
    Review by Region


    • Revenue increased by 23.4%, with an expanded margin of 15.5%.
  • Significant growth in marine business lines; backlog increased by 11.0%.

    • Revenue increased by 28.3%, with an expanded margin of 10.1%.
  • Modest growth in land activities; 12-month backlog slightly lower due to the timing of projects.
    Asia Pacific:

    • Revenue increased by 37.3%, with an expanded margin of 7.9%.
  • Strong growth in marine business lines; backlog increased by 16.1%.
    Middle East & India:

    • Revenue increased by 26.6%, with an EBIT margin of 5.9%
  • Land activities saw modest improvement; backlog marginally lower.
    Recent Project Awards

    Fugro secured various projects globally, including a 10-year framework agreement with Dutch network operator Gasunie and significant projects in the Americas, Asia Pacific, and Middle East & India regions. Fugro remains optimistic about its outlook for 2024, aligning with its new strategy and mid-term targets.

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