Fugro Reports Robust Growth and Enhanced Profitability in 2023, Unveils Strategic Expansion Plans

Fugro Reports Robust Growth and Enhanced Profitability in 2023, Unveils Strategic Expansion Plans

(IN BRIEF) Fugro, a global leader in geo-data solutions, announces a strong performance in 2023 with notable revenue growth of 27.5% to EUR 2.2 billion, propelled by heightened client demand in energy markets. The company demonstrates significant improvement across all regions, achieving an EBITDA of EUR 397.3 million and an EBIT of EUR 252.1 million, with a boosted net result of EUR 254.8 million compared to EUR 74.1 million in 2022. Strengthened cash flow of EUR 213.3 million and a robust 12-month backlog of EUR 1.48 billion underscore Fugro’s financial resilience. CEO Mark Heine highlights the successful execution of the Path to Profitable Growth targets, emphasizing strategic progress and commitment to sustainability. Fugro launches its new strategy “Towards Full Potential” with mid-term targets set for 2027, focusing on expanding business, enhancing social and environmental performance, and investing in innovation and execution excellence. Amidst uncertain macro-economic and geopolitical conditions, Fugro remains well-positioned to capitalize on opportunities arising from the energy transition and climate change adaptation.

(PRESS RELEASE) LEIDSCHENDAM, 29-Feb-2024 — /EuropaWire/ —

* 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.”

Media Contacts:

Catrien van Buttingha Wichers
Director Investor Relations
+31 70 31 15335

Serge van de Ven
Director Corporate Communications
+31 70 31 11129

SOURCE: Fugro N.V.