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Dutch global geotechnical and geo-data expert Fugro has announced a spectacular 27.5% revenue increase to €2.2 billion in 2023. Driven by rising demand in the energy industry, encompassing offshore wind and oil and gas. This result demonstrates the company's new strategic objective, 'Towards Full Potential,' which aims for continued growth and increased sustainability by 2027.
Fugro stated that it accomplished currency-comparable revenue growth in 2023 by harnessing high demand from clients in the offshore wind (+55%) and oil & gas (+37%) domains. A major improvement in performance in all areas led to EBITDA of €397.3 million (18.2% margin) and EBIT of €252.1 million (11.5% margin).
"I am delighted to report another quarter of solid performance, capping off a year in which we made significant progress in executing on our plan, culminating in an EBIT margin of 11.5%. We have seen a dramatic improvement in our earnings as a result of large investments in global energy systems, especially offshore wind," stated Fugro CEO Mark Heine.
"With our one-of-a-kind client solutions, highly trained people, market-agnostic assets, and revolutionary scalable technology, we are prepared for the next stage of our strategic journey: Towards Full Potential. "Our top strategic priority is to expand and transform our current business, which will remain the most important driver of revenue and value creation in the medium term," Heine added.
Key Highlights-
- The net result grew to EUR 254.8 million, significantly from EUR 74.1 million in 2022.
- Fugro had a cash flow boost of EUR 213.3 million, a significant rise from EUR 23.9 million the previous year, owing to stronger operating cash flow and strict working capital management.
- The company's 12-month backlog remains strong at EUR 1.48 billion, up 6.3% from prior quarters.
- Fugro proposes a dividend of EUR 0.40 per share, subject to approval by shareholders at the annual general meeting on April 25, 2024.
- Fugro predicts ongoing revenue growth and an EBIT margin in the mid-term goal range of 11-15%.
- Net debt decreased to €110.5 million from €207.4 million in December 2022.
Fugro has obtained many global projects, including a 10-year framework deal with Dutch network operator Gasunie, as well as substantial contracts in the Americas, Asia Pacific, Middle East, and India areas. Fugro is confident about its view for 2024, which is consistent with its new strategy and mid-term objectives.
Read more here- https://www.fugro.com/news/press-releases/2024/full-year-results-2023
