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Fugro publishes full year results for 2020

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22 February 2021

Fugro saw margin improvement in the second half of 2020 and a solid cash flow. Successful refinancing provided the company with the flexibility to deliver on their 'Path to Profitable Growth' strategy.

Fugro's results for 2020 are as follows:

  • Revenue declined by 12.4% in the full year and by 14.4% in the second half, due to the impact of Covid-19 and the downturn in oil and gas, partly offset by strong growth in offshore wind. 
  • Continued diversification in Fugro’s business: in the second half of 2020, 59% of revenue was generated in renewables, infrastructure, nautical and other non-oil and gas related markets. 
  • Growth in offshore wind and cost reductions supported margin recovery to 6.5% in the second half-year compared to 0.6% in the first half of 2020. 
  • Strong free cash flow of EUR 105.4 million thanks to exceptionally strong working capital performance, resilient EBITDA and proceeds from the sale of Global Marine.
  • Net result including discontinued operations impacted by specific items, including non-cash impairments (mainly Seabed), restructuring costs and currency revaluation losses.
  • Refinancing strengthened balance sheet, resulting in net leverage of 2.1 (or 1.6 excluding IFRS-16).
  • Solid 12-month backlog of EUR 866.2 million, an 8.0% decrease compared to a pre-Covid backlog at the end of 2019.
  • In 2021, continued focus on managing costs and cash flow, and on operational and commercial excellence, with the aim of improving the margins.