Fugro sees return to growth in Q2 as it publishes half-year financial results
29 July 2021Highlights:
In the second quarter, revenue was up by 14.1%; the first increase since the start of the pandemic. Overall, first half-year revenue declined slightly despite growth in the renewables, infrastructure and nautical markets, which now represent 60% of Fugro’s revenue.
Improved EBIT margin for the second quarter and the first half-year, in both the marine and land businesses, resulting from a combination of cost control and second quarter revenue growth.
Free cash flow was negative EUR 52.5 million due to higher working capital mainly resulting from revenue growth, seasonality and an exceptionally low working capital at year-end 2020.
Completion of divestment of non-core subsidiary Seabed Geosolutions for EUR 13.4 million in cash.
The 12-month backlog is up 3.3%, driven by the land business.
Outlook full-year 2021: revenue growth, modest margin improvement and around break-even free cash flow.
view full results [pdf]
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