Fugro, the global leader in Geo-data solutions, has announced its financial results for the year 2024, showcasing significant improvements in profitability and cash flow. The company’s EBIT margin rose to 13.8%, and net profits reached €274 million. This performance was driven by robust growth in the Europe-Africa and Asia Pacific regions, despite facing challenges in the Americas and Middle East markets.
Financial Highlights
In 2024, Fugro achieved a 4.0% increase in revenue, totaling €2.275 billion. The company’s operating cash flow saw a substantial 20% rise, amounting to €406 million, while free cash flow stood at €161 million. Earnings per share were reported at €2.44, and the dividend per share increased to €0.75, up from €0.40 in 2023. The 12-month backlog also grew by 4.3%, reaching €1.577 billion.
Regional Performance
- Europe-Africa and Asia Pacific: These regions experienced strong revenue growth, contributing significantly to the company’s overall performance.
- Americas and Middle East & India: Challenging market conditions led to a decline in revenue in these areas. However, effective cost management helped mitigate the impact.
Strategic Developments
In line with its “Towards Full Potential” strategy, Fugro expanded its geotechnical fleet, enhancing its service capabilities. The company also invested in asset-light and low-carbon solutions, including uncrewed surface vessels. The acquisition of EOMAP, a leader in satellite-based mapping of marine and freshwater environments, has bolstered Fugro‘s technological offerings.
Outlook for 2025
Looking ahead, Fugro aims to continue delivering on its mid-term targets, with an expected EBIT margin within the 11-15% range and anticipated revenue growth. The company plans to capitalize on opportunities in emerging markets such as water, carbon capture, critical minerals, and the surveillance of underwater infrastructure. Despite geopolitical uncertainties and challenges in the U.S. offshore wind sector, Fugro remains confident in the strong market fundamentals for its Geo-data services.
CEO’s Statement
Mark Heine, CEO of Fugro, commented: “Our financial performance in 2024 was good, as we delivered well against the mid-term targets of our strategy Towards Full Potential. We significantly improved our EBIT margin, as well as our operating cash flow. In three out of four regions, we realised double-digit EBIT margins, driven by both our Marine and Land activities. We are also pleased to be able to raise our dividend to €0.75 per share, combined with a return on capital employed of 18.1%, above our mid-term target.”
