Fugro has kicked off the year 2024 on a positive note, with impressive revenue growth and margin improvement seen across the board.
The company has experienced ongoing significant growth in offshore wind projects, leading to an overall revenue growth of 9.0%. This growth underscores Fugro’s pivotal role in supporting the energy transition in various countries worldwide.
Moreover, Fugro has witnessed a further improvement in profitability, with an impressive 16.5% EBITDA margin and an 8.8% EBIT margin. This notable achievement reflects the company’s commitment to operational excellence and efficiency.
In terms of cash flow, Fugro has reported an increase of EUR 24.0 million to EUR 66.2 million in operating cash flow, despite higher working capital compared to the previous year-end, which was at an exceptionally low level.
The 12-month backlog remains robust, showing a 9.9% increase compared to the previous year, indicating strong demand for Fugro’s services in the coming months.
Looking ahead, Fugro reiterates its outlook for the full year 2024, expecting continued revenue growth and aiming for an EBIT margin within the mid-term target range of 11-15%.
Mark Heine, CEO of Fugro, expressed his optimism about the company’s performance, highlighting the significant part played by Fugro in site characterizations for offshore wind projects. He emphasized the buoyancy of the offshore wind market driven by the global energy transition and governments’ commitments to carbon reduction initiatives.
Heine also underscored the robust performance in the Marine sector, driven by operational excellence and improved terms & conditions, despite increasing cost levels.
Fugro’s new strategy, Towards Full Potential, is gaining traction, with ongoing investments in people, technology, and execution excellence. Despite challenges in the labor market, the company has successfully recruited over 500 people in the first quarter, with voluntary staff turnover declining to 8%.
Fugro remains well-positioned to navigate macro-economic and geopolitical uncertainties while benefiting from the energy transition, infrastructure investments, and climate change adaptation efforts.
