Strong revenue growth of 14.8% and margin expansion. Over 40% increase in offshore wind
23 Feb 2023 07:00 CET
Leidschendam, the Netherlands
Ongoing strong growth in revenue and backlog demonstrates Fugro’s leading positions in buoyant markets. In 2022, 63% of Fugro’s revenue was in wind, infra and water.
EBIT margin increased to 6.1% driven by land and nearshore performance; marine improved slightly despite high-cost inflation and adjusting the asset base for future growth.
EBITDA amounted to EUR 230.4 mn (2021: EUR 175.6 mn) and net result to EUR 74.1 mn.
Operating cash flow up by 50% to EUR 179.4 mn; offset by higher growth-related capital expenditure and working capital, resulting in EUR 23.9 mn free cash flow for the year.
The 12-month backlog increase of 37.5% is supported by all regions and business lines, reflecting both volume and price increases.
Outlook 2023: ongoing strong revenue growth and further margin expansion. Capex is estimated at EUR 200-225 million, including the acquisition of two geotechnical vessels, and investments in uncrewed vessel strategy and net zero roadmap. In light of the accelerated market developments, Fugro plans to update the market on the next phase of the Path to Profitable Growth strategy in the second half of the year.