Q1 2018 trading update Fugro reports revenue and backlog growth

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Overig advies 26/04/2018 07:23
Offshore oil and gas market stabilising
Year-on-year revenue grew 3.3% on a comparable basis; this first increase after 12 quarters reflects a stabilising offshore oil and gas market.
EBIT improved from a high-single digit to mid-single digit negative margin in seasonally weak first quarter, mainly as a result of lower depreciation and cost reductions.
Cash flow from operating activities after investments was negative, mostly due to increased working capital.
Net debt/EBITDA of 2.5; expected to improve towards year-end.
Backlog for the next 12 months increased by 7.7% on a comparable basis year-on-year.
Outlook 2018: After three years of sharp revenue decline Fugro expects revenue growth on a comparable basis, an improved EBIT margin and positive cash flow from operating activities after investments.

Paul van Riel, CEO: “After three years of dealing with a strongly contracting offshore oil and gas market, we are pleased to report an increase in our activity level. Supported by the measures taken last year, results improved, but limited as we are still working on low margin contracts which were secured at the bottom of the market.

The non-oil and gas markets that are relevant for Fugro, mostly building & infrastructure and offshore wind, continue to develop positively. Especially in offshore wind, Fugro benefits from the plans for large developments in the North Sea and elsewhere. In the offshore oil and gas market, the clear increase in the number of sanctioned projects indicates that we are at an inflection point. Currently we are still facing oversupply and a strongly competitive environment, but we are achieving some price recovery in selected markets. We continue to focus on price improvement, cost control and positive cash flow generation.”


Fugro shareholders adopt all resolutions at AGM
At today's annual general meeting, Fugro’s shareholders approved all resolutions including the adoption of the company's 2017 financial statements, the reappointment of Paul Verhagen to the Board of Management, and the reappointments of Antonio Campo and Douglas Wall to the Supervisory Board.

As planned, Paul van Riel stepped down as CEO and chairman of the Board of Management.

Harrie Noy, chairman of the Supervisory Board: “I want to thank Paul for his dedication and perseverance, in leading Fugro through the unprecedented market downturn while maintaining its strong market positions as independent services provider. At the same time Fugro changed into a much more client focused organisation, delivering integrated service packages to its customers. We wish Paul all the best for the future.”

Paul van Riel: “In the past few years we have transformed the company to deal with changing markets and a deep downturn. It is encouraging that the oil and gas market is now stabilising. Working with and building Team Fugro has been the key motivator for me in my years at the company. I am also grateful to other stakeholders for their continued support. Since the start of the year I have had the pleasure to work closely with Øystein Løseth, my successor, to introduce him to Fugro staff and key clients around the world. I am confident that, working together with the management team and Fugro staff, he will lead Fugro back to better times.”

Paul van Riel was succeeded by Øystein Løseth, who has extensive management experience at board level in major companies in the oil & gas and energy industries. Before joining Fugro, he was on the Board of Directors of Statoil, a listed international energy company with 20,000 employees in 30 countries, of which the last two years as Chairman of the Board.

tijd 17.33
Fugro eur 13,27 +1,82 vol. 5.272.256



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