Driven by early cyclical marine site characterisation market
Revenue growth of 29.1% on comparable basis, mainly driven by offshore wind and oil & gas markets.
Close to mid-single digit EBIT margin, improved compared to the same period last year, mainly as a result of strong performance of the Marine site characterisation business.
Net debt/EBITDA unchanged at 2.5 and expected to improve towards year-end.
Strong backlog growth, especially in offshore activities.
Outlook 2018 unchanged: revenue growth on a comparable basis, a marginally positive EBIT margin, and positive cash flow from operating activities after investments dependent on revenue growth and the related working capital requirements.
Strategy update to be presented at the Capital Markets Day on 14 November 2018.
Mark Heine, CEO: “I am pleased to report the third consecutive quarter of top-line growth driven by the ongoing expansion of offshore wind developments and recovery of the global oil and gas market. In our early cyclical marine site characterisation activities we are experiencing sharp growth and improving prices, resulting in strongly improved profitability. The marine asset integrity market is still oversupplied, which leads to a continued challenging pricing environment. Due to favourable infrastructure markets in most of the countries where we operate, we also realised good revenue growth in the site characterisation business line of the Land division.
We remain committed to generate positive cash flow by focusing on margin and price improvement, cost control and strict working capital management.
During the past couple of months we have been working on a strategy update, and we will present the results on 14 November. We will address both the required improvement in our performance as well as our mid to long term strategy.”
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Fugro EUR 1127 +59ct vol. 347.000