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Favourable wind for Fugro full year results

Fugro deepwater

Fugro has reported growth in both revenue and earnings for 2018 in its full year results.

Helped by growth in the offshore wind sector, Fugro has reported earnings before interest, tax, depreciation and amortisation (EBITDA) were €117.8M (£102.2M) in 2018, up from €100.8M (£87.47M) in 2017.

Revenue in 2018 was €1.65bn (£1.43bn) compared with €1.49bn (£1.29bn) for the previous year, growth of 19.2% compared with 13.2% in 2017.

The firm said all its divisions showed growth, particularly marine, which saw revenue of almost €1.1bn (£950M) last year, up from just over €947M (£821.7M) in 2017.

Fugro CEO Mark Heine said: “The year 2018 marks a turning point in our results. With our market leading positions, we have benefited from the gradual recovery of the oil and gas market and the ongoing expansion of offshore wind, which were the key drivers behind the sharp growth and improving prices in early cyclical marine site characterisation activities.

“This resulted in a strong increase in revenue and profitability, partly offset by disappointing results in Seabed and lagging profitability of our late cyclical marine asset integrity services.”

Last year Fugro reported that its revenues had fallen for the third consecutive year by 16% to €1.49bn (£1.3bn).

Heine added: “Our updated strategy ‘Path to Profitable Growth’ is the basis for further improvement of our profitability by capturing the upturn in energy and infrastructure, differentiating by integrated digital solutions and leveraging our core expertise in new growth markets.

“We continue to look for divestment opportunities of our non-core assets.

“To accelerate strategy implementation and further increase efficiencies we have decided to simplify the top structure by introducing a regional model with four regions, directly reporting to the Board of Management.

“In addition, an executive leadership team will be established which comprises, besides the Board of Management, the Regional Group Directors and several functional directors. This enhances alignment in our organisation and creates more focus on our strategic and operational priorities.”

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