Fugro’s Revenue Soars to €2.2 Billion in 2023, Unveils ‘Towards Full Potential’ Strategy

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Rise in Revenue for Geo-data Giant, Fugro

Our sources report that Fugro, a Geotechnical services powerhouse based in the Netherlands, witnessed a substantial increase in its revenue by 27.5% in 2023. Garnering a whopping €2.2 billion as compared to their €1.7 billion in 2022, the company attributes its growth primarily to a surge in demand within the energy markets.

Spike in Offshore and Oil & Gas Revenues

It is noted that the offshore wind sector experienced a 55% upturn, as did the oil & gas sector with a 37% increase. The company has also reported an elevation in Marine activities by 37.9%, with an augmented fleet utilization rate of 75%, from a previous rate of 72%.

Mild Growth in Land Activities Offset by Geo-data Services

While Fugro achieved robust growth in some areas, the Land activities sector saw a restrained growth of 3.2%, which was reportedly caused by weak infrastructure market revenues in key areas and certain business rationalizations in 2022. However, the offerings of Geo-data as a service contributed to building recurring revenues to compensate for this.

Encouraging Financial Indicators

According to financial details shared by the company, Fugro’s Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) stood at a promising €397.3 million (18.2% margin). Earnings Before Interest and Taxes (EBIT) was also strong, at €252.1 million (11.5% margin). In addition, the company’s operating cash flow, before any changes to working capital, rose to €347.3 million, while the capital expenditure fell short of the anticipated €200 million, accruing only €182 million.

Our sources revealed that Fugro managed to reduce their net debt from €207.4 million to €110.5 million. Furthermore, the company boasts a solid 12-month backlog of €1.48 billion, indicating a 6.3% increment.

Sailing into 2024: Fugro’s Outlook

CEO, Mark Heine, signals strategic progress and a positive response to investments in global energy mechanisms, particularly offshore wind, as key contributors to their strong financial performance. The company anticipates continued revenue growth in 2024, mainly propelled by the energy market. Fugro is endeavouring to reach an EBIT margin target of 11-15%, and is planning to allot approximately €250 million towards capital expenditure.

New Developments and Expansions

  • Fugro’s strategic objectives involve transforming their existing business and venturing into hitherto unexplored sectors like coastal resilience, in addition to building recurring revenues with its Geo-data services.
  • In November 2023, Fugro took over complete ownership of SEA-KIT International, further strengthening its marine capabilities.
  • In an attempt to support the flourishing offshore wind industry, Fugro also established a new office in South Korea in collaboration with a local partner.


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