First half-year revenue was up by 24.1% on a currency comparable basis, based on double digit growth in all regions. The increase in marine amounted to 30.9%, mainly driven by site characterisations for offshore wind farms and increased activity levels in the oil & gas markets.
Vessel utilisation was 73% compared to 67% in the comparable period last year. Revenue in land increased by 8.6%, supported by nearshore activities for offshore wind and LNG developments. Overall, as a result of more mature energy transition roadmaps in an increasing number of countries, renewables grew by 60%. Fugro’s EBIT margin improved to 8.9% from 4.6% a year ago.
Fugro expects ongoing growth especially in the energy markets, in particular renewables, resulting in strong revenue growth for the full year. The EBIT margin and return on capital employed are anticipated to be within the mid-term target range of 8-12% and 10-15% respectively.
