Fugro reported €29m in earnings before interest and tax (EBIT) in the third quarter of 2021 down on the €40m EBIT reported in the same quarter last year.
EBIT margin for the third quarter 2021 was 7.6% compared with 11.2% in the same period in 2020.
Revenue increased by 3.7% compared to the third quarter last year, with renewables now generating 30% of Fugro’s revenue, up from 23% in the first half of the year.
CEO Mark Heine said he is confident that Fugro is on track to achieve its target of an EBIT margin of 8-12% and a free cash flow of 4-7% of revenue by 2023-2024.
“Our revenue was up, highlighting our leading position and flexibility to shift assets and capabilities to strategic growth markets.
“We grew in line with the buoyant offshore wind market, which by now accounts for 30% of our revenue. Another third of our revenue was generated in the infrastructure and water markets,” he said.