Fugro at over 3-yr highs on 'material' beat in H1 earnings

Fugro NV

27/07/2023 08:54

** Shares in geotechnical services provider Fugro  FUGR.AS 
jump over 7% as it "materially" beats expectations with its H1
results
    ** Fugro reports H1 revenue of 1.02 billion euros ($1.13
billion), with EBITDA of 160.4 million euros, boosted by
expectations-beating marine services unit
    ** The company also expects yearly EBIT margin to be within
the mid term target range of 8-12%, which compares to previous
comments of "towards the range"
    ** "We believe the share price will move up today as the
company beats expectations materially," ING says, adding the
market seems to have been overly cautious on marine unit's
operational leverage 
    ** "This quarter everything worked fine in Marine," ING says
    ** KBC also applauds H1 EBIT more than doubling, and beating
consensus by 13%, and a raised annual guidance
    ** The stock is touching its highest price in 41 months,
heading for its biggest single-day jump in 9 months if gains
hold
($1 = 0.8993 euros)

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))