Fugro: Dips on results from 'seasonally weak' quarter

Fugro NV

22/04/2021 11:32

** Shares in Fugro  FUGRc.AS  fall 3.3% after the Dutch
deep-sea energy prospector reported "seasonally weak"
first-quarter results
    ** The company posted Q1 total revenues down -17.2% at 284
million euros - slightly lower than KBC's 295 million euro
forecast - and Marine and Land divisions falling 10%
quarter-on-quarter
    ** Fugro guides for revenue growth in H2 and a modest margin
improvement for the full year, which in ING's view is a very
cautious outlook
    ** The broker also calls the group's underlying operational
cash flow falling to -45 million euros from -21.5 million euros
last year "a bit weak"

 ((olivier.cherfan@thomsonreuters.com))