Fugro falls on lower than expected 2022 revenue and EBIT

Fugro NV

23/02/2023 08:38

** Shares in Fugro  FUGR.AS  fall more than 9% after the
Dutch deep-sea energy prospector reported 2022 revenue and EBIT
below expectations 
    ** The company posted FY revenue of EUR 1.77 billion ($1.88
billion) and EBIT of EUR 107.6 million
    ** "Neither our expectations nor market expectations are
met," says KBC Securities, adding revenue missed its
expectations by 1% and consensus estimates by 2%
    ** The company expects for 2023 ongoing strong revenue
growth and further margin expansion
    ** "For 2023, the company expects growing demand from
renewable and energy markets. This growth needs to leverage
further revenue and margin increases," says KBC
    ** Share on track for its worst day since 2022-12-19, when
it closed 23% lower 
($1 = 0.9423 euros)
 (Reporting by Marianna Ciabach-Malinowska)
 ((Marianna.ciabach@tr.com))