Fugro jumps on 'strong' Q3, dividend resumption

Fugro NV

26/10/2023 09:42

** Shares in Fugro  FUGR.AS  rise more than 7%, set for best
day since October 2022, after the company reported 'very strong'
Q3 results according to KBC Securities
    ** The geotechnical services provider publishes Q3 revenue
at 608.9 million euros ($642.33 million), a comparable growth of
32.6%
    ** "The top-line growth combined with operational
efficiencies led to a very impressive adjusted EBIT margin of
16% (vs. 11.9% in 3Q22) well above the target of 8-12%," says
KBC
    ** The brokerage points to a very strong 3Q results, mainly
driven by the marine division were revenues show comparable
growth of 46.6%
    ** The company announces the intention to resume dividends
with pay-out of EUR 0.40 per share as of FY2023
    ** "Overall a very good set of results," says KBC, "We
believe the market is more looking forward to the CMD than
today's trading update," adds the broker
    ** Fugro is hosting its Capital Market Day on Nov 14 in
Amsterdam
    ** Including Thursday's gains, the stock is up 33.6%
year-to-date


($1 = 0.9480 euros)

 (Reporting Clement Martinot)
 ((Clement.martinot@tr.com))