ROVworld Subsea Information

Fugro posts 19.5% revenue rise
Date: Tuesday, March 31, 2009 @ 13:00:00 EDT

Fugro posts 19.5% revenue riseDutch engineering consultancy Fugro NV posted 2008 net profit slightly ahead of its earlier guidance on Friday, but gave no full-year forecast and said it would limit investments in 2009. The mid-cap company, which offers survey services to the oil and gas industry, said net profit rose 31 percent to 283 million euros ($358 million).

Revenue rose 19.5 percent to 2.15 billion euros, also in line with the company's guidance.

Fugro had confirmed its guidance in January that net profit would be at least 275 million euros and revenues would be 2.1 billion.

The company said it expected a modest increase in revenue in the first half of 2009 due to organic growth and acquisitions and a slightly lower net profit margin compared with the first half of 2008.

"In view of the current volatility in the market developments, the expected course of events for the full year 2009 cannot be indicated at this time," the company said in a statement.

Fugro added that due to uncertainty about the depth and duration of the global recession, it would restrict new investment, aim for flexibility in hired capacity such as chartered vessels and freelance staff, and impose strict cost controls.

The company said it would propose a dividend of 1.50 euros for 2008, up from the 1.25 euros paid for 2007.

Fugro added that expansion of its activities through acquisitions would remain part of its strategy, and the current market situation may lead to more realistic valuations of companies than in recent years.

• Full-year net profit 283 mln euros vs 216 mln in 2007
• Makes no full-year forecast due to market uncertainty
• Will limit investments, impose cost controls
• Proposes 1.50 euro dividend vs 1.25 euro for 2007

($1=.7909 Euro)

This article comes from ROVworld Subsea Information

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