Feb 28 (Reuters) - Dutch geological data specialist
Fugro said its fourth-quarter revenue was affected by
political uncertainties in the U.S., with further setbacks
anticipated over the coming year.
Fugro, which provides geotechnical, survey, subsea and
geosciences services, recorded fourth-quarter revenue at 587.8
million euros ($610.37 million), slightly below market
expectations of 589 million euros, as it faced headwinds in the
Americas, Middle East and India.
In the Americas, which makes up 22% of the group revenue,
sales were down 11.5% organically in the fourth quarter at 137.8
million euros, due to uncertainty associated with U.S. elections
and potential policy changes, impacting the geophysical business
line in particular.
"In addition, the slow restart of North American LNG
business continues to impact nearshore activity in the Gulf of
Mexico and the US," the group said in a statement.
In November Fugro reported a muted performance in the
Americas and Middle East regions, citing the postponments of
projects in the U.S.
CEO Mark Heine said then he expected the U.S. presidential
elections to unlock multiple projects that had been put on hold.
Fugro expects its 2025 earnings before interest and taxes
(EBIT) margin to come in a range of 11% to 15%. The group
anticipates the setbacks on the U.S. market to weigh on revenue
growth, especially in the first half of the year.
It posted adjusted EBIT at 71.8 million euros in the fourth
quarter, ahead of a company-compiled consensus of 54 million
euros.
The group also said it will propose a dividend of 0.75 euro
per share, an 87.5% increase compared with a year ago.
($1 = 0.9630 euros)