Wednesday 12 August 2015

Fugro report Q2 2015

Fugro, Q2, 2015, report, front page

The hopefully turnaround case Fugro arrived with their Q2 report and the reading was less than exciting. The share price has kept dropping so I assume that the market was also not so excited this time.

For the report in full please go here and to see my previous summary then visit Fugro report Q2 2015 and to find out more about Fugro then please click on analysis of Fugro 2015.

Since it is the half year report there were more information given. Things are not going well for Fugro. They have managed to keep the revenue high and even increasing it which is based on currency effects. I still like that they have managed to keep that up. The backlog keeps shrinking and as we can see it has even shrunk more than going fro Q1 to Q2 so they have in no way managed to bring in more contracts and this is bad news. For the running half year we even end up with a bit of a loss in the size of -0.12 € per share.

Fugro, Q2, 2015, financial statement

Conclusion: Last quarter I thought that things would start to brighten up with a bit of an increased oil price but now that is dropping again and it will keep Fugro pushed down. I still stick to my claim that they have managed to bootstrap themselves which caused increased costs last year and also this year in terms of personnel costs and depreciations. I will remain shareholder.

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