Engineering and services group Technip Energies has reaffirmed its annual targets, citing a “strong momentum” in order intake and solid operational and commercial performance in the first half of the year.
H1 2024 Financial Performance
The company reported a 46% increase in net profit for the first half, reaching 186.4 million euros, with revenue rising 7% to 3 billion euros, according to a results statement released on Thursday.
On an adjusted basis, net profit grew by 50% to 188 million euros, while revenue increased by 11% to 3.2 billion euros.
CEO Confident in Achieving Annual Objectives
“Technip Energies’ strong performance in the first half puts us on track to achieve our annual objectives,” said Arnaud Pieton, the group’s CEO.
“We have recorded a double-digit increase in our revenue thanks to the positive evolution of the order book and, more generally, the strong demand for our service offerings.”
“The quality of our execution has ensured the continued strength of our margins,” he added.
2024 Outlook
For the current year, the group is targeting revenue between 6.1 and 6.6 billion euros and a recurring EBIT margin between 7.0% and 7.5%.
Order Intake and Backlog
Adjusted order intake (new orders) reached 4 billion euros, “driven by low-carbon LNG facilities and the success of the TPS division” (Technology, Products, and Services), the group indicated. The adjusted order backlog stands at 17 billion euros.