AMSTERDAM May 6 Shares in Dutch geotechnical
services group Furgo dropped nearly nine percent after the
company said it performed weakly in the first quarter and gave a
cautious first half outlook due to poor weather conditions.
At 0815GMT Fugro shares were down 8.9 percent at 42 euros
($58.29) in Amsterdam. The stock closed 2 percent lower on
Fugro, which provides services to the energy and
infrastructure industries, said earlier on Tuesday its quarterly
margin decreased significantly year-on-year in the first quarter
because of adverse weather conditions in multiple regions, which
it said affected offshore activities in all divisions and aerial
Sales, excluding multi-client sales, rose 6 percent, which
missed market expectations.
For the first half of 2014, Fugro said it expected high
single digit revenue growth.
ING, which has Fugro on its list of least favourite Benelux
stocks, said in a trading note the numbers were disappointing
and that the outlook looked "quite weak."
($1 = 0.7205 Euros)
(Reporting By Anthony Deutsch; Editing by Sophie Walker)