Q1 is usually a weak quarter and this was no exception. Revenues are decreasing sequentially by 11% at €283m (and by -17% yoy), at both the Marine (€189m, -10% qoq) and Land (€95m, -10% qoq) divisions. Management guides for revenue growth in Q2 as the backlog is slightly higher than in Q4 (€875m) and expects a modest margin improvement for FY21.
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Q1: growth expected to resume in Q2
Q1 is usually a weak quarter and this was no exception. Revenues are decreasing sequentially by 11% at €283m (and by -17% yoy), at both the Marine (€189m, -10% qoq) and Land (€95m, -10% qoq) divisions. Management guides for revenue growth in Q2 as the backlog is slightly higher than in Q4 (€875m) and expects a modest margin improvement for FY21.