Revenues soared by 45% yoy to above the €1bn threshold. The gradual margin improvement continued in Q1, increasing to 3.5%. Although this is lower than the FY guidance of 4%, the management is confident that the target will be achieved as the, remaining backlog of $10.2bn includes higher margin projects. The investment cycle, dubbed to be the “greatest” gives the management further confidence for the backlog and revenue growth although clients are still proving slow to take investment decisions.