Annual top-line revenue growth was impressive at 20%, but the segmental analysis revealed a mixed picture. The 77% drop in the after-sales business was alarming as the cash pre-funding rate was below the company’s target of 70%. Sensing and Monitoring, however, delivered an impressive performance by more than trebling revenues with strongly positive margins of c.25% and should maintain this performance in H2. At 2.6x, CGG remains highly leveraged, having a net debt double the market cap.
