From GlobeNewswire.:

CGG reported strong financial improvements in 2023, with revenue at $1,125m, up 21%. Organic cash generation reached $32m, with positive net cash generation expected in 2024 and around $100m in 2025 to support the deleveraging roadmap. Key figures for Q4 2023 included strong cash generation of $48m, while full year 2023 saw revenue at $1,076m with a net cash flow of $32m. In the years 2024-2026, CGG anticipates mid-single digit growth in its core markets and accelerated growth in new businesses like High-Performance Computing and Structural Health Monitoring. The company aims to deleverage its balance sheet and has outlined a financial roadmap through 2025, including repurchasing $30m of debt in 2024. Full year 2024 financial objectives include aligned segment revenue with 2023, growth in Geoscience and Earth Data, and a positive net cash flow comparable to 2023. Key figures from Q4 2023 showed a 1% decrease in operating revenues compared to 2022, with a significant drop in operating income. At the end of December 2023, net debt was at $871m. In the same period, segment revenue increased to $1,125m, up 21% year-on-year, while segment EBITDAs reached $400m with a 36% margin. Segment leverage ratio was 2.4x at the end of December 2023.



Read more at GlobeNewswire.::  CGG Announces its Q4 & FY 2023 Results