SNC-Lavalin reports strong growth for Q1 2023

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SNC-Lavalin Group has reported record order book and strong revenue growth, particularly in its engineering services segment. 

In the first quarter of 2023, SNC-Lavalin reported revenues of $2bn, up from $1.87bn in the first quarter of 2022. That growth in revenues was driven by engineering services with organic growth of 17.5%. Other segments also grew. 

At the same time, the company reported a record-high order book of $12.1bn at the end of March 2023, up by 8% on its levels a year earlier. This was also driven by a rise in the engineering services segment where the order book grew by 25.3%, which was in turn strengthened by the significant investment in infrastructure and construction in the USA. 

Ian L. Edwards, president and CEO of SNC-Lavalin Group Inc, said: “With our strong first quarter results, we believe that we are well on track to deliver the Company’s 2023 outlook. First quarter performance further emphasises that our “Pivoting to Growth” strategy is succeeding, as we become a Professional Services and Project Management company. Our continued backlog growth in SNCL Services demonstrates the resiliency of our business amid economic pressures, and our list of prospects is strong as government and commercial clients continue to invest in infrastructure and as the world transitions to a low carbon environment.”

SNC-LavalinMarch 31 2023March 31 2022
Revenues (millions)$2,023.1$1,888.1
Adjusted EBITDA (millions)$146.0$115.5
EBITDA Margin (%)8.5
Net debt to adjusted EBITDA (ratio)2.9
Order Book (millions)$12,079.3
Booking-to-revenue (ratio)1.13