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Friday, 3 November 2017

Brunel International NV: Q3 2017: Through the trough

Brunel International NV    

Published: 08:00 CET 03-11-2017 /GlobeNewswire /Source: Brunel International NV / : BRNL /ISIN: NL0010776944

Brunel International NV: Q3 2017: Through the trough

Amsterdam, 3 November 2017

 

Key points Q3 2017

  • Strong improvement compared to Q2 2017
  • All time high headcount in Europe

 

Brunel International (unaudited)

P&L amounts in EUR million

        
 

Q3 2017

Q3 2016

Change%

  

YTD 2017

YTD 2016

Change%

 

Revenue

  194.5

  204.7

-5%

a

 

  579.8

  674.3

-14%

b

Gross Profit

  46.3

  45.3

2%

  

  133.3

  140.9

-5%

 

Gross margin

23.8%

22.1%

   

23.0%

20.9%

  

Operating costs

  39.3

  37.2

6%

c

 

  121.7

  116.2

5%

d

EBIT

  7.0

  8.1

-14%

  

  11.6

  24.7

-53%

 

EBIT %

3.6%

4.0%

   

2.0%

3.7%

  
          

Average directs

  9,665

  8,931

8%

  

  9,283

  9,398

-1%

 

Average indirects

  1,500

  1,456

3%

  

  1,485

  1,494

-1%

 

Ratio direct / Indirect

  6.4

  6.1

   

  6.3

  6.3

  
          

a -5 % like-for-like

      

b -15 % like-for-like

      

c 6 % like-for-like

      

d 4 % like-for-like

      

Like-for-like is measured excluding the impact of currencies and acquisitions

 

 The Group's revenue decreased by 5% due to the decrease in Global Business. In Q3, Europe has achieved the highest headcount ever. 

Revenue in The Netherlands increased by 6% compared to the third quarter of 2016, mainly driven by the business lines Engineering and IT.

Revenue per working day increased by 8%. The gross margin adjusted for working days is 30.6% (2016: 29.3%).

 

Headcount as of September 30th was 2,280 (2016: 2,125)

 

Working days The Netherlands

 

Q1

Q2

Q3

Q4

FY

2017

65

61

65

63

254

2016

63

62

66

64

255

 

Revenue in Germany increased by 4% compared to the third quarter of 2016. Revenue per working day increased by 5%.
The gross margin adjusted for working days is 38.2% (2016: 37.8%).

 

Headcount as of September 30th was 2,363 (2016: 2,263)

 

Working days Germany

 

Q1

Q2

Q3

Q4

FY

2017

65

59

65

60

249

2016

62

62

66

62

252

 

In Global Business revenue, excluding impact of the acquisition of SES Labour Solutions, remained stable from Q2 to Q3. A
10% decline in revenue due to completed projects from the previous cycle was fully compensated by new projects.
All regions, except Asia, are growing consecutively. Our new shutdown and maintenance activities in the USA have already
been able to secure USD 25 million of contracts, with a first small contribution in Q4.

 

Outlook for 2017

The headcount development in Europe will result in a record revenue for Europe in Q4, with The Netherlands showing the strongest growth.
For Global Business we expect to see the first signs of our initiatives in our revenue for Q4, of course apart from the impact of the acquisition.
We confirm our EBIT forecast of at least EUR 15 million for the full year.

 

Jan Arie van Barneveld, CEO of Brunel International N.V.: "The development in Europe has resulted in a strong performance in Q3.
More importantly, this gives rise to a very nice outlook for Q4 and onwards. With all the initiatives and successes in Global Business
I'm confident we are on our way to a growth path I have become accustomed to at Brunel."

 



Press release Q3 2017
Press release Q3 2017 appendix



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Brunel International NV, P.O. Box 9081, Amsterdam 1006 AB, Netherlands
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