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Laatste update:

Brunel International NV: Growth continues in Germany, slow start in The Netherlands

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Algemeen advies 05/05/2017 08:38
Key points Q1 2017
Revenue down by 18% to EUR 196 million and gross profit down by 2% to EUR 47 million
EBIT down by 37% to EUR 5.7 million
Energy division renamed to Global Business

Brunel International (unaudited)

P&L amounts in EUR million
Q1 2017 Q1 2016 Change %

Revenue 196.4 238.4 -18% a
Gross Profit 47.2 47.9 -1%
Gross margin 24.0% 20.1%
Operating costs 41.5 38.8 7% b
EBIT 5.7 9.1 -37%
EBIT % 2.9% 3.8%
Average directs 8,984 9,771 -8%
Average indirects 1,460 1,503 -3%
Ratio direct / Indirect 6.2 6.5

a -19 % at constant currencies
b 6 % at constant currencies

To reflect the diversification in our global infrastructure the division "Energy" has been renamed "Global Business".

The revenue decline in Q1 in our divisions Global Business and The Netherlands was partly offset by growth in Germany. The gross margin improved due to a change in the mix, helped by additional working days in Europe. Operating costs increased due to further investments in our organisation in Europe, partly offset by savings in our Global Business.

In Q1, our Global Business division achieved a slightly lower than expected further decline in headcount. Revenue decreased by 18% compared to Q4 2016. The gross margin increased from 10.9% to 11.6%. Operating costs decreased by 7%

Revenue in Europe continued to grow year on year, driven by strong performance in Germany.

The Netherlands faced a slow start of the year, in combination with the continued impact of the reduction in number of freelancers during 2016. Q1 2017 included two additional working days compared to Q1 2016. Revenue per working day decreased by 14%, and the gross margin adjusted for working days is 27.8%. A higher bench and higher illness caused the decrease in gross margin.

Germany continues to grow, helped by three additional working days in Q1. Revenue per working day increased by 8% and the gross margin adjusted for working days remained stable at 34.1%.
A lower bench offset more vacation and illness.

Given the current market circumstances in Global Business, it remains difficult to provide an outlook for the rest of the year. Germany will continue to grow, while The Netherlands will return to growth in the second half of the year.

Jan Arie van Barneveld, CEO of Brunel International N.V.: "I'm optimistic that after a challenging first half year our results will start improving. The developments in our Global Business suggest we will see the trough somewhere in the middle of this year. With The Netherlands exceeding last year's headcount somewhere in Q2, all divisions will contribute to the improvement of our results."

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