Brunel Q4 and FY 2020 results: Operational discipline delivers strong results
Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise today announced its fourth quarter and full year 2020 results.

Key points Q4 2020
EBIT increased substantially to EUR 9.8 million helped by continued strong cost control resulting in 21% cost reduction
Revenue stable vs Q3-20, despite seasonality effects
Key points full year 2020
EBIT of EUR 28.8 million driven by 15% lower cost base
Revenue down 14% due to Covid-19 related impact on global demand for flexible workforce solutions
Free cash flow of EUR 68 million resulting in an increase of net cash to EUR 155 million
Earnings per share of EUR 0.31 with a proposed dividend of EUR 0.30 (pay-out: 99%) over the 2020 financial year
Capital markets day planned in H1 2021 as Brunel gears up for the next phase of development and growth post-Covid

Jilko Andringa, CEO of Brunel International N.V.: “We finished the year strong, thanks to the enormous flexibility and hard work of all Brunellers around the world. In a year with revenues severely under pressure due to Covid-19, we have truly shown agility and resilience. After putting in place strict cost control and cash preservation measures, we have worked hard to improve our gross margins and deliver higher value added services. We also made progress in our diversification strategy reducing our dependency on the Oil & Gas market. Our organizational discipline has truly been tested in 2020 and along the way we have further improved this capability resulting in a high quality, future ready, lean and agile organization. In the last quarter of 2020, we were able to stop the downward trend in the month over month revenue development. Despite the ongoing limitations we experience in almost all our markets, the recruitment and client activities are high and we see a positive trend in our pipeline. When the world opens up in 2021, we expect to return to top line growth and increased profitability.”

Brunel International (unaudited)
P&L amounts in EUR million
Q4 2020 Q4 2019 ?% FY 2020 FY 2019 ?%

Revenu 209.3 257.1 -19% a 892.6 1,041.1 -14% b
see & read more on
https://www.brunelinternational.net/en/press-releases-archive/2021/02/brunel-q4-and-fy-2020-results

tijd 11.25
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