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View All NewsNetherlands – Brunel Q1 revenue rises 22% in like-for-like on strong international growth
Brunel, the Netherlands-based global energy staffing firm reported revenue grew by 22% on a like-for-like basis to €266.2 million in the first quarter of 2019 compared to the prior-year quarter.
The company said the first quarter was the best quarter in the history for the DACH (Germany, Austria and Switzerland) and Middle East & India regions.
EBIT increased by 68% despite an adverse working day effect in The Netherlands.
| (€ millions) | Q1 2019 | Q1 2018 | Change | Like-for-Like Change |
| Revenue | 266.2 | 213.8 | 25% | 22% |
| Gross Profit | 59.1 | 50.0 | 18% | N/A |
| Gross Margin | 22.2% | 23.4% | N/A | N/A |
| EBIT | 12.1 | 7.2 | 68% | N/A |
Jilko Andringa, CEO of Brunel, commented, “Our sales growth has further accelerated in the first quarter. This is yet another confirmation of our strong position, focused around investment projects for customers, in the markets and sectors in which we operate.”
| (€ millions) | Q1 2019 | Q1 2018 | Change | Like-for-Like Change |
| DACH region | 73.6 | 64.1 | 15% | 15% |
| The Netherlands | 54.5 | 56.2 | -3% | -3% |
| Australasia | 28.7 | 27.7 | 4% | 3% |
| Middle East & India | 27.0 | 19.2 | 41% | 31% |
| Rest of World | 82.4 | 46.6 | 77% | 71% |
| Total | 266.2 | 213.8 | 25% | 22% |
“In the Netherlands, we experienced a slight decrease in revenue, mainly due to the circumstances in Insurance & Banking, but we believe this to be temporary,” Andringa said.
Brunel said Australasia managed to achieve limited growth, despite the severe weather conditions in Queensland, Australia. Growth was mainly driven by traditional services in the Oil & Gas sector.
In the Middle East & India Middle East & India, the group saw strong results and a healthy pipeline of projects in multiple areas and specialisms. Qatar, Kuwait and India were the main growth drivers.
“I am especially proud of the results achieved in DACH and Middle East: both regions have broken their record for revenue and EBIT in the first quarter and we see other regions developing in the same direction. We continue to build on our operational leverage in all regions and are well positioned for further growth,” Andringa said.
The Rest of World includes Asia, Russia, Belgium, Europe & Africa and Americas. All regions included in Rest of World achieved revenue growth in Q1.
“The outlook remains very positive, with our customers planning significant investments in our main markets, Oil Gas, Automotive, Renewable Energy and Mining & Infrastructure over the next few years,” Andringa said.
In trading today, Brunel last traded at €14.88, up 4.20% on the day and 11.00% below its 52-week high of 16.72, set on 4 May 2018. Based on its current share price the company has a market value of €722.21 million.