Brunel International (BRNL: NL), the 10th largest staffing firm in the Netherlands, reported revenue for the fourth quarter ending 31 December 2017 of €210.2 million, down 1% on a like-for-like basis when compared to the same period last year.

Brunel stated that for the first time in three years, the company has been able to match the previous year’s revenue, despite three fewer working days in Q4 2017. The group announced that its steady figures are confirmation of recovery throughout 2017. For Q4 2017, revenue was driven mainly by the group’s Dutch business, but other segments contributed.

Gross margin saw an improvement during the fourth quarter as a result of the change in business mix with higher margins in Europe compared to Global Business, but also as a result of higher margins in Global Business.

Revenue broken down by division was as follows. 

The group stated that, while its global business saw a decline in revenue compared to Q4 2016, it is showing signs of recovery on a quarterly basis with all regions showing growth compared to Q3 except Southeast Asia.

Brunel Europe consists of Germany, Netherlands Belgium, Czech Republic, Switzerland and Austria. Germany’s revenue increased 2% compared to the same period last year, despite two less working days in Q4 2017. In the Netherlands, revenue increased by 16% compared to the fourth quarter of 2017, mainly driven by the business lines Engineering and IT.

“Both in The Netherlands and in Germany we ended 2017 at a higher headcount than previous year,” Brunel stated. “The resulting higher starting headcount for 2018, in combination with further growth will also result in growth in revenue and improved profitability.”

“For the Global Business we expect to return to year on year growth from Q1 2018 onwards, mainly driven by all our new initiatives, but possibly with some tailwind from a recovery in the Oil & Gas market. But more importantly, Global Business will also return to profitability in 2018,” the group stated. 

Last quarter, the group appointed Jilko Andringa as new CEO to succeed Jan Arie van Barneveld.

Andringa, commented on the results, “I’m very pleased that just after I’ve joined Brunel I’m able to present for the first time in three years, quarterly results of without a decline in revenue, and a strong improvement in EBIT. In my first three months I have visited many Brunel offices across the globe. I enjoyed all the open and inspiring interactions with colleagues and clients, learned a lot about the many exciting projects that we have in the pipeline, and those new ones we are managing already. So this is just the start of another period of strong growth for Brunel.”

Brunel also announced full year results with like-for-like revenue down 11% in 2017 to €790.1 million, when compared to 2016.

As of last trade Brunel International traded at €15.50, down 4.02% on the day and 6.46% below its 52-week high of €16.57, set on 23 January 2018. Based on its current share price the company has a market value of €814.02 million.