Brunel, the Netherlands-based global energy staffing firm reported revenue grew by 17% on a like-for-like basis to €244.9 million in the fourth quarter of 2018 compared to the prior-year quarter.

Gross profit was up 12% while the group reported EBIT growth of 69%. Brunel said its revenue growth during the period was fully organic.

Growth was boosted by Middle East and India as well as Rest of World. The DACH (Germany, Austria and Switzerland) region also reported an improvement of 14% in the fourth quarter.

Revenue growth by region was as follows.

In the Netherlands, the group continued to grow, but was unable to match the performance of Q4 2017. Productivity decreased primarily on the back of an upfront hiring campaign of talented professionals and training initiatives in all the company’s business lines, which Brunel said will enable it to service the future HR needs of its clients. Almost all business lines achieved significant growth, partly offset by a decline in Insurance & Banking

Revenue in Australasia declined in Q4, mainly because one major client chose to fill some of its hiring requirements  directly.

“Over the past 12 months, we have been actively working on new growth opportunities, which are now starting to contribute, and we expect a return to revenue growth in the course of 2019,” Brunel stated.

In the Middle East and India, the group saw its best quarter in Q4 2018. Growth was the result of the diversification strategy that started early in 2017. The main contributors were India, Kuwait and Qatar, and most of the activities are project related.

Rest of World includes Americas, Russia, South East Asia and the rest of Europe. Growth continued to accelerate. Main drivers were Americas and Russia.

Brunel also reported revenue for the full year 2018 of €915 million, an increase of 16% when compared to the previous year.

Jilko Andringa, CEO of Brunel, commented, “Brunel’s 43rd and my first year was in many aspects a very good year. Thanks to the hard work of all our professionals at our clients and the colleagues in our offices, growth returned and accelerated in many regions through the year.”

“We ended the year with almost 13,000 professionals working on projects at our local and global clients. An all-time record for Brunel, proof that our strategy to diversify to adjacent vertical activities is starting to pay off,” Andringa said.

Andringa added that “we will continue to execute on our strategy to further improve our growth and profitability and to create a more sustainable world for professionals and future professionals. We have seen continued strong growth in January 2019, so we expect another exciting year!”

“In 2018 we have continued to invest in the number of direct and indirect employees, in new activities and markets and in new technologies that will improve our operational effectiveness,” Brunel stated. “On the back of these investments we are very well positioned to continue to benefit from favorable market developments.”

“Moreover, the resulting higher starting headcount for 2019, in combination with further expected growth in our main markets will contribute to continued revenue growth, operational leverage and improved profitability,” Brunel stated.

As of last trade Brunel International traded at €13.55, up 5.37% on the day and 18.96% 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 €650.39 million.