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Brunel International NV (BRNL:AEX), the Netherlands-based staffing and HR services group, has published results for 2009 as well as Q4 2009.
Turnover increased by +3.4% from 714.2 million Euro in 2008 to 738.4 million Euro in 2009. Gross profits fell by -9.1% from 167 million Euro in 2008 to 151.8 million Euro in 2009. EBIT fell by -27.4% from 62.1 million Euro in 2008 to 45.1 million Euro in 2009.
Q4 turnover fell by -10.9% from 197.2 million Euro in Q4 2008 to 175.8 million Euro in Q4 2009. Q4 gross profits fell by -15.9% from 43.4 million Euro in 2008 to 36.5 million Euro in 2009. Q4 EBIT fell by -26.1% from 13.6 million Euro in 2008 to 10.1 million Euro in 2009.
Brunel's core activities are secondment, project management and consultancy in the engineering, oil and gas, aerospace, automotive, ICT, finance, legal, insurance and banking sectors. Exposure to the late-cyclical professional staffing segment would account for the poorer performance in Q4 compared to the year as a whole.
In Germany annual revenues fell by -22% from 135.8 million Euro in 2008 to 105.7 million Euro in 2009. Gross profits fell by -26% from 49 million Euro in 2008 to 36.3 million Euro in 2009.
Brunel Energy annual revenues increased by +18% from 400.1 million Euro in 2008 to 473.2 million Euro in 2009. Gross profits rose +16% from 52.2 million Euro in 2008 to 60.7 million Euro in 2009.
Brunel International CEO, Jan Arie van Barneveld, commented "2009 has been a challenging year but Brunel has been able to meet these challenges in an excellent manner. All our businesses remained profitable and have continued to serve our customers requirements by keeping the focus on the quality of our organisation."
"The market for staffing did show a decrease in demand in Western Europe but the impact on Brunel is limited as a result of the investments made in both our organisation as well as in our customer relationships. Brunel is considered to be a reliable partner in business, both in prosperous periods as well as in periods when our partners are faced with more challenging circumstances. In the Energy division we were able to continue profitable growth despite a slowdown of investments in the industry."
The group says further in a statement "we remain positive about the future but we will not provide a quantitative outlook for 2010. Although we do see that the demand for temporary professionals in Western Europe is picking up slowly, we are not expecting a full recovery in the near future. For our Energy division we foresee growth accelerating towards the end of 2010 as the industry commits to investments again."
In early trading Brunel's shares were down by -2.34% to 25.88 Euro.