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Netherlands — Brunel Germany outperforms the rest of the group

20 August 2010

Revenue was down by -8% from 182.6 million Euro in Q2 2009 to 167.9 million Euro in Q2 2010 at Brunel International NV (BRNL:AEX), the Netherlands-based staffing and HR services group.

 
Interim results for the second quarter of 2010 published today reveal that gross profit fell by -6% from 36.3 million Euro in Q2 2009 to 34.1 million Euro in Q2 2010. EBIT was down by -35% from 9.5 million Euro in Q2 2009 to 6.2 million Euro in Q2 2010.

Key elements contributing to the fall in revenue were the completion of high volume Energy projects per the end of 2009 and the economic downturn in The Netherlands and Germany. The effect of the economic downturn has been severe for Brunel Germany but recovery started in the second quarter of this year. In The Netherlands the period of stabilisation continued in the second quarter of 2010 but the late cyclical nature of the Dutch economy has not yet allowed recovery of the market.

For both Brunel Germany and Brunel The Netherlands turnover realised in the second quarter was, despite the lower number of working days in the second quarter, almost equal to turnover in the first quarter.

Overhead costs remained at 2009 level. A decrease in the overhead costs in Germany is offset by an increase in the Energy division resulting from investments in the organisation to support future growth.

In The Netherlands revenue was down by -7% from 33.9 million Euro in Q2 2009 to 31.6 million Euro in Q2 2010. Gross profit fell by -12% from 11.7 million Euro in Q2 2009 to 10.3 million Euro in Q2 2010. EBIT was down by -44% from 3.2 million Euro in Q2 2009 to 1.8 million Euro in Q2 2010.

In Germany revenue was down by -2% from 25.8 million Euro in Q2 2009 to 25.3 million Euro in Q2 2010. Gross profit rose by +11% from 8 million Euro in Q2 2009 to 8.9 million Euro in Q2 2010. EBIT was up by +209% from a loss of -1.1 million Euro in Q2 2009 to 1.2 million Euro in Q2 2010.

Brunel Energy revenue was down by -11% from 117.8 million Euro in Q2 2009 to 105.4 million Euro in Q2 2010. Gross profit fell by -10% from 15.5 million Euro in Q2 2009 to 14 million Euro in Q2 2010. EBIT was down by -42% from 7.2 million Euro in Q2 2009 to 4.2 million Euro in Q2 2010.

Jan Arie van Barneveld, CEO of Brunel International, said "the expected turnaround in The Netherlands in our market segment is delayed but looking at the impressive growth we are currently experiencing in Germany we are confident that the upturn of the activity level in The Netherlands will follow. The Energy division has performed in line with expectations and sustainable growth is expected from projects starting in the fourth quarter of 2010."

The group says further in a statement "we expect strong profitable growth for Germany and Energy during the second half and fourth quarter of 2010 respectively. For The Netherlands only limited growth is foreseen for the remainder of this year."

In early trading Brunel's shares were down by -7.90% to 21.75 Euro.

 

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