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Brunel International (BRI:AEX) is expecting full-year revenue to increase by +25% compared to 2011, following strong Q3 results reported on Friday. The firm has benefitted from high demand in offshore oil & gas projects which has helped increase revenue by +33% to €325.2 million in the three months to September.
“We have been able to realise growth in markets that are challenging … but we still see sufficient opportunities for further growth,” said Jan Arie van Barneveld, CEO of Brunel International.
The Dutch engineering recruiter, which ranks in the top 30 largest staffing firms in the world, reported gross profit of €59.7 million, a +23% rise from a year ago. However, the gross margin declined to 18.4% from 19.9% due to changed revenue mix.
In the quarter, the company saw one-off costs of €1.8 million related to a bankruptcy case in Germany and a €1.0 million crisis- tax payment implemented by the Dutch government retroactively for the full year 2012.
The Oil and Gas division, the largest segment by sales, saw revenue rise by +45% to €229 million from a year ago. Australian revenue doubled to €72 million, but the firm is expecting lower demand in Q4 with offshore revenue forecasted to reach €50 million. Revenue from its energy business was up +27%.
Total revenue in Europe rose by +11% year-on-year to €96 million, but the gross margin was down one percentage point to 35%.
In the Netherlands, Q3 revenue increased +2% to €39 million while the Dutch gross margin was down by 1.3 percentage points. In Germany, revenue was up +20% to €49 million with the gross margin of 38.6% declining by 1.4 percentage points due to one less working day.
Brunel operates across over 30 countries, covering a range of industry segments, including oil and gas, automotive, rail, aerospace and telecommunications.
In early trading, the company set a new high with the stock price rising +4% to €39.24, a +47.8% increase from a year ago. Brunel has a market value of €898.09 million.