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Brunel International NV (BRNL:AEX), the Netherlands-based provider of flexible specialist staffing services, has published preliminary results for the first quarter of 2010 ended 31 March.
Revenues were down by -9% from 183.7 million Euro in Q1 2009 to 167.0 million Euro in Q1 2010. Gross profit fell by -11% from 39.9 million Euro in Q1 2009 to 35.5 million Euro in Q1 2010. The gross margin fell from 21.7% to 21.3% during the same period.
EBIT fell by -28% from 13.7 million Euro in Q1 2009 to 9.8 million Euro in 2010.
Brunel Netherlands realised a turnover of 32.1 million Euro in Q1 2010, a decrease of -15% compared to the same period in 2009. The turnover in the month of March 2010 is 8% less than the same month in 2009, as during the first quarter of 2010 turnover increased month-on-month. The gross margin in Q1 2010 is slightly less at 35% as a result of limited pressure on tariffs.
Brunel Germany realised a turnover of 25.0 million Euro in Q1 2010, a decrease of -16% compared to the same period in 2009. As in the Netherlands, turnover increased month-on-month and the turnover in the month of March was 4% less than in the same month in 2009. Gross margin improved further in 2010 as a result of increased productivity compared to the first quarter in 2009.
The Energy division realised a turnover of 104.3 million Euro, a decrease of -5% compared to the same period in 2009. The main reason is the completion of contracts that generated significant turnover in 2009 but that also ended in that year. The gross margin in Q1 2010 is 13% in line with the same period last year.
No further decreases in overhead were made in anticipation of recovering markets. EBIT decreased to -5.9% in Q1 2010 from 7.5% in Q1 2009 as a result of the lower turnover levels.
Jan Arie van Barneveld, CEO of Brunel International, commented "the impact of the worsening economic climate only started to affect Brunel in the second quarter of 2009. A turnover decline of -9% versus the relatively strong first quarter 2009, while keeping margins at acceptable levels, can be characterised as a promising performance."
"With the current slightly improving market developments in the Netherlands and Germany and the Energy division preparing itself for the large scale investments by the oil and gas industry, that are expected to materialise towards the end of 2010, we remain positive for the remainder of 2010. The economic uncertainties however do not yet give us sufficient confidence to provide a quantitative outlook."
At close of play in Amsterdam yesterday Brunel's shares were unchanged at 25.50 Euro.