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Netherlands – Brunel’s results buoyed by Energy business

28 February 2014

Dutch recruitment firm Brunel International (BRNL: NL) reported revenue for the fourth quarter ending 31 December 2013 of €339.6 million, an increase of +4% (+11% in constant currency) from €326.1 million last year. The company achieved gross profit growth of +9% from €58.4 million in Q4 2012 to €63.6 million in Q4 2013.

On an annual basis, Brunel International reported revenue of €1.28 billion, equating to growth of +4% (+8% in constant currency) from €1.23 billion in 2012. The company achieved a gross profit of €230.7 million, a year-on-year increase of +3% from €223.4 million last year.

Jan Arie van Barneveld, CEO of Brunel International, commented: "In 2013 Brunel has reached again a record year in terms of revenue and profitability. Both in the global Energy business as well as in the difficult European market we were able to grow. Also in the Netherlands we achieved a nice growth in Q4. We have been able to strengthen our organisation and continued to build our global IT platform, fuelling the growth and enabling further future development. The performance in this transitional year, especially Q3 and Q4, is very promising for the near future."

Revenue derived from Brunel’s European operations increased during the fourth quarter by +5% to €100.3 million, up from €95.5 million last year. Brunel Europe consists of operations in Germany, the Netherlands, Belgium, the Czech Republic, and Austria. Gross profit for the region increased by +8% to €33.5 million from €31 million in Q4 2012.

On an annual basis, Brunel’s European operations reported revenue of €389 million, equating to growth of +3% compared with €377.3 million in 2012. Gross profit for 2013 was +1% higher than in 2012, rising to €128.8 million from €128.1 million. 

Brunel Oil & Gas reported revenue growth of +4% during Q4 2013 with €239.4 million, compared with €230.7 million in 2012. Gross profit for the business increased by +10% to €30.1 million, up from €27.4 million last year. On an annual basis, revenue increased by +4% to €894.3 million, up from €859.3 million a year ago. The Oil & Gas business reported gross profit growth of +7% in 2013 rising to €101.9 million from €95.3 million last year.

Brunel Energy reported revenue of €203 million in Q4 2013, a year-on-year increase of +24% compared with €163.8 million in Q4 2012. The business segment reported a gross profit of €26.4 million during the fourth quarter, equating to year-on-year growth of +25%. On an annual basis, revenue from Brunel Energy increased by +28% to €755.7 million, up from €589.9 million in 2012. The business reported gross profit growth of +26%, rising from €70.4 million in 2012 to €88.7 million in 2013.

Brunel Projects reported Q4 2013 revenue of €36.4 million, a drop of -46% from €66.8 million last year. Gross profit for the quarter fell by -41% to €3.7 million, down from €6.2 million in Q4 2012. On an annual basis, the business’ revenue nearly halved (-49%) dropping from €269.3 million in 2012 to €138.7 million in 2013. Gross profit for the year dropped by -47% to €13.2 million from €24.8 million last year. Brunel International attributes the significant decrease in revenue and gross profit to several major projects in Australia that were completed during the first quarter of 2013.

In trading today, the company’s share price rose by +4.1% to €46.02, an increase of +24.1% compared with a year ago. Based on its current share price, the company has a market value of €1.08 billion. 

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