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The Nethelands — Brunel revenues up but profits down

04 November 2009
Brunel International (BRI:AEX), the staffing, project management, recruitment and consultancy services group, has today released Q3 results for 2009.

Revenues were up by 8.7% from 180.6 million Euro in Q3 2008 to 196.3 million Euro in Q3 2009. Gross profits were down by -7.1% from 42 million in Q3 2008 Euro to 39 million Euro in Q3 2009.
EBIT was down by -31.8% from 17.3 million Euro in Q3 2008 to 11.8 million Euro in Q3 2009.
Brunel Netherlands realised a turnover of 32 million Euro in the third quarter, a decrease of -13% compared to the same period in 2008 and a decrease of -6% compared to the second quarter of this year. Despite the challenging market conditions in the third quarter, the gross margin has improved slightly to 36% in the third quarter versus 35% in the previous quarter.

Brunel Germany realised a turnover of 25 million Euro, a decrease of -31% compared to the same period in 2008 but only -2% less than previous quarter. Brunel Germany has improved the gross margin to 40% up from 32% in the second quarter of this year mainly due to the improved productivity.

The Energy division realised a turnover of 135 million Euro in Q3, an increase of 33% compared to the same period in 2008, with the gross margin at a level of 12%.

Brunel International realised a strong cash flow during the first nine months with an operating cash flow of 48 million Euro and a net cash flow of 23 million Euro.

Jan Arie van Barneveld, CEO of Brunel International comments "it is clear that Brunel is well positioned to deal with the consequences of the economic crisis. Although revenue in the staffing divisions has come down compared to 2008, the third quarter has shown indications that the market conditions are improving."

"The limited decline in the staffing business in combination with a strong revenue and margin development in our Energy division explains the relatively limited impact of the crisis on our performance and consequently we have been able to continue improving the quality of our organisation and processes. This provides us with an excellent position once the market picks-up. Our strategy of growth and investment in organisational improvement remains unchanged while maintaining acceptable profitability levels."

"The revenue level of the fourth quarter will be negatively influenced by the completion of the Pluto Energy project in September 2009, but the Board of Directors repeats the expectation that the turnover level of this year will be around 725 million Euro, with an EBIT in excess of 44 million Euro."

In early trading Brunel International's shares were up by 4.85% to 20.21 Euro.



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