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Brunel International (BRI:AEX), the specialist staffing agency group, announces a 9% increase in net turnover to 366 million Euro for the first six months of 2009. Gross profit decreased by 7% from 81.6 million Euro to 76.2 million Euro. The gross margin decreased from 24% to 21%.
EBIT amounted to 23.2 million Euro, a decrease of 25% compared to the same period in 2008. As a percentage of turnover EBIT decreased from 9.3% over the first six months of 2008 to 6.3% for the same period in 2009.
In The Netherlands turnover amounted to 71.5 million Euro, 4% less than in the same period in 2008. Gross profit decreased by 13% to 25.5 million Euro.
Brunel Germany realised a turnover of 55.8 million Euro, almost 12 million Euro less than during the same period in 2008. The gross margin decreased from 37.9% of turnover in 2008 to 32.1% this year.
Jan Arie van Barneveld, CEO of Brunel international "Brunel has met the challenges resulting from the current economic downturn even better than expected. It is clear that the investments made in our commercial organisation are the explanation for this success. Although Brunel is faced with lower levels of business we remain confident as we have continued to strengthen our market position. The Energy division especially continued to grow, despite lower levels of activity in the industry. This is a result of continuously investing in our organisation. Brunel International maintains its' strong balance sheet. Solvency remains high with a rate over 60%. Both operational and net cash flow over the first half year are strong."
In early trading Brunel's shares were down by -5.28% to 18.47 Euro.