Brunel International NV: Growth continues in Europe, Oil & Gas market continues to decline
04 Mai 2016 - 07:30AM
Amsterdam, 4 May 2016
Key points Q1 2016
-
Revenue down by 29% to EUR 238 million and gross
profit down by 19% to EUR 48 million
-
Gross margin at 20.1 % up from 17.8%
-
Operational costs down by 14% to EUR 39
million
-
EBIT down by 36% to EUR 9.1 million
Brunel International (unaudited) |
|
|
P&L amounts in EUR million |
|
|
|
Q1 2016 |
Q1 2015 |
Change % |
|
|
|
|
Revenue |
238.4 |
333.7 |
-29% a |
Gross
Profit |
47.9 |
59.3 |
-19% |
Gross
margin |
20.1% |
17.8% |
|
Operating costs |
38.8 |
45.0 |
-14% b |
EBIT |
9.1 |
14.3 |
-36% |
EBIT
% |
3.8% |
4.3% |
|
|
|
|
|
Average directs |
9,771 |
11,400 |
-14% |
Average indirects |
1,503 |
1,683 |
-11% |
Ratio
direct / Indirect |
6.5 |
6.8 |
|
a -27 % at constant currencies
b -13 % at constant currencies
The adverse developments in the
Energy division continued in Q1 2016. We have
seen further project delays and cancellations, rate reductions and
reduced workload. As a result, revenue and profitability fell
significantly in Q1 year on year.
Revenue in Europe continued to grow year on year, both in The
Netherlands and in Germany.
Revenue in The Netherlands increased compared
to previous year by 14%, at the same number of working days. The
business lines IT, Marketing and Legal showed strong growth, while
Engineering and Finance showed limited growth.
An increased headcount and lower
bench, largely offset by one less working day and unusual high
illness, resulted in a 2% growth in Germany.
Gross margin increased by 2.3ppt,
mainly driven by the increased share of the European activities.
The gross margin in Energy was negatively impacted (0.5 ppt) by
exchange rate developments.
Overhead costs decreased by 14%,
driven by efficiency measures taken in the Energy division,
following the downturn in the market. We are continuously
optimising the organisation and adapting it to the market
circumstances, leading to various cost savings.
As a result of the revenue drop,
offset by the cost savings in the Energy division, EBIT came to
EUR 9 million.
Outlook
Given the current market circumstances in the Energy division, it
remains difficult to provide an outlook for the rest of the year.
The growth in The Netherlands will continue strongly, while growth
in Germany is expected to accelerate.
Jan Arie van Barneveld, CEO of
Brunel International N.V.: "We continue to perform
strongly in the growing secondment market in The Netherlands and
are happy to see growth in all business lines. The future looks
bright in our home market. We also see the German organisation
developing nicely and this will definitely result in stronger
growth. Since the Oil & Gas market is currently so
unpredictable we continue to right size the organisation in order
to operate as efficient as possible; and we also continue to see
market opportunities both in the long and short term."
For full article
and its appendix please see attached pfd files.
Press Release Q1 2016
Appendix Press Release Q1 2016
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Brunel International NV via Globenewswire
HUG#2009564
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