Brunel International NV: Growth continues in Germany, slow start in The Netherlands
05 Mai 2017 - 8:00AM
Amsterdam, 5 May 2017
Key points Q1 2017
-
Revenue down by 18% to EUR 196 million
and gross profit down by 2% to EUR 47 million
-
EBIT down by 37% to EUR 5.7
million
-
Energy division renamed to Global
Business
| Brunel International (unaudited) |
|
| P&L
amounts in EUR million |
|
|
|
|
|
Q1 2017 |
Q1 2016 |
Change % |
|
| Revenue |
196.4 |
238.4 |
-18% |
a |
| Gross Profit |
47.2 |
47.9 |
-1% |
|
| Gross margin |
24.0% |
20.1% |
|
|
| Operating costs |
41.5 |
38.8 |
7% |
b |
| EBIT |
5.7 |
9.1 |
-37% |
|
| EBIT % |
2.9% |
3.8% |
|
|
|
|
|
|
|
|
| Average directs |
8,984 |
9,771 |
-8% |
|
| Average indirects |
1,460 |
1,503 |
-3% |
|
| Ratio direct /
Indirect |
6.2 |
6.5 |
|
|
| |
|
|
|
|
| a -19 % at constant currencies |
|
| b 6 % at constant currencies |
|
To reflect the diversification in
our global infrastructure the division "Energy" has been renamed
"Global Business".
The revenue decline in Q1 in our divisions Global
Business and The Netherlands was partly offset by growth in
Germany. The gross margin improved due to a change in the mix,
helped by additional working days in Europe. Operating costs
increased due to further investments in our organisation in Europe,
partly offset by savings in our Global Business.
In Q1, our Global Business
division achieved a slightly lower than expected further decline in
headcount. Revenue decreased by 18% compared to Q4 2016. The gross
margin increased from 10.9% to 11.6%. Operating costs decreased by
7%.
Revenue in Europe continued to grow year on year, driven by strong
performance in Germany.
The Netherlands faced a slow start of the
year, in combination with the continued impact of the reduction in
number of freelancers during 2016. Q1 2017 included two additional
working days compared to Q1 2016. Revenue per working day decreased
by 14%, and the gross margin adjusted for working days is 27.8%. A
higher bench and higher illness caused the decrease in gross
margin.
Germany
continues to grow, helped by three additional working days in Q1.
Revenue per working day increased by 8% and the gross margin
adjusted for working days remained stable at 34.1%.
A lower bench offset more vacation and illness.
Outlook
Given the current market circumstances in Global Business, it
remains difficult to provide an outlook for the rest of the year.
Germany will continue to grow, while The Netherlands will return to
growth in the second half of the year.
Jan Arie van Barneveld, CEO of
Brunel International N.V.: "I'm optimistic that
after a challenging first half year our results will start
improving. The developments in our Global Business suggest we will
see the trough somewhere in the middle of this year. With The
Netherlands exceeding last year's headcount somewhere in Q2, all
divisions will contribute to the improvement of our
results."
Brunel Q1 2017 trading update
Brunel Q1 2017 trading update appendix
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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