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03.11.2017 08:00:33
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Brunel International NV: Q3 2017: Through the trough
Amsterdam, 3 November 2017
Key points Q3 2017
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Strong improvement compared to Q2 2017
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All time high headcount in Europe
| Brunel International (unaudited) | ||||||||||
| P&L amounts in EUR million | ||||||||||
| Q3 2017 | Q3 2016 | Change% | YTD 2017 | YTD 2016 | Change% | |||||
| Revenue | 194.5 | 204.7 | -5% | a | 579.8 | 674.3 | -14% | b | ||
| Gross Profit | 46.3 | 45.3 | 2% | 133.3 | 140.9 | -5% | ||||
| Gross margin | 23.8% | 22.1% | 23.0% | 20.9% | ||||||
| Operating costs | 39.3 | 37.2 | 6% | c | 121.7 | 116.2 | 5% | d | ||
| EBIT | 7.0 | 8.1 | -14% | 11.6 | 24.7 | -53% | ||||
| EBIT % | 3.6% | 4.0% | 2.0% | 3.7% | ||||||
| Average directs | 9,665 | 8,931 | 8% | 9,283 | 9,398 | -1% | ||||
| Average indirects | 1,500 | 1,456 | 3% | 1,485 | 1,494 | -1% | ||||
| Ratio direct / Indirect | 6.4 | 6.1 | 6.3 | 6.3 | ||||||
| a -5 % like-for-like | ||||||||||
| b -15 % like-for-like | ||||||||||
| c 6 % like-for-like | ||||||||||
| d 4 % like-for-like | ||||||||||
| Like-for-like is measured excluding the impact of currencies and acquisitions | ||||||||||
The Group's revenue decreased by 5% due to the decrease in Global Business. In Q3, Europe has achieved the highest headcount ever.
Revenue in The
Netherlands increased by 6% compared to the third quarter of 2016, mainly driven by the business lines Engineering and IT.
Revenue per working day increased by 8%. The gross margin adjusted for working days is 30.6% (2016: 29.3%).
Headcount as of September 30th was 2,280 (2016: 2,125)
Working days The Netherlands
| Q1 | Q2 | Q3 | Q4 | FY | |
| 2017 | 65 | 61 | 65 | 63 | 254 |
| 2016 | 63 | 62 | 66 | 64 | 255 |
Revenue in Germany increased by 4% compared to the third quarter of 2016. Revenue per working day increased by 5%.
The gross margin adjusted for working days is 38.2% (2016: 37.8%).
Headcount as of September 30th was 2,363 (2016: 2,263)
Working days Germany
| Q1 | Q2 | Q3 | Q4 | FY | |
| 2017 | 65 | 59 | 65 | 60 | 249 |
| 2016 | 62 | 62 | 66 | 62 | 252 |
In Global Business revenue, excluding impact of the acquisition of SES Labour Solutions, remained stable from Q2 to Q3. A
10% decline in revenue due to completed projects from the previous cycle was fully compensated by new projects.
All regions, except Asia, are growing consecutively. Our new shutdown and maintenance activities in the USA have already
been able to secure USD 25 million of contracts, with a first small contribution in Q4.
Outlook for 2017
The headcount development in Europe will result in a record revenue for Europe in Q4, with The Netherlands showing the strongest growth.
For Global Business we expect to see the first signs of our initiatives in our revenue for Q4, of course apart from the impact of the acquisition.
We confirm our EBIT forecast of at least EUR 15 million for the full year.
Jan Arie van Barneveld, CEO of Brunel International N.V.: "The development in Europe has resulted in a strong performance in Q3.
More importantly, this gives rise to a very nice outlook for Q4 and onwards. With all the initiatives and successes in Global Business
I'm confident we are on our way to a growth path I have become accustomed to at Brunel."
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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