Q1 2019 results Brunel: 25% revenue growth, EBIT increased by 68%
May 03 2019 - 1:30AM
Q1 2019 results Brunel: 25% revenue growth, EBIT increased by 68%
Amsterdam, 3 May 2019
Key points Q1
2019
- Revenue growth further accelerated
to 25% (yoy) to EUR 266 million over the quarter
- Strong operational leverage,
resulting in a 68% increase in EBIT (yoy) to EUR 12 million with
EBIT margin up by 1.1 ppt to 4.5%
- Best quarter in the history of DACH
and Middle East & India regions
Jilko Andringa, CEO of
Brunel: “Our sales growth has further accelerated
in the first quarter. This is yet another confirmation of our
strong position, focused around investment projects for customers,
in the markets and sectors in which we operate. The outlook remains
very positive, with our customers planning significant investments
in our main markets, Oil Gas, Automotive, Renewable Energy and
Mining & Infrastructure over the next few years. In the
Netherlands, we experienced a slight decrease in revenue, mainly
due to the circumstances in Insurance & Banking, but we believe
this to be temporary. I am especially proud of the results achieved
in DACH and Middle East: both regions have broken their record for
revenue and EBIT in the first quarter and we see other regions
developing in the same direction. We continue to build on our
operational leverage in all regions and are well positioned for
further growth. I’m also very proud of the global partnership with
Specialisterne that we have established in Q1. We will collaborate
for the inclusion of autistic and neurodiverse people in the labour
market. ”
Brunel
International (unaudited) |
|
P&L amounts in EUR
million |
|
|
|
|
Q1 2019 |
Q1 2018 |
Change % |
|
Revenue |
266.2 |
213.8 |
25% |
a |
Gross Profit |
59.1 |
50.0 |
18% |
|
Gross margin |
22.2% |
23.4% |
|
|
Operating costs |
47.0 |
42.8 |
10% |
b |
EBIT |
12.1 |
7.2 |
68% |
|
EBIT % |
4.5% |
3.4% |
|
|
|
|
|
|
|
Average directs |
12,987 |
11,228 |
16% |
|
Average indirects |
1,609 |
1,527 |
5% |
|
Ratio direct / Indirect |
8.1 |
7.4 |
|
|
|
|
|
|
|
a 22 % like-for-like |
|
b 9 % like-for-like |
|
Like-for-like is measured
excluding the impact of currencies and acquisitions |
|
Q1 2019 results by
divisionP&L amounts in EUR million
Summary:
Revenue |
Q1 2019 |
Q1 2018 |
Change % |
LFL % |
|
|
|
|
|
DACH region |
73.6 |
64.1 |
15% |
15% |
The Netherlands |
54.5 |
56.2 |
-3% |
-3% |
Australasia |
28.7 |
27.7 |
4% |
3% |
Middle East & India |
27.0 |
19.2 |
41% |
31% |
Rest of world |
82.4 |
46.6 |
77% |
71% |
|
|
|
|
|
Total |
266.2 |
213.8 |
25% |
22% |
|
|
|
|
|
Like-for-like is measured
excluding the impact of currencies and acquisitions |
EBIT |
Q1 2019 |
Q1 2018 |
Change % |
LFL % |
|
|
|
|
|
DACH region |
8.5 |
5.7 |
49% |
49% |
The Netherlands |
2.8 |
4.2 |
-33% |
-33% |
Australasia |
-0.6 |
0.0 |
|
|
Middle East & India |
2.9 |
1.7 |
71% |
56% |
Rest of world |
0.7 |
-1.9 |
137% |
126% |
Unallocated |
-2.2 |
-2.5 |
12% |
12% |
|
|
|
|
|
Total |
12.1 |
7.2 |
68% |
64% |
|
|
|
|
|
Like-for-like is measured
excluding the impact of currencies and acquisitions |
The Group’s revenue increased
by 25% over the quarter to EUR 266.2 million, or 22% on a
like-for-like basis. EBIT increased by 68% despite an adverse
working day effect in The Netherlands, and the EBIT margin is up by
1.1 ppt.
DACH region
(unaudited) |
|
P&L amounts in EUR
million |
|
|
|
|
Q1 2019 |
Q1 2018 |
Change % |
|
Revenue |
73.6 |
64.1 |
15% |
|
Gross Profit |
24.8 |
20.6 |
20% |
|
Gross margin |
33.7% |
32.1% |
|
|
Operating costs |
16.3 |
14.9 |
9% |
|
EBIT |
8.5 |
5.7 |
49% |
|
EBIT % |
11.5% |
8.9% |
|
|
|
|
|
|
|
Average directs |
2,698 |
2,524 |
7% |
|
Average indirects |
503 |
472 |
7% |
|
Ratio direct / Indirect |
5.4 |
5.3 |
|
|
Revenue per working day in the DACH
region increased by 15%. This growth is achieved in all
our markets, including our main market Automotive. The gross margin
increased due to a better productivity, especially at our
competence centers, and less price pressure. Headcount as of 31
March was 2,713 (2018: 2,546).
Working days Germany:
|
Q1 |
Q2 |
Q3 |
Q4 |
FY |
2019 |
63 |
59 |
66 |
62 |
250 |
2018 |
63 |
60 |
65 |
62 |
250 |
The
Netherlands (unaudited) |
|
P&L amounts in EUR
million |
|
|
|
|
Q1 2019 |
Q1 2018 |
Change % |
|
Revenue |
54.5 |
56.2 |
-3% |
|
Gross Profit |
15.1 |
16.9 |
-11% |
|
Gross margin |
27.7% |
30.1% |
|
|
Operating costs |
12.3 |
12.7 |
-3% |
|
EBIT |
2.8 |
4.2 |
-33% |
|
EBIT % |
5.1% |
7.5% |
|
|
|
|
|
|
|
Average directs |
2,377 |
2,419 |
-2% |
|
Average indirects |
429 |
422 |
1% |
|
Ratio direct / Indirect |
5.5 |
5.7 |
|
|
Revenue per working day in The
Netherlands decreased by 2%. Gross margin adjusted for
working days is 28.7% in Q1 2019 (Q1 2018: 30.1%). The gross margin
decreased due to a higher bench in Q1 that will likely also impact
Q2. Headcount as of 31 March was 2,339 (2018: 2,424).
Working days The Netherlands:
|
Q1 |
Q2 |
Q3 |
Q4 |
FY |
2019 |
63 |
62 |
66 |
64 |
255 |
2018 |
64 |
61 |
65 |
64 |
254 |
Australasia
(unaudited) |
|
P&L amounts in EUR
million |
|
|
|
|
Q1 2019 |
Q1 2018 |
Change % |
|
Revenue |
28.7 |
27.7 |
4% |
a |
Gross Profit |
2.3 |
2.4 |
-4% |
|
Gross margin |
8.0% |
8.7% |
|
|
Operating costs |
2.9 |
2.4 |
23% |
b |
EBIT |
-0.6 |
0.0 |
|
|
EBIT % |
-2.1% |
0.0% |
|
|
|
|
|
|
|
Average directs |
908 |
925 |
-2% |
|
Average indirects |
85 |
77 |
10% |
|
Ratio direct / Indirect |
10.7 |
12.0 |
|
|
|
|
|
|
|
a 3 % like-for-like |
|
b 23 % like-for-like |
|
Like-for-like is measured
excluding the impact of currencies and acquisitions |
|
Australasia managed to achieve limited growth,
even despite the severe weather conditions in Queensland,
Australia. The growth is mainly driven by our traditional services
in the Oil & Gas sector. The increased operating cost reflect
our investments to diversify.
Middle East
& India (unaudited) |
|
P&L amounts in EUR
million |
|
|
|
|
Q1 2019 |
Q1 2018 |
Change % |
|
Revenue |
27.0 |
19.2 |
41% |
a |
Gross Profit |
4.8 |
3.3 |
45% |
|
Gross margin |
17.8% |
17.2% |
|
|
Operating costs |
1.9 |
1.6 |
19% |
b |
EBIT |
2.9 |
1.7 |
71% |
|
EBIT % |
10.7% |
8.9% |
|
|
|
|
|
|
|
Average directs |
3,932 |
2,392 |
64% |
|
Average indirects |
129 |
112 |
15% |
|
Ratio direct / Indirect |
30.4 |
21.3 |
|
|
|
|
|
|
|
a 31 % like-for-like |
|
b 12 % like-for-like |
|
Like-for-like is measured
excluding the impact of currencies and acquisitions |
|
In the region Middle East &
India we continue to see strong results and a healthy
pipeline of projects in multiple areas and specialisms. Qatar,
Kuwait and India are the main growth drivers.
Rest of
world (unaudited) |
|
P&L amounts in EUR
million |
|
|
|
|
Q1 2019 |
Q1 2018 |
Change % |
|
Revenue |
82.4 |
46.6 |
77% |
a |
Gross Profit |
12.1 |
6.8 |
78% |
|
Gross margin |
14.7% |
14.6% |
|
|
Operating costs |
11.4 |
8.7 |
31% |
b |
EBIT |
0.7 |
-1.9 |
137% |
|
EBIT % |
0.8% |
-4.1% |
|
|
|
|
|
|
|
Average directs |
3,073 |
2,968 |
4% |
|
Average indirects |
415 |
388 |
7% |
|
Ratio direct / Indirect |
7.4 |
7.7 |
|
|
|
|
|
|
|
a 71 % like-for-like |
|
b 28 % like-for-like |
|
Like-for-like is measured
excluding the impact of currencies and acquisitions |
The Rest of World includes
Asia, Russia, Belgium, Europe & Africa and Americas. All
regions included in Rest of World have achieved revenue growth in
Q1. Activity at current clients increases and we continue to see
results of our diversification efforts.
Change in accounting policies:
IFRS 16Brunel applies IFRS 16: leases as per 1
January 2019, using the retrospective approach with the cumulative
effect of EUR 831,000 of the initial application added to retained
earnings at 1 January 2019. As a consequence, we have not restated
comparative information. The impact of this change in accounting
policy for leases on our reported results is not significant: the
positive impact on our reported EBIT per quarter for 2019 is
approximately EUR 300,000. The total value of the relating
right-of-use assets at 31 March 2019 amounts to EUR 44.9 million,
and the corresponding lease liabilities amount to EUR 44.8
million.
Attachments
- Press Release Q1 - Attachment
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