Earnings Release • May 8, 2014
Earnings Release
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Amsterdam, 1 May 2014
P&L amounts in EUR million
| Q1 2014 | Q1 2013 | Change % |
|---|---|---|
| 340.7 | 296.2 | 15% * |
| 62.1 | 52.4 | 18% |
| 18.2% | 17.7% | |
| 21.1 | 13.5 | 57% |
| 6.2% | 4.5% | |
| 18% | ||
| 8% | ||
| 12,358 1,584 7.8 |
10,512 1,469 7.2 |
* 23% at constant currencies
Revenue in the Oil & Gas division increased by 19%, a joint effort from both the Energy division and the Projects division. At constant currencies, Oil & Gas' revenue growth is 31%.
The Energy division grew in all regions quarter-on-quarter, where a majority of the regions achieved double digit growth. Driven by the Gorgon and Wheatstone projects in Australia, the Projects division also achieved a strong quarter. Projects' revenue increased by 26% despite adverse currency fluctuations.
Gross margin in the Energy division improved across the majority of the regions, leading to an increase of 1.1ppt, to 12.0%. The Projects division's gross margin grew by 2.4ppt to 10.4%, mainly as a result of project termination payments at relatively low margins in Q1 2013.
The division Europe also improved its top line, by 7% to EUR 102.5 million in Q1 2014. Gross margin increased by 0.2ppt.
Europe's growth driver in Q1 was predominantly Brunel Netherlands, with a revenue increase of 15% to EUR 44.3 million, as a result of headcount growth of 9% and productivity improvements. The business lines Finance and Engineering mainly contributed to the growth. The Netherlands' gross margin remained relatively stable at 30.6%.
Revenue in Germany increased by 4% to EUR 51.4 million driven by increase in both headcount and productivity. Germany's gross margin increase of 0.5ppt to 36.7% is driven by the productivity improvement.
Total overhead costs increased by 5% to EUR 41.0 million, mainly as a result of increasing staff costs resulting from further investments made in the commercial organisation and sponsorship of the Volvo Ocean Race.
Driven by the revenue and gross profit increase, Q1 2014 EBIT increased to EUR 21.1 million, an increase of 57% compared to the same period last year, leading to an EBIT margin of 6.2%, a 1.7ppt improvement versus Q1 2013.
The outlook for 2014 continues to be positive, although it is not certain that we will be able to keep up this growth rate. For now, we expect 5 to 10% growth in revenue and EBIT for FY 2014, where Brunel Netherlands and Energy are projected to be the main drivers of the growth.
Jan Arie van Barneveld, CEO of Brunel International N.V.: "I am very happy to see our strong performance of the second half of 2013 continued in Q1 2014, and also with the opportunities we see within Energy, Germany and The Netherlands. I am confident 2014 will be once again a successful year for Brunel".
| Not for publication | ||
|---|---|---|
| For further information: |
-------------------------------------------------------------------------------------------------------------------------------- | |
| Jan Arie van Barneveld | CEO Brunel International N.V. |
tel.: +31(0)20 312 50 81 |
Brunel International N.V. is an international service provider specialising in the flexible deployment of knowledge and capacity in the fields of Engineering, Oil & Gas, Aerospace, Automotive, ICT, Finance, Legal and Insurance & Banking. Services are provided in the form of Project Management, Secondment and Consultancy. Incorporated in 1975, Brunel has since become a global company with some 14,000 employees and annual revenue of EUR 1,283 million (2013). The company is listed at Euronext Amsterdam N.V. For more information on Brunel International N.V. visit our website www.brunel.net.
5 May 2014 Ex-dividend listing 30 May 2014 Dividend available for payment 14 August 2014 Half year results 2014 5 November 2014 Trading update for the third quarter 2014
Certain statements in this document concern prognoses about the future financial condition and the results of operations of Brunel International N.V. as well as plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include general economic conditions, a shortage on the job market, changes in the demand for (flexible) personnel, changes in employment legislation, future currency and interest fluctuations, future takeovers, acquisitions and disposals and the rate of technological developments. These prognoses therefore apply only on the date on which the document was compiled.
Appendix to the press release 1 May 2014 Q1 2014
| P&L amounts in EUR million | Q1 2014 | Q1 2013 | Change % |
|---|---|---|---|
| Revenue | 340.7 | 296.2 | 15% * |
| Gross profit | 62.1 | 52.4 | 18% |
| Gross margin | 18.2% | 17.7% | |
| EBIT | 21.1 | 13.5 | 57% |
| EBIT % | 6.2% | 4.5% | |
| Average directs Average indirects Ratio direct / indirect |
12,358 1,584 7.8 |
10,512 1,469 7.2 |
18% 8% |
* 23% at constant currencies
| P&L amounts in EUR million | |||
|---|---|---|---|
| Q1 2014 | Q1 2013 | Change % | |
| Revenue | 238.2 | 200.7 | 19% |
| Gross profit | 28.0 | 20.9 | 34% |
| Gross margin | 11.7% | 10.4% | |
| EBIT | 12.3 | 6.9 | 77% |
| EBIT % | 5.2% | 3.5% | |
| Average directs Average indirects Ratio direct / indirect |
7,941 757 10.5 |
6,238 649 9.6 |
27% 17% |
| Q1 2014 | Q1 2013 | Change % | |
|---|---|---|---|
| Revenue | 193.3 | 165.0 | 17% |
| Gross profit | 23.3 | 18.0 | 29% |
| Gross margin | 12.0% | 10.9% | |
| EBIT | 8.7 | 5.5 | 58% |
| EBIT % | 4.5% | 3.3% | |
| Average directs | 7,280 | 5,815 | 25% |
| Average indirects | 727 | 616 | 18% |
| Ratio direct / indirect | 10.0 | 9.4 |
| Q1 2014 | Q1 2013 | Change % | |
|---|---|---|---|
| Revenue | 44.9 | 35.7 | 26% |
| Gross Profit | 4.7 | 2.9 | 64% |
| Gross margin | 10.4% | 8.0% | |
| EBIT | 3.6 | 1.5 | 144% |
| EBIT % | 8.0% | 4.1% | |
| Average directs | 661 | 423 | 56% |
| Average indirects | 30 | 33 | -9% |
| Ratio direct / Indirect | 22.0 | 12.8 |
| P&L amounts in EUR million | |||
|---|---|---|---|
| Q1 2014 | Q1 2013 | Change % | |
| Revenue | 102.5 | 95.5 | 7% |
| Gross profit | 34.1 | 31.5 | 8% |
| Gross margin | 33.2% | 33.0% | |
| EBIT | 10.9 | 10.3 | 6% |
| EBIT % | 10.6% | 10.8% | |
| Average directs | 4,416 | 4,274 | 3% |
| Average indirects Ratio direct / indirect |
812 5.4 |
791 5.4 |
3% |
| Q1 2014 | Q1 2013 | Change % | |
|---|---|---|---|
| Revenue | 51.4 | 49.4 | 4% |
| Gross profit | 18.9 | 17.9 | 6% |
| Gross margin | 36.7% | 36.2% | |
| EBIT | 7.0 | 6.8 | 3% |
| EBIT % | 13.6% | 13.8% | |
| Average directs | 2,161 | 2,145 | 1% |
| Average indirects | 415 | 413 | 0% |
| Ratio direct / indirect | 5.2 | 5.2 |
| Q1 2014 | Q1 2013 | Change % | |
|---|---|---|---|
| Revenue | 44.3 | 38.6 | 15% |
| Gross profit | 13.6 | 11.8 | 15% |
| Gross margin | 30.6% | 30.7% | |
| EBIT | 4.1 | 3.5 | 17% |
| EBIT % | 9.2% | 9.0% | |
| Average directs | 1,932 | 1,776 | 9% |
| Average indirects | 333 | 318 | 5% |
| Ratio direct / indirect | 5.8 | 5.6 |
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