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Brunel International N.V.
Earnings Release • Feb 21, 2025
3823_iss_2025-02-21_a55a5be7-b274-4094-b495-161fb28fef09.pdf
Earnings Release
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Press Release
Brunel FY 2024 results: Brunel's operational agility resulted in strong free cash flow and stable revenue
Amsterdam, 21 February 2025 – Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent, today announced its fourth quarter and full year 2024 results.
Q4 2024 Highlights
- Revenue of EUR 334.5 million, down 3% (down 5% organically)
- Gross Profit of EUR 61.8 million, down 7% (down 10% organically)
- Underlying EBIT of EUR 14.4 million, down 2% (down 15% organically)
- Strong free cash flow of EUR 38.5 million
- Mr Toine van Doremalen proposed as CFO
FY 2024 Highlights
- Revenue of EUR 1,364.8 million, up 3% (up 2% organically)
- Gross Profit of EUR 263.1 million, down 4% (down 5% organically)
- Underlying EBIT of EUR 58.6 million, down 6% (down 10% organically)
- Cost reduction plan fully executed in Q3 2024 leading to a EUR 20 million lower annual cost base
- Strong free cash flow of EUR 74.6 million, driven by effective receivable collection
- Acquisition of Australian based Advance Careers (January 2024) and Dutch based Equals (November 2024)
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- Earnings per share of EUR 0.59, down 6%
-
Proposed dividend of EUR 0.55, in line with dividend paid last year
-
1 - Brunel International N.V. Quarterly Report 2024-4
"The fourth quarter developed largely as expected, with revenue remaining at the same level as the previous quarter. As global uncertainty continues, our clients take longer to make investment decisions and to start new projects. We achieved revenue growth in the Americas and Australasia, while as anticipated, the German market experienced further weakening and the impact of project delays in Asia increased.
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Reflecting on 2024, Brunel delivered growth in all global verticals in the first half of 2024. The slight decrease in revenues in the second half was a direct result of macroeconomic and geopolitical uncertainties, while we continued to safeguard our strong market position. At the same time, we successfully completed a cost reduction plan during the third quarter to navigate these challenges, securing annual costs savings of EUR 20 million. These savings are driven by enhanced efficiency, enabled by continued investments in our IT environment and AI. Brunel is at the forefront of leveraging AI to streamline operations and deliver exceptional value to our clients.
Our AI strategy focuses on improving conversion rates, retaining specialists, and reducing time spent on routine tasks. This approach strengthens our internal operations and significantly improves the experience for both clients and contractors, making interactions smoother and more productive.
These efficiencies and cost reductions positions us well to maintain and further improve healthy conversion rates and EBIT. Our strategic alignment with important megatrends - energy transition and digitalisation - and chosen global verticals (Renewable Energy, Conventional Energy, Mining and Life Sciences) continues to generate positive momentum, and will support our performance in the medium to longer term.
By acquiring an Australian recruitment firm specialised in sustainability and energy transition and a stake in a Dutch based platform dedicated to educating and training women in entrepreneurship and technology, we have further expanded our specialist areas. Brunel and Equals are joining forces to respond to the growing need for qualified IT professionals. We continue to target add on acquisitions in the coming period.
Looking ahead at 2025, we anticipate continued uncertainty in the German economy. However, growth prospects outside Europe remain diverse and positive. Our strong project pipeline in the Middle East & India, Europe & Africa, and Americas sets the stage for organic growth in these regions. Growth in Asia will depend on the moment at which clients initiate projects. We continue to see growth opportunities in the renewable energy sector worldwide, with a dynamic project pipeline and multiple new contracts secured, which are set to contribute from H1 2025 onwards. These wins reflect the trust our clients place in us and reaffirm our strategic direction."
| PROGRESS ON NEXT LEVEL TARGETS 2027 | ||||
|---|---|---|---|---|
| Revenue | Revenue High Single digit YoY growth |
Gross Profit High Single digit YoY growth |
||
| Progress 2024: 3% (organically: 2%) |
Progress 2024: -4% (organically: -5%) |
|||
| Profitability | ||||
| Conversion ratio (EBIT/GP) >32% target conversion ratio Yearly fall through of GP to EBIT 40-50% |
EBIT >6.5% |
|||
| Progress 2024: 22.3% 2023: 22.7% |
Progress 2024: 4.3% 2023: 4.7% |
|||
| Culture | Connected specialists Contracting >13,000 Perm > 2,000 |
Market leading engagement NPS>25 |
||
| Progress Contracting >10,800 Perm >1,400 |
Progress 2024: 55 2023: 52 |
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At our 2023 Capital Markets Day, we highlighted our progress towards the 2025 targets and introduced new goals for 2027, driven by strong momentum across all verticals. Recent market developments have impacted revenue growth and margins. To address these challenges, we implemented a cost reduction plan in Q3 2024. Our focus remains on optimising resources across the business amidst changing conditions and securing long-term profitability.
While short-term challenges remain, a strong pipeline of upcoming projects gives us confidence in meeting our long-term targets. Additionally, our ongoing investments in IT and digital infrastructure will further enhance reduction of costs, growth and competitiveness. We are proud to report that our NPS score increased from 52 to 55.
Contents
Brunel FY 2024 results: Brunel's operational agility resulted in strong free cash flow and stable revenue
- 4 -
| Group performance | 5 |
|---|---|
| Headline performance by region | 7 |
| Overall performance and other information | 10 |
| Detailed performance per region | 12 |
| Appendix | 18 |
| Reconciliation of non-IFRS financial measures | 26 |
| Definitions and abbreviations | 29 |
- 4 - Brunel International N.V. Quarterly Report 2024-4
GROUP PERFORMANCE
amounts in EUR million (unless otherwise stated) Organic change is measured by excluding the impact of FX, acquisitions, disposals and by adjusting for working days
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| Q4 2024 Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
||
|---|---|---|---|---|---|---|---|---|
| Revenue | 334.5 | 344.2 | -3% | -5% | 1,364.8 | 1,330.5 | 3% | 2% |
| Gross Profit | 61.8 | 66.2 | -7% | -10% | 263.1 | 273.6 | -4% | -5% |
| Gross margin | 18.5% | 19.2% | 19.3% | 20.6% | ||||
| Operating costs | 47.4 | 51.5 | -8% | -8% | 204.5 | 211.6 | -3% | -3% |
| Underlying EBIT | 14.4 | 14.7 | -2% | -15% | 58.6 | 62.0 | -6% | -10% |
| EBIT % (underlying) | 4.3% | 4.3% | 4.3% | 4.7% | ||||
| Conversion ratio | 23.3% | 22.2% | 22.3% | 22.7% | ||||
| Acquisition related costs | 0.1 | -0.8 | 1.7 | 0.9 | 93% | 93% | ||
| One-off costs | - | 4.8 | 4.7 | 4.8 | -3% | -3% | ||
| EBIT | 14.3 | 10.7 | 34% | 16% | 52.1 | 56.3 | -7% | -12% |
| Earnings per share (in €) | 0.17 | 0.06 | 157% | 0.59 | 0.63 | -6% | ||
| Free cash flow | 38.5 | -22.0 | 74.6 | -17.6 | ||||
| Average directs | 10,486 | 11,041 | -5% | -5% | 10,869 | 11,138 | -2% | -2% |
| Average indirects | 1,383 | 1,610 | -14% | -14% | 1,490 | 1,574 | -5% | -5% |
| Ratio direct / indirect | 7.6 | 6.9 | 7.3 | 7.1 |
Revenue
Compared to Q4 2023, revenue decreased by 3%. Organically, revenue decreased by 5%, excluding the impact of working days of -1.4% and an FX effect of -0.5%.
For the full year 2024, revenue grew by 3%. Organically, it grew by 2%, excluding the impact of working days of -0.7% and an FX effect of 0.2%.
Gross Profit
Gross Profit declined by 7% compared to Q4 2023. Organically, the decrease was 10%, excluding the impact of working days of -2.8% and an FX effect of -0.3%. While the conventional energy and public sector verticals grew by 3% and 10% respectively, the renewables vertical remained stable. For the full year 2024, Gross Profit decreased by 4%. Organically, it decreased by 5%, excluding the impact of working days of -1.1% and an FX effect of 0.2%.
Growth in conventional energy and the public sector remained strong throughout the year, while mining showed growth in the first half of the year. The Gross Profit in the remaining verticals decreased compared to 2023.
Operating costs
Operating costs decreased by 8% in Q4 2024, driven by the successful execution of the cost reduction plan in Q3 2024. While the full effects of the cost reduction plan will kick in in 2025, the efficiency improvement is already reflected in the full-year results, with operating costs declining by 3% compared to 2023. The impact of the cost reduction plan is also apparent in the improved ratio direct / indirect from 6.9 in Q4 2023 to 7.6 in Q4 2024.
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The reported operating costs exclude one-off costs related to the cost reduction plan and acquisition costs. The net effect of these items on results amounted to EUR 0.1 million in Q4 2024 and EUR 6.4 million for the full year.
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Underlying EBIT
Due to the decline in Gross Profit, Underlying EBIT in Q4 decreased by 2%, with an organic decline of 15% when excluding the impact of working days of -12.8% and a favourable FX effect of 0.2%.
For the full year 2024, Underlying EBIT declined by 6%, with an organic decrease of 10%. This includes a working day impact of -4.9% and the FX effect of 0.7%.
HEADLINE PERFORMANCE BY REGION
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amounts in EUR million (unless otherwise stated)
Organic change is measured by excluding the impact of FX, acquisitions, disposals and by adjusting for working days
| Revenue | Q4 2024 |
Q4 2023 |
Δ% | Organic Δ% |
FY 2024 |
FY 2023 |
Δ% | Organic Δ% |
|---|---|---|---|---|---|---|---|---|
| DACH region | 52.4 | 59.3 | -12% | -13% | 236.8 | 249.3 | -5% | -5% |
| The Netherlands | 55.5 | 55.8 | 0% | -1% | 217.3 | 213.2 | 2% | 1% |
| Australasia | 57.4 | 54.0 | 6% | 4% | 228.6 | 192.9 | 19% | 18% |
| Middle East & India | 44.1 | 44.0 | 0% | -4% | 175.4 | 160.7 | 9% | 8% |
| Americas | 48.8 | 43.3 | 13% | 12% | 191.2 | 177.8 | 8% | 8% |
| Asia | 40.3 | 46.4 | -13% | -16% | 169.4 | 182.2 | -7% | -6% |
| Rest of world | 41.0 | 50.8 | -19% | -21% | 175.1 | 188.0 | -7% | -9% |
| Eliminations | -5.1 | -9.4 | 46% | 46% | -29.1 | -33.7 | 14% | 14% |
| Total | 334.5 | 344.2 | -3% | -5% | 1,364.8 | 1,330.5 | 3% | 2% |
| Underlying EBIT | Q4 2024 |
Q4 2023 |
Δ% | Organic Δ% |
FY 2024 |
FY 2023 |
Δ% | Organic Δ% |
|---|---|---|---|---|---|---|---|---|
| DACH region | 3.3 | 4.0 | -16% | -37% | 19.5 | 23.6 | -18% | -22% |
| The Netherlands | 4.7 | 4.5 | 3% | -8% | 17.1 | 16.5 | 3% | -3% |
| Australasia | 2.5 | 1.7 | 51% | 44% | 6.8 | 5.3 | 28% | 25% |
| Middle East & India | 3.8 | 3.6 | 5% | 0% | 12.9 | 12.3 | 5% | 3% |
| Americas | 2.5 | 1.5 | 68% | 64% | 7.4 | 4.5 | 62% | 61% |
| Asia | 1.3 | 3.5 | -62% | -65% | 7.5 | 11.9 | -37% | -37% |
| Rest of world | -0.3 | -1.3 | 73% | 72% | 1.9 | 1.1 | 72% | 60% |
| Unallocated | -3.4 | -2.7 | -24% | -24% | -14.4 | -13.2 | -9% | -9% |
| Total | 14.4 | 14.7 | -2% | -15% | 58.6 | 62.0 | -6% | -10% |
DACH region
The DACH region, comprising Germany, Switzerland, Austria and Czech Republic, saw a 13.0% decline in revenue per working day. The gross margin, adjusted for working days, was 28.8% in Q4 2024 (Q4 2023: 31.6%). The decrease in gross margin was due to lower productivity (holidays & bench) and slightly more margin pressure from current market conditions. Despite these challenges, and supported by one additional working day, the underlying EBIT margin for the quarter remained strong at 6.4%. The headcount on 31 December 2024 stood at 1,664 (2023: 2,008).
The Netherlands
In The Netherlands, revenue per working day declined by 2.4%. The gross margin, adjusted for working days, was 23.8% in Q4 2024 (compared to 25.9% in Q4 2023). This decline in gross margin is the result of a relative increase in freelancers over employees and lower productivity, mainly due to higher vacation and illness rates. Supported by one additional working day, underlying EBIT remained at 8.4%. The headcount on 31 December 2024 was 1,695 (2023: 1,753). Notably, Brunel Netherlands was awarded the Gold Medal by EcoVadis for the second consecutive year, placing Brunel Netherlands among the top 5% of companies worldwide rated by EcoVadis in the past 12 months (95+ percentile).
Australasia
Australasia, which includes Australia and Papua New Guinea, achieved strong growth in the conventional energy and renewables verticals, while maintaining our market position in other verticals. Notably, our operations in Papua New Guinea demonstrated strong momentum in the mining vertical. With a favourable client mix, the gross margin of the region improved to 10.7% in Q4 2024 (Q4 2023: 10.1%). Additionally, a disciplined approach to cost control ensured that our growth was accompanied by cost efficiencies, as reflected in an improving conversion ratio and EBIT margin.
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Middle East & India
The Middle East & India includes Qatar, Kuwait, Dubai, Iraq and India. The revenue in the Middle East & India region remained stable, largely due to the completion of major conventional energy projects in Dubai and India. This was offset by robust growth at clients in infrastructure and other verticals, particularly in Qatar and Dubai. The overall gross margin increased to 14.2% (from 13.8% in Q4 2023), primarily driven by high-margin shutdown projects executed during the quarter. Strong operational efficiencies continued to enhance conversion ratios in the region.
Americas
The Americas includes Brazil, Canada, US, Guyana and Surinam. The region experienced a 13% revenue growth, fuelled by strong performances in conventional energy, mining and renewable vertical, particularly in the US and Canada. With a strategic emphasis on operational efficiency, we successfully lowered our operating costs by 4%, contributing to a notable improvement in EBIT and overall conversion rates.
Asia
Asia includes Singapore, China, Hong Kong, South Korea, Taiwan, Japan, Indonesia, Thailand and Malaysia. Delays at fabrication yards in China and Singapore had a negative impact on our quarterly performance. Additionally, shifts in the client mix across the region put pressure on gross margins. Consequently, EBIT and conversion ratios declined. In response, we optimized operating costs in markets facing project slowdowns while maintaining investments in highgrowth areas.
Rest of World
The Rest of World includes Taylor Hopkinson, Belgium and our other energy activities in Europe. Several large renewable energy projects reached completion this quarter, with new projects scheduled to commence early 2025. The European energy sector witnessed significant growth, supported by a more favourable client mix contributing to improved margins. Additionally, increased operational efficiency led to a notable reduction in costs, resulting in strong EBIT and an improved conversion ratio.
Gross profit (net fees) per vertical
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amounts in EUR million (unless otherwise stated)
| Q4 2024 | Q4 2023 | Δ% | FY 2024 | FY 2023 | Δ% | |
|---|---|---|---|---|---|---|
| Global verticals | ||||||
| Conventional Energy | 18.4 | 17.9 | 3% | 73.1 | 67.9 | 8% |
| Renewables | 8.7 | 8.7 | 0% | 37.3 | 38.8 | -4% |
| Mining | 6.0 | 6.3 | -4% | 23.4 | 21.1 | 11% |
| Life Sciences | 3.4 | 4.4 | -22% | 15.6 | 17.8 | -13% |
| Local verticals | ||||||
| Industrials & Technology | 7.2 | 8.6 | -16% | 33.9 | 40.3 | -16% |
| Future Mobility | 5.2 | 6.0 | -13% | 27.3 | 33.4 | -18% |
| Financial Services | 3.3 | 3.4 | -3% | 14.0 | 15.4 | -9% |
| Public Sector | 5.9 | 5.4 | 10% | 22.5 | 20.0 | 12% |
| Infrastructure | 2.6 | 2.8 | -9% | 10.1 | 11.6 | -12% |
| Other | 1.1 | 2.7 | -60% | 5.9 | 7.3 | -20% |
| Total | 61.8 | 66.2 | -7% | 263.1 | 273.6 | -4% |
OVERALL PERFORMANCE AND OTHER INFORMATION
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Cash flow and cash position
Improved client collections led to a significant increase in free cash flow, reaching EUR 74.6 million in 2024 (2023: EUR 17.6 million).
The net cash balance on 31 December 2024 was EUR 64.7 million (2023: EUR 31.8 million), of which EUR 14.2 million is restricted (2023: EUR 20.1 million).
Tax
The effective tax rate decreased from 35.8% in 2023 to 31.7% in 2024.
Net profit and dividend
Net profit for 2024 declined by 6% to EUR 30.2 million (2023: EUR 32.1 million), translating into earnings per share of EUR 0.59 (2023: EUR 0.63).
Brunel will propose a cash dividend of EUR 0.55 per share over the 2024 financial year at the AGM in May, this is in line with the paid dividend for 2023 and represents a pay-out ratio of 93%.
Outlook Q1 2025
We expect that current trends will continue across most regions. While challenging economic conditions are still impacting the start of new projects, the financial impact is expected to be partly offset by the lower cost level due to further operational efficiencies.
Corporate Governance
Update on CFO succession
The Supervisory Board will propose to appoint Toine van Doremalen as CFO for a period of four years at the Annual General Meeting of Shareholders on 15 May 2025. Toine will succeed Peter de Laat as CFO, Peter was appointed Chief Executive Officer per 1 October 2024.
EGM on 25 November 2024
During the EGM on 25 November 2024 Aad Kuiper was appointed as member of the Supervisory Board per 1 December 2024.
AGM on 15 May 2025
Shareholders and other individuals entitled to attend the meetings of Brunel International will be invited to attend the Annual General Meeting of Shareholders on 15 May 2025.
Annual report 2024
The annual report 2024 of Brunel will be published on our website www.brunelinternational.net on 21 February 2025 after trading hours. The annual report 2024 includes full CSRD disclosure.
Other
M&A
In November 2024, Brunel has acquired a 50.1% strategic stake in Equals, an Amsterdam-based organization dedicated to educating and training women in entrepreneurship and technology. Brunel and Equals are joining forces to promote diversity in the technology industry and respond to the growing need for qualified IT professionals.
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Additionally, in January 2024 Brunel acquired Advance Careers, an Australian based recruitment firm specializing in sustainability and energy transition.
Global Talent and Tech Trends Reports and White Paper
Global Talent and Tech Trends reports
Brunel has published four insightful reports based on completed surveys by over 4,000 professionals in specific fields. Brunel's Global Talent and Tech Trends reports uncover global industry trends and provides business leaders and professionals with valuable insights to navigate both current and future industry transformations. This is the third edition of Brunel's industry surveys, which examine trends across Conventional Energy: Hydrogen (1,098 respondents), Renewable Energy (970 respondents), Mining (994 respondents) and Life Sciences: Food (980 respondents). To download the individual reports, go to: https://www.brunel.net/en/talent-tech-trends
White paper
Based on a survey completed by nearly 900 C-suite executives and managing directors worldwide, Brunel also published a whitepaper reflecting global trends allowing cross-industry comparisons. Over the next five to ten years, the high-level respondents surveyed identified crucial roles and technologies relevant for business success. They perceive Technology & Innovation (46%), Economic & Business Developments (45%) and Environmental & Resources Developments (42%) as the three trends that will have the greatest impact on organisational success in these industries. To download the whitepaper, go to: https://www.brunel.net/en/talent-tech-trends
DETAILED PERFORMANCE BY REGION
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amounts in EUR million, unless otherwise stated Organic change is measured by excluding the impact of FX, acquisitions, disposals and by adjusting for working days
DACH region
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 52.4 | 59.3 | -12% | -13% | 236.8 | 249.3 | -5% | -5% |
| Gross Profit | 15.6 | 18.7 | -17% | -21% | 75.6 | 85.8 | -12% | -13% |
| Gross margin | 29.8% | 31.6% | 31.9% | 34.4% | ||||
| Operating costs | 12.3 | 14.7 | -16% | -17% | 56.1 | 62.2 | -10% | -10% |
| Underlying EBIT | 3.3 | 4.0 | -16% | -37% | 19.5 | 23.6 | -18% | -22% |
| Underlying EBIT % | 6.4% | 6.7% | 8.2% | 9.5% | ||||
| Conversion ratio | 21.4% | 21.1% | 25.8% | 27.5% | ||||
| Average directs | 1,716 | 2,025 | -15% | -15% | 1,872 | 2,062 | -9% | -9% |
| Average indirects | 347 | 445 | -22% | -22% | 372 | 435 | -15% | -15% |
| Ratio direct / indirect | 4.9 | 4.6 | 5.0 | 4.7 |
The Netherlands
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 55.5 | 55.8 | 0% | -1% | 217.3 | 213.2 | 2% | 1% |
| Gross Profit | 13.7 | 14.5 | -5% | -9% | 54.9 | 56.6 | -3% | -5% |
| Gross margin | 24.7% | 25.9% | 25.3% | 26.5% | ||||
| Operating costs | 9.0 | 10.0 | -10% | -9% | 37.8 | 40.1 | -6% | -6% |
| Underlying EBIT | 4.7 | 4.5 | 3% | -8% | 17.1 | 16.5 | 3% | -3% |
| Underlying EBIT % | 8.4% | 8.1% | 7.9% | 7.7% | ||||
| Conversion ratio | 34.0% | 31.2% | 31.1% | 29.2% | ||||
| Average directs | 1,692 | 1,752 | -3% | -3% | 1,677 | 1,726 | -3% | -3% |
| Average indirects | 232 | 272 | -15% | -15% | 254 | 270 | -6% | -6% |
| Ratio direct / indirect | 7.3 | 6.4 | 6.6 | 6.4 |
Australasia
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.4 | 54.0 | 6% | 4% | 228.6 | 192.9 | 19% | 18% |
| Gross Profit | 6.1 | 5.5 | 12% | 10% | 23.0 | 20.4 | 13% | 13% |
| Gross margin | 10.7% | 10.1% | 10.1% | 10.6% | ||||
| Operating costs | 3.6 | 3.8 | -5% | -5% | 16.2 | 15.1 | 7% | 8% |
| Underlying EBIT | 2.5 | 1.7 | 51% | 44% | 6.8 | 5.3 | 28% | 25% |
| Underlying EBIT % | 4.3% | 3.1% | 3.0% | 2.7% | ||||
| Conversion ratio | 40.5% | 30.2% | 29.4% | 25.9% | ||||
| Average directs | 1,768 | 1,670 | 6% | 6% | 1,779 | 1,575 | 13% | 13% |
| Average indirects | 121 | 129 | -6% | -6% | 129 | 124 | 4% | 4% |
| Ratio direct / indirect | 14.6 | 12.9 | 13.8 | 12.7 |
Middle East & India
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 44.1 | 44.0 | 0% | -4% | 175.4 | 160.7 | 9% | 8% |
| Gross Profit | 6.3 | 6.1 | 3% | 0% | 23.3 | 22.6 | 3% | 2% |
| Gross margin | 14.2% | 13.8% | 13.3% | 14.1% | ||||
| Operating costs | 2.5 | 2.5 | 0% | -1% | 10.4 | 10.3 | 1% | 0% |
| Underlying EBIT | 3.8 | 3.6 | 5% | 0% | 12.9 | 12.3 | 5% | 3% |
| Underlying EBIT % | 8.6% | 8.2% | 7.4% | 7.6% | ||||
| Conversion ratio | 60.3% | 59.4% | 55.4% | 54.4% | ||||
| Average directs | 1,888 | 1,982 | -5% | -5% | 1,924 | 2,103 | -9% | -9% |
| Average indirects | 136 | 173 | -21% | -21% | 152 | 167 | -9% | -9% |
| Ratio direct / indirect | 13.9 | 11.5 | 12.7 | 12.6 | ||||
| Americas | ||||||||
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
| Revenue | 48.8 | 43.3 | 13% | 12% | 191.2 | 177.8 | 8% | 8% |
| Gross Profit | 7.0 | 6.2 | 12% | 12% | 28.0 | 24.8 | 13% | 13% |
| Gross margin | 14.3% | 14.4% | 14.6% | 14.0% | ||||
| Operating costs | 4.5 | 4.7 | -4% | -4% | 20.6 | 20.3 | 1% | 3% |
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| 2.5 | 1.5 | 68% | 64% | 7.4 | 4.5 | 62% | 61% |
|---|---|---|---|---|---|---|---|
| 5.1% | 3.4% | 3.9% | 2.6% | ||||
| 35.9% | 24.0% | 26.4% | 18.3% | ||||
| 1,042 | 990 | 5% | 5% | 1,048 | 1,028 | 2% | 2% |
| 133 | 144 | -8% | -8% | 143 | 147 | -3% | -3% |
| 7.9 | 6.9 | 7.3 | 7.0 | ||||
Asia
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 40.3 | 46.4 | -13% | -16% | 169.4 | 182.2 | -7% | -6% |
| Gross Profit | 6.3 | 8.5 | -26% | -28% | 26.9 | 30.8 | -13% | -12% |
| Gross margin | 15.6% | 18.3% | 15.9% | 16.9% | ||||
| Operating costs | 5.0 | 5.0 | 0% | -2% | 19.4 | 18.9 | 3% | 4% |
| Underlying EBIT | 1.3 | 3.5 | -62% | -65% | 7.5 | 11.9 | -37% | -37% |
| Underlying EBIT % | 3.3% | 7.6% | 4.4% | 6.5% | ||||
| Conversion ratio | 21.3% | 41.3% | 27.8% | 38.5% | ||||
| Average directs | 1,274 | 1,375 | -7% | -7% | 1,358 | 1,424 | -5% | -5% |
| Average indirects | 172 | 167 | 3% | 3% | 185 | 156 | 19% | 19% |
| Ratio direct / indirect | 7.4 | 8.2 | 7.3 | 9.1 |
Rest of world
| Q4 2024 | Q4 2023 | Δ% | Organic Δ% |
FY 2024 | FY 2023 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 41.0 | 50.8 | -19% | -21% | 175.1 | 188.0 | -7% | -9% |
| Gross Profit | 6.8 | 6.8 | 0% | -2% | 31.4 | 32.6 | -4% | -5% |
| Gross margin | 16.6% | 13.3% | 17.9% | 17.3% | ||||
| Operating costs | 7.1 | 8.1 | -12% | -13% | 29.5 | 31.5 | -6% | -8% |
| Underlying EBIT | -0.3 | -1.3 | 73% | 72% | 1.9 | 1.1 | 72% | 60% |
| Underlying EBIT % | -0.8% | -2.5% | 1.1% | 0.6% | ||||
| Conversion ratio | -5.1% | -19.0% | 5.9% | 3.3% | ||||
| Average directs | 1,106 | 1,246 | -11% | -11% | 1,211 | 1,219 | -1% | -1% |
| Average indirects | 175 | 214 | -18% | -18% | 191 | 213 | -10% | -10% |
| Ratio direct / indirect | 6.3 | 5.8 | 6.3 | 5.7 |
- 14 -
Working days and headcount development
Working days
Germany:
| Q1 | Q2 | Q3 | Q4 | FY | |
|---|---|---|---|---|---|
| 2025 | 63 | 60 | 66 | 63 | 252 |
| 2024 | 63 | 61 | 66 | 62 | 252 |
| 2023 | 65 | 60 | 65 | 61 | 251 |
The Netherlands:
| Q1 | Q2 | Q3 | Q4 | FY | |
|---|---|---|---|---|---|
| 2025 | 63 | 61 | 66 | 64 | 254 |
| 2024 | 64 | 62 | 66 | 64 | 256 |
| 2023 | 65 | 61 | 65 | 63 | 254 |
Headcount development
Headcount in the DACH region as of 31 December was 1,664 (2023: 2,008)
- 15 -
Headcount in The Netherlands as of 31 December was 1,695 (2023: 1,753)
ESG Update
Brunel remains dedicated to its role as a responsible global company, actively driving initiatives aligned with its Environmental, Social, and Governance (ESG) policy. Our commitment extends to creating a positive environmental and social impact by promoting sustainable consumption, tackling climate change, preserving ocean ecosystems, and advancing lifelong learning opportunities. In Q4 2024, the Brunel Foundation undertook several key initiatives to further these goals:
- 16 -
Autism Awareness
This quarter the Brunel Foundation organized an inspirational session on neurodiversity in the classroom for teachers, as part of a larger conference on many topics. The discussion was kicked off by Merlijn Goldsack's My Journey for Education, an award-winning documentary supported by the Brunel Foundation.
Trash 'n Trace
Through organized clean-up events, educational campaigns, and community engagement, Brunel's Trash 'n Trace encourages individuals to act and make a positive impact on their local environment.
Future professionals
Investing in STEM-initiatives (Science, Technology, Engineering and Mathematics) is necessary to inspire our future professionals and shape a sustainable future together. Our partnership with OffshoreWind4Kids embodies this vision, bringing the wonders of renewable energy to young minds around the world. This quarter we visited the Headquarters of OffshoreWind4Kids in Brussels to discuss the plans for 2025.
Results call
Today (21 February 2025), at 10:30 AM CET, Brunel will be hosting a results call. To join the conference call, use conference ID 697481 and dial, depending on your location. The dial-in number for the Netherlands is +31 85 888 7233. Other locations – see www.brunelinternational.net.
- 17 -
You can listen to the call through a real-time audio webcast. You can access the webcast and presentation at https://events.q4inc.com/attendee/682943869. A replay of the presentation and the Q&A will be available on our website by the end of the day.
For further information:
Ingrid Prins - Investor Relations +31(0)6 26407735 ([email protected])
About Brunel
Founded in 1975, we are a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent.
With 120+ offices and a powerful network of more than 12,000 specialists around the world, we deliver Project and Consulting Solutions, Workforce Solutions and Global Mobility Solutions that transform global projects in Renewables, Conventional Energy, Mining, Life Sciences, Future Mobility, Industrials & Technology and many other sectors.
The company is listed at Euronext Amsterdam. For more information on Brunel International visit our website: www.brunelinternational.net
Financial Calendar
| 9 May 2025 | Trading update for the first quarter 2025 (before trading) |
|---|---|
| 15 May 2025 | Annual general meeting of shareholders |
| 19 May 2025 | Ex-dividend listing |
| 12 June 2025 | Dividend payment |
| 1 August 2025 | Publication half-year 2025 results (before trading) |
| 7 November 2025 | Trading update for the third quarter 2025 (before trading) |
- 17 - Brunel International N.V. Quarterly Report 2024-4
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. The financial figures as presented in this press release are unaudited.
APPENDIX
Appendix to the Press Release of 21 February 2025 – Full year 2024
- 18 -
Condensed highlights for the period ended 31 December (unaudited) (EUR '000)
| FY 2024 | FY 2023 | Δ% | |
|---|---|---|---|
| Revenue | 1,364,760 | 1,330,535 | 3% |
| Gross Profit | 263,087 | 273,582 | -4% |
| EBIT | 52,149 | 56,321 | -7% |
| Group result after tax | 30,253 | 32,159 | -6% |
| Non-controlling interests | -411 | -507 | 19% |
| Net profit for the year | 29,842 | 31,652 | -6% |
| Gross profit as % of revenue | 19.3% | 20.6% | - |
| Net profit as % of revenue | 2.2% | 2.4% | - |
| Workforce | |||
| Average directs (average-YTD) | 10,869 | 11,138 | -2% |
| Average indirects (average-YTD) | 1,490 | 1,574 | -5% |
| Total | 12,359 | 12,712 | -3% |
| Direct employees (period end) | 10,206 | 10,939 | -7% |
| Indirect employees (period end) | 1,335 | 1,600 | -17% |
| Total | 11,541 | 12,539 | -8% |
| Earnings per share (in euro) | |||
| Earnings per share for ordinary | 0.59 | 0.63 | |
| shareholders Diluted earnings per share |
0.59 | 0.63 | |
| Dividend per share | 0.55 | 0.55 | |
| Weighted average number of ordinary | |||
| shares for the purpose of basic earnings per share |
50,427,370 | 50,400,988 | |
| Weighted average number of ordinary | |||
| shares for the purpose of diluted earnings per share |
50,427,370 | 50,461,602 |
Condensed consolidated profit & loss account for the period ended 31 December (unaudited) (EUR '000)
- 19 -
| FY 2024 | FY 2023 | Δ% | |
|---|---|---|---|
| Revenue | 1,364,760 | 1,330,535 | 3% |
| Direct personnel expenses | 1,101,673 | 1,056,953 | 4% |
| Gross Profit | 263,087 | 273,582 | -4% |
| Indirect personnel expenses | 138,970 | 147,647 | -6% |
| Depreciation and amortisation | 21,897 | 22,019 | -1% |
| Other expenses | 50,071 | 47,595 | 5% |
| Total operating costs | 210,938 | 217,261 | -3% |
| EBIT | 52,149 | 56,321 | -7% |
| Financial income and expenses | -7,864 | -6,219 | -26% |
| Group result before tax | 44,285 | 50,102 | -12% |
| Income tax | -14,032 | -17,943 | 22% |
| Group result after tax | 30,253 | 32,159 | -6% |
Attributable to:
| Net profit attributable to equity holders of the parent | |||
|---|---|---|---|
| (ordinary shares) | 29,842 | 31,652 | -6% |
| Net profit/loss attributable to non-controlling interest | 411 | 507 | -19% |
| Net profit for the year | 30,253 | 32,159 | -6% |
Condensed consolidated statement of comprehensive income for the period ended 31 December (unaudited) (EUR '000)
- 20 -
| FY 2024 | FY 2023 | |
|---|---|---|
| Net profit | 30,253 | 32,159 |
| Other comprehensive income/expense | ||
| Items that may be reclassified subsequently to profit or loss | ||
| Exchange differences arising on translation of foreign operations | 8,629 | -7,832 |
| Income tax relating to components of other comprehensive income | -2,033 | 732 |
| 6,596 | -7,100 | |
| Items that will not be reclassified subsequently to profit or loss | ||
| Actuarial gains/(losses) on defined benefit plans | 134 | -255 |
| 134 | -255 | |
| Total other comprehensive income/expense (net of tax) | 6,730 | -7,355 |
| Total comprehensive income | 36,983 | 24,804 |
| Attributable to: | ||
| Ordinary shareholders | 36,603 | 24,572 |
| Non-controlling interest | 380 | 232 |
| Total comprehensive income | 36,983 | 24,804 |
Condensed consolidated balance sheet (unaudited) (EUR '000)
- 21 -
| 31 December 2024 | 31 December 2023 | |||
|---|---|---|---|---|
| Non-current assets | ||||
| Goodwill | 47,332 | 44,268 | ||
| Other intangible assets | 24,844 | 24,657 | ||
| Property, plant and equipment | 11,857 | 11,952 | ||
| Right-of-use assets | 32,514 | 37,223 | ||
| Financial fixed assets | 4,602 | 6,717 | ||
| Investments accounted for using the | ||||
| equity method | - | - | ||
| Non-current restricted cash | 471 | 5,618 | ||
| Deferred income tax assets | 18,405 | 17,265 | ||
| Total non-current assets | 140,025 | 147,700 | ||
| Current assets | ||||
| Trade and other receivables | 311,394 | 351,374 | ||
| Income tax receivables | 4,782 | 7,429 | ||
| Restricted cash | 13,798 | 14,556 | ||
| Cash and cash equivalents | 112,004 | 90,225 | ||
| Total current assets | 441,978 | 463,584 | ||
| Total assets | 582,003 | 611,284 | ||
| Group equity | ||||
| Share capital | 1,517 | 1,517 | ||
| Share premium | 86,145 | 86,145 | ||
| Reserves | 197,637 | 182,141 | ||
| Unappropriated result | 29,842 | 31,651 | ||
| Shareholders' equity | 315,141 | 301,454 | ||
| Non-controlling interest | 2,257 | 11,081 | ||
| Total equity | 317,398 | 312,535 | ||
| Non-current liabilities | ||||
| Provisions | 7,688 | 7,129 | ||
| Deferred income tax liabilities | 2,010 | 2,460 | ||
| Lease liability | 22,469 | 27,028 | ||
| Loans and borrowings | 61,593 | 78,590 | ||
| Other non-current liabilities | 5,674 | 4,858 | ||
| Total non-current liabilities | 99,434 | 120,065 | ||
| Current liabilities | ||||
| Lease liability | 11,732 | 12,179 | ||
| Trade and other payables | 137,273 | 150,098 | ||
| Income tax payables | 16,166 | 16,407 | ||
| Total current liabilities | 165,171 | 178,684 | ||
| Total liabilities | 264,605 | 298,749 | ||
| Total equity & liabilities | 582,003 | 611,284 |
Condensed consolidated statement of changes in shareholders' equity (unaudited) (EUR '000)
- 22 -
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Attributable | Non | Attributable | Non | ||||
| to ordinary | controlling | to ordinary | controlling | ||||
| shareholders | interest | Total | shareholders | interest | Total | ||
| Balance at 1 January | 301,454 | 11,081 | 312,535 | 304,679 | 13,138 | 317,817 | |
| Net profit/loss | 29,842 | 411 | 30,253 | 31,652 | 507 | 32,159 | |
| Exchange differences arising on translation of foreign operations |
8,660 | -31 | 8,629 | -7,557 | -275 | -7,832 | |
| Actuarial gains/(losses) | 134 | 134 | -255 | -255 | |||
| Income tax relating to components of other comprehensive income/expense |
-2,033 | -2,033 | 732 | 732 | |||
| Total comprehensive income/expense | 36,603 | 380 | 36,983 | 24,572 | 232 | 24,804 | |
| Cash dividend | - -27,769 |
-1,836 | 0 -29,605 |
- -27,721 |
-2,222 | 0 -29,943 |
|
| Share based payments | -3 | -3 | -143 | -143 | |||
| Acquisition of non-controlling interest | 7,264 | -7,264 | 0 | 0 | 0 | ||
| Acquisition of subsidiary | -104 | -104 | |||||
| Recognition of put-option liability | -2,408 | -2,408 | 0 | 0 | |||
| Gain on liquidation of subsidiary | 0 | 0 | 0 | 67 | -67 | 0 | |
| Balance at 31 December | 315,141 | 2,257 | 317,398 | 301,454 | 11,081 | 312,535 |
Condensed consolidated Cash flow statement (unaudited) (EUR '000)
- 23 -
| 2024 | 2023 | |
|---|---|---|
| Cash flow from operating activities | ||
| Result after tax | 30,253 | 32,159 |
| Adjustments for: | ||
| Income tax expense | 14,032 | 17,943 |
| Depreciation and amortization | 21,897 | 22,019 |
| Exchange differences | 905 | 1,559 |
| Interest income | -1,392 | -904 |
| Interest expense | 6,204 | 4,232 |
| Other non-cash expenses | 1,444 | 1,482 |
| Share based payments | -935 | 1,723 |
| Changes in: | ||
| Receivables | 44,752 | -53,853 |
| Provisions | 559 | 380 |
| Trade and other payables | -9,851 | 7,844 |
| Restricted cash | 6,850 | -5,230 |
| 42,310 | -50,859 | |
| Income tax paid | -14,700 | -19,193 |
| Interest paid | -5,508 | -3,379 |
| Interest received | 1,249 | 950 |
| Cash flow generated from operating activities | 95,759 | 7,733 |
| Cash flow from investing activities | ||
| Additions to property, plant and equipment | -2,643 | -2,998 |
| Additions to intangible fixed assets | -7,049 | -8,734 |
| Disposals of property, plant and equipment | 27 | 17 |
| Disposals of intangible assets | 70 | 3 |
| Acquisition of subsidiaries | -2,474 | 0 |
| Repayment of loans by third parties | 1,761 | 402 |
| Cash flow used in investing activities | -10,308 | -11,311 |
| Cash flow from financing activities | ||
| Dividend non-controlling interest | -1,836 | -2,222 |
| Dividend ordinary shareholders | -27,769 | -27,721 |
| Proceeds from drawing of loans and borrowings | 40,000 | 59,968 |
| Repayment of loans and borrowings | -56,617 | 0 |
| Settlement of put option liabilities | -6,573 | 0 |
| Principal elements of lease payments | -13,360 | -14,008 |
| Cash flow used in financing activities | -66,155 | 16,017 |
| Total cash flow | 19,296 | 12,439 |
| Cash and cash equivalents at 1 January | 90,225 | 80,861 |
| Exchange rate fluctuations | 2,483 | -3,075 |
| Cash and cash equivalents at 31 December | 112,004 | 90,225 |
Segment reporting (unaudited)
Reportable segments (EUR '000)
| Revenue | Gross Profit | EBIT | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Segments | ||||||
| DACH region | 236,764 | 249,278 | 75,565 | 85,826 | 16,813 | 20,124 |
| Netherlands | 217,294 | 213,205 | 54,881 | 56,582 | 16,594 | 16,103 |
| Australasia | 228,642 | 192,893 | 23,035 | 20,355 | 6,609 | 5,267 |
| Middle East & India | 175,407 | 160,709 | 23,262 | 22,588 | 12,844 | 12,285 |
| Americas | 191,240 | 177,840 | 27,983 | 24,832 | 7,070 | 4,547 |
| Asia | 169,379 | 182,248 | 26,947 | 30,809 | 5,143 | 11,873 |
| Rest of World | 175,092 | 188,020 | 31,414 | 32,591 | 2,170 | -716 |
| Unallocated | 0 | 0 | 0 | 0 | -15,094 | -13,163 |
| Eliminations | -29,058 | -33,658 | 0 | 0 | 0 | 0 |
| Total | 1,364,760 | 1,330,535 | 263,087 | 273,582 | 52,149 | 56,321 |
Employees
The total number of direct and indirect employees with the group companies is set out below:
- 24 -
Average workforce:
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Direct | Indirect | Direct | Indirect | |||
| DACH region | 1,872 | 372 | 2,062 | 435 | ||
| Netherlands | 1,677 | 254 | 1,726 | 270 | ||
| Australasia | 1,779 | 129 | 1,575 | 124 | ||
| Middle East & India | 1,924 | 152 | 2,103 | 167 | ||
| Americas | 1,048 | 143 | 1,028 | 147 | ||
| Rest of World | 2,569 | 376 | 2,644 | 367 | ||
| Unallocated | - | 64 | - | 64 | ||
| Total | 10,869 | 1,490 | 11,138 | 1,574 | ||
| Total workforce | 12,359 | 12,712 |
Workforce at 31 December:
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Direct | Indirect | Direct | Indirect | |||
| DACH region | 1,664 | 341 | 2,008 | 438 | ||
| Netherlands | 1,695 | 230 | 1,753 | 274 | ||
| Australasia | 1,728 | 117 | 1,692 | 128 | ||
| Middle East & India | 1,860 | 135 | 1,930 | 174 | ||
| Americas | 1,004 | 134 | 958 | 142 | ||
| Rest of World | 2,255 | 310 | 2,598 | 379 | ||
| Unallocated | - | 68 | - | 65 | ||
| Total | 10,206 | 1,335 | 10,939 | 1,600 | ||
| Total workforce | 11,541 | 12,539 |
Disaggregation of revenue (unaudited) Disaggregation of revenue (unaudited) (EUR '000)
- 25 -
Total 519,344 108,444 113,959 49,743
| Co t io l nv en na En er g y |
Fu tu re b i l i ty m o |
In du tr. & s Te hn lo c o g y |
L i fe Sc ien ce s |
M in in g |
Re b les ne wa |
F in ia l an c Se ice rv s |
Pu b l ic Se to c r |
fra In tru tu s c re |
O t he r |
To ta l 2 0 2 4 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| D A C H ion re g |
1 6, 3 4 3 |
9 1, 1 3 4 |
6 9, 4 5 0 |
2 2, 4 0 6 |
1, 3 4 9 |
1 3, 9 3 1 |
5 3 3 |
9 7 2 |
8, 2 2 7 |
1 2, 4 1 9 |
2 3 6, 7 6 4 |
| T he Ne t he lan ds r |
1 2, 7 6 2 |
6, 7 6 7 |
2 0, 5 3 1 |
8, 7 7 6 |
- | 1 4, 3 5 2 |
4 4, 3 1 1 |
9 5, 1 4 1 |
6, 4 1 4 |
8, 2 4 0 |
2 1 7, 2 9 4 |
| Au tra las ia s |
1 1 8, 6 3 0 |
2 | 7 6 9 |
5 4 5 |
8 4, 2 8 4 |
8, 0 3 5 |
5, 3 9 2 |
- | 1 0, 0 7 8 |
9 0 7 |
2 2 8, 6 4 2 |
| & M i d d le Ea t s |
|||||||||||
| In d ia |
1 5 1, 1 3 8 |
6 2 |
3, 1 2 0 |
6 1 3 |
3 4 0 |
4, 8 3 2 |
5 | - | 1 4, 8 5 3 |
4 4 4 |
1 7 5, 4 0 7 |
| Am ica er s |
1 2 8, 0 8 7 |
1 7 |
4 4 2 |
8, 8 2 0 |
3 9, 4 7 7 |
1 2, 6 7 5 |
-8 | 3 2 |
8 7 7 |
4 2 5 |
1 9 1, 2 4 0 |
| As ia |
9 2, 0 3 8 |
3, 2 2 1 |
1, 6 7 7 |
1, 3 9 7 |
4 3 3 9 7, |
2 0, 4 0 2 |
- | - | 6 0 8 |
2, 9 8 5 |
1 6 9, 3 9 7 |
| Re f w l d t o s or |
1, 6 5 7 7 |
4 1 3 |
6, 6 3 1 |
2, 9 1 5 |
3 9 1 |
1 0 6, 0 9 7 |
2, 1 7 5 |
3 4 8 |
2, 0 6 7 |
1, 3 8 8 |
1 0 9 2 7 5, |
| E l im ina t ion s |
-1 8, 8 1 7 |
1 9 |
-9 8 6 |
1 | -1 3 2 |
-7 6 9 6 , |
-2 | - | -4 4 5 |
1, 0 0 0 - |
-2 9, 0 5 8 |
| To ta l |
5 5 1, 9 4 8 |
1 0 1, 6 3 5 |
1 0 1, 7 3 3 |
4 5, 1 4 9 |
1 7 3, 3 4 5 |
1 7 2, 7 0 9 |
5 2, 9 8 2 |
9 6, 4 9 3 |
4 3, 3 1 8 |
2 5, 4 4 8 |
1, 3 6 4, 7 6 0 |
| Co io l t nv en na En er g y |
Fu tu re b i l i ty m o |
In du & tr. s Te hn lo c o g y |
L i fe Sc ien ce s |
M in in g |
Re b les ne wa |
F in ia l an c Se ice rv s |
Pu b l ic Se to c r |
In fra tru tu s c re |
O he t r |
To l ta 2 0 2 3 |
|
| D A C H ion re g |
1 0, 5 9 0 |
9 5, 3 8 7 |
8 0, 8 7 4 |
2 5, 9 9 6 |
1, 0 7 6 |
1 2, 8 1 1 |
- | - | 8, 7 7 6 |
1 3, 7 6 8 |
2 4 9, 2 7 8 |
| T he Ne he lan ds t r |
4, 2 6 2 |
9, 0 2 0 |
2 4, 3 9 2 |
1 0, 0 8 7 |
2 9 7 |
1 6 6 3 5, |
0, 1 3 5 5 |
8 4, 4 1 1 |
1 1, 4 9 5 |
3, 4 6 1 |
2 1 3, 2 0 5 |
| Au las ia tra s |
9 2, 0 0 4 |
- | 0 5 5 |
6 7 5 |
6, 6 2 7 5 |
8, 0 3 6 |
9 6 5, 7 |
2 9 3 |
6, 3 0 3 |
2, 6 2 9 |
1 9 2, 8 9 3 |
| M i d d le Ea & t s |
|||||||||||
| In d ia |
1 4 2, 1 7 3 |
4 3 |
2, 6 6 9 |
4 1 |
2 6 8 |
5, 9 7 9 |
- | - | 8, 8 7 0 |
6 6 6 |
1 6 0, 7 0 9 |
| Am ica er s |
1 2 7, 3 1 2 |
8 | 8 4 6 |
8, 9 6 0 |
2 9, 4 8 7 |
9, 7 0 3 |
- | - | 1, 3 7 0 |
1 5 4 |
1 7 7, 8 4 0 |
| As ia |
1 1 5, 9 9 5 |
3, 8 0 4 |
1, 8 7 8 |
1, 0 7 1 |
4 0, 7 5 2 |
1 4, 8 7 6 |
- | - | 1 5 0 |
3, 7 2 2 |
1 8 2, 2 4 8 |
Eliminations -23,326 - -67 1 -372 -9,826 - - -443 375 -33,658
150,143 175,636 55,949
84,704 39,960
32,653
- 25 -
1,330,535
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES
- 26 -
Certain parts of this report contain financial measures that are not measures of financial performance under IFRS. These are commonly referred to as non-IFRS financial measures and are used by the company to monitor the underlying performance of its business and operations. These measures have not been audited and might not be indicative of the company's historical operating results, nor are such measures meant to be predictive of the company's future results.
The main non-IFRS financial measures are:
Organic growth
The company discloses comparable (organic) growth of income statement line items (revenue, gross profit, operating costs, EBIT) as a supplemental non-IFRS financial measure, as the company believes that the presentation of organic growth is a meaningful measure for investors to evaluate the performance of the company's business activities over time. The company determines organic growth by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days.
Underlying EBIT
The company believes that the presentation of underlying EBIT, EBIT adjusted for acquisition related costs and other one-off costs provides useful information to investors on the development of the company's business and enhances the ability of investors to compare profitability across the years. The company believes that these measures make the underlying performance of its businesses more transparent by factoring out restructuring costs and other incidental charges which are not directly related to the operational performance of the company.
- 26 -
| Reconciliation of reported vs. organic (Q4) |
|---|
| --------------------------------------------- |
| Reported | FX | Work. days |
Organic | Reported | Divestment | Restated | Reported | Organic | |
|---|---|---|---|---|---|---|---|---|---|
| Q4 2024 | Q4 2024 | Q4 2024 | Q4 2024 | Q4 2023 | Q4 2023 | Q4 2023 | Δ% | Δ% | |
| Revenue | 334.5 | -1.8 | -5.0 | 327.7 | 344.2 | 0.0 | 344.2 | -3% | -5% |
| Cost of Sales | 272.7 | -1.6 | -3.1 | 268.0 | 278.0 | 0.0 | 278.0 | -2% | -4% |
| Gross Profit | 61.8 | -0.2 | -1.9 | 59.7 | 66.2 | 0.0 | 66.2 | -7% | -10% |
| Operating costs | 47.4 | -0.2 | 0.0 | 47.2 | 51.5 | 0.0 | 51.5 | -8% | -8% |
| Underlying EBIT | 14.4 | 0.0 | -1.9 | 12.5 | 14.7 | 0.0 | 14.7 | -2% | -15% |
| Acquisition related costs |
0.1 | 0.0 | 0.0 | 0.1 | -0.8 | 0.0 | -0.8 | 108% | 108% |
| One-offs | 0.0 | 0.0 | 0.0 | 0.0 | 4.8 | 0.0 | 4.8 | -100% | -100% |
| EBIT | 14.3 | 0.0 | -1.9 | 12.5 | 10.7 | 0.0 | 10.7 | 34% | 16% |
- 27 -
| Reported | FX | Work. days |
Organic | Reported | Divestment | Restated | Reported | Organic | |
|---|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2023 | Q4 2023 | Q4 2023 | Q4 2022 | Q4 2022 | Q4 2022 | Δ% | Δ% | |
| Revenue | 344.2 | 10.1 | 5.8 | 360.1 | 316.3 | 0.0 | 316.3 | 9% | 14% |
| Cost of Sales | 278.0 | 8.8 | 3.4 | 290.2 | 250.6 | 0.0 | 250.6 | 11% | 16% |
| Gross Profit | 66.2 | 1.3 | 2.4 | 70.0 | 65.7 | 0.0 | 65.7 | 1% | 6% |
| Operating costs | 51.5 | 0.9 | 0.0 | 52.4 | 47.9 | 0.0 | 47.9 | 8% | 9% |
| Underlying EBIT | 14.7 | 0.4 | 2.4 | 17.5 | 17.8 | 0.0 | 17.8 | -17% | -2% |
| Acquisition related costs |
-0.8 | 0.0 | 0.0 | -0.8 | 0.0 | 0.0 | 0.0 | ||
| One-offs | 4.8 | 0.0 | 0.0 | 4.8 | 0.0 | 0.0 | 0.0 | ||
| EBIT | 10.7 | 0.4 | 2.4 | 13.5 | 17.8 | 0.0 | 17.8 | -40% | -24% |
Reconciliation of reported vs. organic (YTD)
| Reported | FX | Work. days |
Organic | Reported | Divestment | Restated | Reported | Organic | |
|---|---|---|---|---|---|---|---|---|---|
| YTD 2024 |
YTD 2024 |
YTD 2024 |
YTD 2024 |
YTD 2023 |
YTD 2023 | YTD 2023 |
Δ% | Δ% | |
| Revenue | 1,364.8 | 3.1 | -9.4 | 1,358.5 | 1,330.5 | 0.0 | 1,330.5 | 3% | 2% |
| Cost of Sales | 1,101.7 | 2.6 | -6.3 | 1,097.9 | 1,057.0 | 0.0 | 1,057.0 | 4% | 4% |
| Gross Profit | 263.1 | 0.6 | -3.0 | 260.6 | 273.6 | 0.0 | 273.6 | -4% | -5% |
| Operating costs | 204.5 | 0.1 | 0.0 | 204.7 | 211.6 | 0.0 | 211.6 | -3% | -3% |
| Underlying EBIT | 58.6 | 0.4 | -3.0 | 55.9 | 62.0 | 0.0 | 62.0 | -6% | -10% |
| Acquisition related costs |
1.7 | 0.0 | 0.0 | 1.7 | 0.9 | 0.0 | 0.9 | 93% | 93% |
| One-offs | 4.7 | 0.0 | 0.0 | 4.7 | 4.8 | 0.0 | 4.8 | -3% | -3% |
| EBIT | 52.1 | 0.4 | -3.0 | 49.5 | 56.3 | 0.0 | 56.3 | -7% | -12% |
| Reported | FX | Work. days |
Organic | Reported | Divestment | Restated | Reported | Organic | |
|---|---|---|---|---|---|---|---|---|---|
| YTD 2023 |
YTD 2023 |
YTD 2023 |
YTD 2023 |
YTD 2022 |
YTD 2022 | YTD 2022 |
Δ% | Δ% | |
| Revenue | 1,330.5 | 36.6 | 6.5 | 1,373.6 | 1,181.8 | -18.2 | 1,163.6 | 13% | 18% |
| Cost of Sales | 1,057.0 | 31.3 | 3.2 | 1,091.4 | 929.7 | -15.5 | 914.2 | 14% | 19% |
| Gross Profit | 273.6 | 5.3 | 3.4 | 282.2 | 252.1 | -2.7 | 249.5 | 9% | 13% |
| Operating costs | 211.6 | 3.5 | 0.0 | 215.1 | 191.2 | -1.8 | 189.4 | 11% | 14% |
| Underlying EBIT | 62.0 | 1.8 | 3.4 | 67.1 | 60.9 | -0.8 | 60.0 | 2% | 12% |
| Acquisition related costs |
0.9 | 0.0 | 0.0 | 0.9 | 0.0 | 0.0 | 0.0 | ||
| One-offs | 4.8 | 0.0 | 0.0 | 4.8 | 0.0 | 0.0 | 0.0 | ||
| EBIT | 56.3 | 1.8 | 3.4 | 61.4 | 60.9 | -0.8 | 60.0 | -7% | 2% |
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| Reported | FX | Work. days |
Organic | Reported | Divestment | Restated | Reported | Organic | |
|---|---|---|---|---|---|---|---|---|---|
| Q4 2024 | Q4 2024 | Q4 2024 | Q4 2024 | Q4 2023 | Q4 2023 | Q4 2023 | Δ% | Δ% | |
| DACH region | 52.4 | 0.0 | -0.8 | 51.5 | 59.3 | 0.0 | 59.3 | -12% | -13% |
| The Netherlands | 55.5 | 0.0 | -0.5 | 55.0 | 55.8 | 0.0 | 55.8 | 0% | -1% |
| Australasia | 57.4 | -0.2 | -0.9 | 56.3 | 54.0 | 0.0 | 54.0 | 6% | 4% |
| Middle East & India | 44.1 | -1.0 | -0.7 | 42.4 | 44.0 | 0.0 | 44.0 | 0% | -4% |
| Americas | 48.8 | 0.4 | -0.8 | 48.5 | 43.3 | 0.0 | 43.3 | 13% | 12% |
| Asia | 40.3 | -0.8 | -0.6 | 38.9 | 46.4 | 0.0 | 46.4 | -13% | -16% |
| Rest of world | 41.0 | -0.1 | -0.6 | 40.3 | 50.8 | 0.0 | 50.8 | -19% | -21% |
| Eliminations | -5.1 | 0.0 | 0.0 | -5.1 | -9.4 | 0.0 | -9.4 | 46% | 45% |
| Total | 334.5 | -1.8 | -5.0 | 327.7 | 344.2 | 0.0 | 344.2 | -3% | -5% |
| Reported | FX | Work. days |
Organic | Reported | Divestment | Restated | Reported | Organic | |
|---|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2023 | Q4 2023 | Q4 2023 | Q4 2022 | Q4 2022 | Q4 2022 | Δ% | Δ% | |
| DACH region | 59.3 | -0.1 | 1.0 | 60.2 | 57.0 | 0.0 | 57.0 | 4% | 5% |
| The Netherlands | 55.8 | 0.0 | 0.9 | 56.7 | 50.3 | 0.0 | 50.3 | 11% | 13% |
| Australasia | 54.0 | 3.3 | 0.9 | 58.2 | 45.1 | 0.0 | 45.1 | 20% | 29% |
| Middle East & India | 44.0 | 2.2 | 0.7 | 47.0 | 39.8 | 0.0 | 39.8 | 10% | 18% |
| Americas | 43.3 | 1.8 | 0.7 | 45.8 | 40.4 | 0.0 | 40.4 | 7% | 13% |
| Asia | 46.4 | 2.6 | 0.8 | 49.7 | 46.7 | 0.0 | 46.7 | -1% | 6% |
| Rest of world | 50.8 | 0.6 | 0.8 | 52.2 | 44.9 | 0.0 | 44.9 | 13% | 16% |
| Eliminations | -9.4 | -0.3 | 0.0 | -9.6 | -8.0 | 0.0 | -8.0 | -17% | -20% |
| Total | 344.2 | 10.1 | 5.8 | 360.1 | 316.3 | 0.0 | 316.3 | 9% | 14% |
Reconciliation of organic vs. reported revenue per operating segment (YTD)
| Reported | FX | Work. days |
Organic | Reported Divestment | Restated | Reported | Organic | ||
|---|---|---|---|---|---|---|---|---|---|
| YTD 2024 | YTD 2024 | YTD 2024 | YTD 2024 | YTD 2023 | YTD 2023 | YTD 2023 | Δ% | Δ% | |
| DACH region | 236.8 | 0.1 | -0.9 | 235.9 | 249.3 | 0.0 | 249.3 | -5% | -5% |
| The Netherlands | 217.3 | 0.0 | -1.1 | 216.2 | 213.2 | 0.0 | 213.2 | 2% | 1% |
| Australasia | 228.6 | 0.8 | -1.8 | 227.7 | 192.9 | 0.0 | 192.9 | 19% | 18% |
| Middle East & India | 175.4 | -0.4 | -1.4 | 173.6 | 160.7 | 0.0 | 160.7 | 9% | 8% |
| Americas | 191.2 | 2.1 | -1.5 | 191.8 | 177.8 | 0.0 | 177.8 | 8% | 8% |
| Asia | 169.4 | 2.7 | -1.3 | 170.7 | 182.2 | 0.0 | 182.2 | -7% | -6% |
| Rest of world | 175.1 | -1.8 | -1.4 | 171.9 | 188.0 | 0.0 | 188.0 | -7% | -9% |
| Eliminations | -29.1 | -0.3 | 0.0 | -29.4 | -33.7 | 0.0 | -33.7 | 14% | 13% |
| Total | 1,364.8 | 3.1 | -9.4 | 1,358.5 | 1,330.5 | 0.0 | 1,330.5 | 3% | 2% |
| Reported | FX | Work. days |
Organic | Reported Divestment | Restated | Reported | Organic | ||
|---|---|---|---|---|---|---|---|---|---|
| YTD 2023 | YTD 2023 | YTD 2023 | YTD 2023 | YTD 2022 | YTD 2022 | YTD 2022 | Δ% | Δ% | |
| DACH region | 249.3 | -0.3 | 2.0 | 251.0 | 229.2 | 0.0 | 229.2 | 9% | 9% |
| The Netherlands | 213.2 | 0.0 | 0.8 | 214.0 | 190.3 | 0.0 | 190.3 | 12% | 12% |
| Australasia | 192.9 | 12.6 | 0.8 | 206.3 | 161.9 | 0.0 | 161.9 | 19% | 27% |
| Middle East & India | 160.7 | 6.0 | 0.7 | 167.4 | 143.3 | 0.0 | 143.3 | 12% | 17% |
| Americas | 177.8 | 6.0 | 0.7 | 184.6 | 146.6 | 0.0 | 146.6 | 21% | 26% |
| Asia | 182.2 | 9.7 | 0.8 | 192.7 | 161.1 | 0.0 | 161.1 | 13% | 20% |
| Rest of world | 188.0 | 3.5 | 0.8 | 192.2 | 178.0 | -18.2 | 159.8 | 6% | 20% |
| Eliminations | -33.7 | -1.0 | 0.0 | -34.6 | -28.5 | 0.0 | -28.5 | -18% | -21% |
| Total | 1,330.5 | 36.6 | 6.5 | 1,373.6 | 1,181.8 | -18.2 | 1,163.6 | 13% | 18% |
DEFINITIONS AND ABBREVIATIONS
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Acquisition-related expenses
Costs that are directly triggered by the acquisition of a company, such as transaction costs, purchase accounting related costs and integration-related expenses.
Conversion ratio (EBIT/GP)
A performance measure on how Brunel's EBIT develops in relation to the Gross Profit. This makes the performance per region better comparable, taking out gross margin differences between regions.
Directs/specialists
Direct employees are those employees of an entity that are billed to an external client.
Divestment
The action or process of selling off subsidiary business interests or investments.
EBIT
Operating profit.
EBIT (underlying)
Operating profit excluding restructuring costs, acquisition-related charges and other incidental charges expressed as a percentage of total revenue.
EBIT%
Operating profit expressed as a percentage of total revenue.
EBIT growth organic
The percentage of growth in operating profit over the previous period, measured by excluding the impact of one-offs, currencies, acquisitions, divestments and by adjusting for working days.
Elimination
Exclusion of intercompany revenue within the group companies of Brunel.
Free cash flow
Free cash flow is the sum of net cash from operating and investing activities, excluding the acquisition and disposal of subsidiaries and including repayment of lease liabilities.
Gross Profit (GP)
Contribution margin, i.e. Revenue minus direct personnel expenses.
Gross Profit growth organic
The percentage of growth in contribution margin over the previous period, measured by excluding the impact of currencies, acquisitions, divestments and by adjusting for working days.
Gross Margin
Gross profit as a percentage of Revenue.
Indirect
Staff whose time is not billable to a client.
Net Cash/(debt)
Net cash/(debt) is the sum of all cash and cash equivalent, restricted cash minus loans and borrowings excluding lease liabilities.
Operating cost growth organic
The percentage of growth in operating cost over the previous period, measured by excluding the impact of one- offs, currencies, acquisitions, divestments and by adjusting for working days.
Organic growth (Org. Δ%)
Externally reported income statement line items (revenue, gross profit, operating expenses & EBIT) adjusted for the impact of changes in foreign currency ("FX"), excluding the impact of one-offs, acquisitions and divestments on revenues and adjusted for the number of working days. Brunel operates in an industry where for each additional working day compared to the previous period, additional revenue/gross profit can be generated. Therefore, the organic growth is a measure that best shows underlying/comparable performance isolating the working day effect.
Revenue growth organic
The percentage of growth in revenue compared to the previous period, measured by excluding the impact of currencies, acquisitions, divestments and by adjusting for working days.
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- 3 - Brunel International N.V. Quarterly Report 2024-4