Quarterly Report • Feb 23, 2024
Quarterly Report
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Amsterdam, 23 February 2024 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise, today announced its fourth quarter and full year 2023 results.
"In 2023 we celebrated many highlights. Based on the strong first nine months, we continued high single digit growth in the year while we attracted many new clients. We strengthened our leadership team through internal promotions, had a high engagement score from candidates and colleagues, and attracted many new talents.
In the last quarter, we experienced some unexpected headwinds. While our revenues continued to grow, the impact of high interest rates and inflation on the offshore wind industry caused sudden
project stops and reconsiderations of projects in the pipeline. This hit our perm business at Taylor Hopkinson quite hard.
At the same time, the German market slowed down across all industries. We responded fast, rightsizing our organisation and adjusting our cost levels where needed and made a step up in executing our entrepreneurial sales approach. Through these actions, we are well positioned to weather these circumstances.
During our Capital Markets Day in November, we showed how we executed our strategy over the last 3 years. We now have a well-diversified portfolio of markets and capabilities. Our conversion ratio has grown significantly, and we are on track to reach our long-term goals. We presented data on the expected capital investments in our focus markets, underlining our high confidence that our clients need us more and more in the quarters and years to come. That's why we reconfirmed our growth ambitions, while new tooling, smarter processes and more leverage of our infrastructure will drive conversion and profitability even more.
In this year we also made important steps in executing our ESG strategy. We trained many colleagues on reducing unconscious bias, continued to work with autism organizations around the world to bring talent with an identification in this spectrum, closer to job-opportunities and our foundation enlarged our Brunel Foundation Forrest, organized 'Offshore Wind for Kids' events and Trash and Trace events with clients, candidates and internal colleagues.
With our unique infrastructure of more than 12,000 Brunellers in over 45 countries serving more than 1,000 clients, we are strongly positioned to benefit from the energy and digital transformation. Through our high integrity standards, our entrepreneurial spirit, our result driven mindset and our passion for people we are ready for all business challenges and can turn them into opportunities."
Brunel Q4 and FY 2023 results: continued revenue growth; ready for the next level
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 344.2 | 316.3 | 9% | 14% | 1,330.5 | 1,181.8 | 13% | 18% |
| Gross Profit | 66.2 | 65.7 | 1% | 6% | 273.6 | 252.1 | 9% | 13% |
| Gross margin | 19.2% | 20.8% | 20.6% | 21.3% | ||||
| Operating costs | 51.5 | 46.9 | 10% | 12% | 211.6 | 187.0 | 13% | 16% |
| Operating result | 14.7 | 18.8 | -22% | -7% | 62.0 | 65.1 | -5% | 5% |
| Earn out related share | ||||||||
| based payments* | -0.8 | 1.0 | -180% | -180% | 0.9 | 4.2 | -79% | -79% |
| Underlying EBIT | 15.5 | 17.8 | -13% | 3% | 61.1 | 60.9 | 0% | 10% |
| EBIT % (underlying) | 4.5% | 5.6% | 4.6% | 5.2% | ||||
| One-off costs** | 4.8 | - | 4.8 | - | ||||
| EBIT (after one-off) | 10.7 | 17.8 | -40% | -24% | 56.3 | 60.9 | -7% | 1% |
| Average directs | 11,041 | 11,148 | -1% | -1% | 11,138 | 11,187 | 0% | 0% |
| Average indirects | 1,610 | 1,478 | 9% | 9% | 1,574 | 1,452 | 8% | 8% |
| Ratio direct / Indirect | 6.9 | 7.5 | 7.1 | 7.7 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
*Relates to the acquisition related expenses for Taylor Hopkinson
**Relates to one-off costs, mainly restructuring costs
Organic revenue was up 14% YoY in Q4 2023. Reported revenue was up 9% YoY, with a negative impact from working days of 2% and a negative effect of FX of 3%.
Organic gross profit was up 6.5% YoY in Q4 2023. Reported gross profit was up 0.8% YoY, of which working days had a negative impact of 3.7% while FX had a negative effect of 2%. The gross margin decreased mainly as a result of a change in the mix due to stronger growth in regions with a relatively lower gross margin.
Organic EBIT was up 3.1% YoY in Q4 2023. Reported EBIT was down 12.8% YoY, of which working days had a negative impact of 13.5% while FX had a negative effect of 2.4%.
The breakdown of gross profit per vertical is as follows:
| 2023 | 2022 | Δ% | |||
|---|---|---|---|---|---|
| Global verticals | |||||
| Conventional Energy | 67.9 | 25% | 62.0 | 25% | 10% |
| Renewable Energy | 38.8 | 14% | 29.6 | 12% | 31% |
| Future Mobility | 33.4 | 12% | 25.3 | 10% | 32% |
| Mining | 21.1 | 8% | 12.4 | 5% | 70% |
| Infrastructure | 11.6 | 4% | 12.1 | 5% | -4% |
| Local verticals | |||||
| Industrials & Technology | 40.3 | 15% | 43.2 | 17% | -7% |
| Public Sector | 20.0 | 6% | 19.0 | 7% | 5% |
| Life Sciences | 17.8 | 7% | 10.7 | 4% | 66% |
| Financial Services | 15.4 | 6% | 14.5 | 6% | 6% |
| Other | 7.3 | 3% | 23.3 | 9% | -69% |
| Total | 273.6 | 100% | 252.1 | 100% | 9% |
To provide further insights into the underlying performance, Brunel has updated the verticals, with Engineering split into Industrials & Technology and Life Sciences, and Financial Services and Public Sector excluded from Other and reported separately.
We managed to achieve growth in all our global markets, supported by high levels of capital investments in those markets. Renewable energy additionally benefitted from the synergies of Taylor Hopkinson's expertise in offshore wind with Brunel's global infrastructure and contracting capabilities and managed to achieve significant growth despite the headwind in Q4.
Summary (amounts in EUR million)
| Revenue | Q4 2023 |
Q4 2022 |
Δ% | Organic Δ% |
FY 2023 |
FY 2022 |
Δ% | Organic Δ% |
|---|---|---|---|---|---|---|---|---|
| DACH region | 59.3 | 57.0 | 4% | 5% | 249.3 | 229.2 | 9% | 9% |
| The Netherlands | 55.8 | 50.3 | 11% | 13% | 213.2 | 190.3 | 12% | 12% |
| Australasia | 54.0 | 45.1 | 20% | 29% | 192.9 | 161.9 | 19% | 27% |
| Middle East & India | 44.0 | 39.8 | 10% | 18% | 160.7 | 143.3 | 12% | 17% |
| Americas | 43.3 | 40.4 | 7% | 13% | 177.8 | 146.6 | 21% | 26% |
| Asia | 46.4 | 46.7 | -1% | 6% | 182.2 | 161.1 | 13% | 20% |
| Rest of world | 50.8 | 44.8 | 13% | 16% | 188.0 | 177.0 | 6% | 20% |
| Eliminations | -9.4 | -8.0 | -18% | -18% | -33.7 | -27.5 | -23% | -23% |
| Total | 344.2 | 316.3 | 9% | 14% | 1330.5 | 1181.8 | 13% | 18% |
| Q4 | Q4 | Organic | FY | FY | Organic | |||
| Gross Profit | 2023 | 2022 | Δ% | Δ% | 2023 | 2022 | Δ% | Δ% |
| DACH region | 18.7 | 19.1 | -2% | 3% | 85.8 | 81.0 | 6% | 8% |
| The Netherlands | 14.5 | 14.7 | -2% | 4% | 56.6 | 55.7 | 2% | 3% |
| Australasia | 5.5 | 4.7 | 15% | 24% | 20.4 | 16.2 | 26% | 34% |
| Middle East & India | 6.1 | 7.2 | -15% | -10% | 22.6 | 23.9 | -6% | -2% |
| Americas | 6.2 | 5.6 | 12% | 18% | 24.8 | 19.9 | 25% | 29% |
| Asia | 8.5 | 7.2 | 18% | 26% | 30.8 | 23.6 | 31% | 39% |
| Rest of world | 6.8 | 7.2 | -5% | 21% | 32.6 | 31.8 | 2% | 31% |
| Total | 66.2 | 65.7 | 1% | 6% | 273.6 | 252.1 | 9% | 13% |
| Q4 | Q4 | Organic | FY | FY | Organic | |||
| EBIT (underlying) | 2023 | 2022 | Δ% | Δ% | 2023 | 2022 | Δ% | Δ% |
| -29% | -12% | -3% | 5% | |||||
| DACH region | 4.0 | 5.6 | -8% | 10% | 23.6 | 24.4 | -1% | 4% |
| The Netherlands | 4.5 | 4.9 | 16.5 | 16.7 | ||||
| Australasia | 1.7 | 1.2 | 38% | 53% | 5.3 | 3.3 | 62% | 72% |
| Middle East & India | 3.6 | 4.6 | -22% | -16% | 12.3 | 14.3 | -14% | -10% |
| Americas | 1.5 | 1.0 | 52% | 62% | 4.5 | 2.6 | 76% | 84% |
| Asia | 3.5 | 3.2 | 9% | 20% | 11.9 | 9.4 | 27% | 36% |
| Rest of world | -0.5 | -0.5 | 6% | 17% | 0.2 | 1.4 | -86% | -12% |
| Unallocated | -2.7 | -2.2 | -25% | -25% | -13.2 | -11.0 | -20% | -20% |
| Total | 15.5 | 17.8 | -13% | 3% | 61.1 | 60.9 | 0% | 10% |
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 59.3 | 57.0 | 4% | 5% | 249.3 | 229.2 | 9% | 9% |
| Gross Profit | 18.7 | 19.1 | -2% | 3% | 85.8 | 81.0 | 6% | 8% |
| Gross margin | 31.6% | 33.5% | 34.4% | 35.3% | ||||
| Operating costs | 14.7 | 13.5 | 9% | 9% | 62.2 | 56.6 | 10% | 10% |
| EBIT | 4.0 | 5.6 | -29% | -12% | 23.6 | 24.4 | -3% | 5% |
| EBIT % | 6.7% | 9.8% | 9.5% | 10.6% | ||||
| Average directs | 2,025 | 2,114 | -4% | 2,062 | 2,042 | 1% | ||
| Average indirects | 445 | 414 | 8% | 435 | 405 | 7% | ||
| Ratio direct / Indirect | 4.6 | 5.1 | 4.7 | 5.0 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
The DACH region includes Germany, Switzerland, Austria and Czech Republic.
Despite the weaker market conditions, specifically in the German market, we achieved growth per working day in revenue and gross profit. The decrease in headcount and the lower productivity were offset by higher rates. The productivity was lower in Q4 due to more vacation taken and slightly higher bench and illness. Gross margin adjusted for working days was 32.6% in Q4 2023 (Q4 2022: 33.5%). The year-on-year decrease in gross margin is the result of the lower productivity.
The drop at the change of the year was in line with last year, and as a result our headcount in the beginning of 2024 was slightly down year-on-year.
Operating cost increased in Q4, amongst others as a result of inflation. As a result, EBIT in Q4 decreased compared to Q4 2022, also when adjusted for one less working day. We have taken actions in Q4 to adjust our organisation to the current activity level in order to return to EBIT growth in the course of 2024.
The headcount development in 2023 is as follows:
Headcount as of 31 December 2023 was 2,008 (2022: 2,133).
| Working days Germany: | |||||
|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | FY | |
| 2024 | 63 | 61 | 66 | 62 | 252 |
| 2023 | 65 | 60 | 65 | 61 | 251 |
| 2022 | 64 | 61 | 66 | 62 | 253 |
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 55.8 | 50.3 | 11% | 13% | 213.2 | 190.3 | 12% | 12% |
| Gross Profit | 14.5 | 14.7 | -2% | 4% | 56.6 | 55.7 | 2% | 3% |
| Gross margin | 25.9% | 29.3% | 26.5% | 29.3% | ||||
| Operating costs | 10.0 | 9.8 | 2% | 1% | 40.1 | 39.0 | 3% | 3% |
| EBIT | 4.5 | 4.9 | -8% | 10% | 16.5 | 16.7 | -1% | 4% |
| EBIT % | 8.1% | 9.7% | 7.7% | 8.7% | ||||
| Average directs | 1,752 | 1,687 | 4% | 1,726 | 1,667 | 4% | ||
| Average indirects | 272 | 282 | -3% | 270 | 279 | -3% | ||
| Ratio direct / Indirect | 6.4 | 6.0 | 6.4 | 6.0 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
Revenue increased as a result of higher headcount and rates, slightly offset by a lower productivity due to a higher bench. Gross margin decreased as a result of the ongoing inflation on the compensation of our specialists, which we can only partly pass on. The gross margin adjusted for working days is 26.7% in Q4 2023 (Q4 2022: 29.3%).
Operating cost remain under control. The decrease in EBIT compared to Q4 2022 is the result of the one less working day (impact EUR 0.6 million).
The start in 2024 shows a continuation of the trend of Q4 2023.
The headcount development in 2023 is as follows:
Headcount as of 31 December 2023 was 1,753 (2022: 1,718).
Working days The Netherlands:
| Q1 | Q2 | Q3 | Q4 | FY | |
|---|---|---|---|---|---|
| 2024 | 64 | 62 | 66 | 64 | 256 |
| 2023 | 65 | 61 | 65 | 63 | 254 |
| 2022 | 64 | 61 | 66 | 64 | 255 |
P&L amounts in EUR million
| Q4 2023 | Q4 2022 | Δ% | Organic Δ% |
FY 2023 | FY 2022 | Δ% | Organic Δ% |
|
|---|---|---|---|---|---|---|---|---|
| Revenue | 54.0 | 45.1 | 20% | 29% | 192.9 | 161.9 | 19% | 27% |
| Gross Profit | 5.5 | 4.7 | 15% | 24% | 20.4 | 16.2 | 26% | 34% |
| Gross margin | 10.1% | 10.5% | 10.6% | 10.0% | ||||
| Operating costs | 3.8 | 3.5 | 9% | 14% | 15.1 | 12.9 | 17% | 25% |
| EBIT | 1.7 | 1.2 | 38% | 53% | 5.3 | 3.3 | 62% | 72% |
| EBIT % | 3.1% | 2.7% | 2.7% | 2.0% | ||||
| Average directs | 1,670 | 1,479 | 13% | 1,575 | 1,375 | 15% | ||
| Average indirects | 129 | 109 | 18% | 124 | 107 | 16% | ||
| Ratio direct / Indirect | 12.9 | 13.5 | 12.7 | 12.9 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
Australasia includes Australia and Papua New Guinea.
The strong performance continued in Australasia, especially in mining and conventional energy. Leveraging the growth is resulting in an increased conversion and increased profitability.
We have joined forces with the small expert team of Advance Careers, a boutique agency specialized in energy and sustainability recruitment. Advance Careers' existing staff, clients and contracts are incorporated into Brunel from January 2024.
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 44.0 | 39.8 | 10% | 18% | 160.7 | 143.3 | 12% | 17% |
| Gross Profit | 6.1 | 7.2 | -15% | -10% | 22.6 | 23.9 | -6% | -2% |
| Gross margin | 13.8% | 18.0% | 14.1% | 16.7% | ||||
| Operating costs | 2.5 | 2.6 | -4% | 1% | 10.3 | 9.6 | 7% | 11% |
| EBIT | 3.6 | 4.6 | -22% | -16% | 12.3 | 14.3 | -14% | -10% |
| EBIT % | 8.2% | 11.6% | 7.6% | 9.9% | ||||
| Average directs | 1,982 | 2,281 | -13% | 2,103 | 2,235 | -6% | ||
| Average indirects | 173 | 153 | 13% | 167 | 139 | 20% | ||
| Ratio direct / Indirect | 11.5 | 14.9 | 12.6 | 16.0 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
Middle East & India includes Qatar, Dubai, Kuwait, Iraq and India.
Our activities on yards for construction in Dubai were the main driver of the growth in Q4, and the outlook for the region remains very promising. The project in which we experienced a delay earlier in 2023, started in 2024. Gross margin decreased as a result of a change in the project mix, and the completion of a higher margin project in Q3. The region continues to deliver an outstanding conversion and strong profitability.
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 43.3 | 40.4 | 7% | 13% | 177.8 | 146.6 | 21% | 26% |
| Gross Profit | 6.2 | 5.6 | 12% | 18% | 24.8 | 19.9 | 25% | 29% |
| Gross margin | 14.4% | 13.8% | 14.0% | 13.6% | ||||
| Operating costs | 4.7 | 4.6 | 2% | 8% | 20.3 | 17.3 | 17% | 21% |
| EBIT | 1.5 | 1.0 | 52% | 62% | 4.5 | 2.6 | 76% | 84% |
| EBIT % | 3.4% | 2.4% | 2.6% | 1.8% | ||||
| Average directs | 990 | 1,012 | -2% | 1,028 | 929 | 11% | ||
| Average indirects | 144 | 137 | 5% | 147 | 125 | 18% | ||
| Ratio direct / Indirect | 6.9 | 7.4 | 7.0 | 7.4 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
The Americas includes Brazil, Canada, USA, Guyana and Suriname.
Most of the countries achieved strong growth, in our main markets conventional energy, renewable energy and mining. Supported by the growth, in combination with cost control, our conversion and profitability is improving.
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 46.4 | 46.7 | -1% | 6% | 182.2 | 161.1 | 13% | 20% |
| Gross Profit | 8.5 | 7.2 | 18% | 26% | 30.8 | 23.6 | 31% | 39% |
| Gross margin | 18.3% | 15.4% | 16.9% | 14.6% | ||||
| Operating costs | 5.0 | 4.0 | 25% | 32% | 18.9 | 14.2 | 33% | 40% |
| EBIT | 3.5 | 3.2 | 9% | 20% | 11.9 | 9.4 | 27% | 36% |
| EBIT % | 7.6% | 6.9% | 6.5% | 5.8% | ||||
| Average directs | 1,375 | 1,524 | -10% | 1,424 | 1,481 | -4% | ||
| Average indirects | 167 | 135 | 24% | 156 | 132 | 18% | ||
| Ratio direct / Indirect | 8.2 | 11.3 | 9.1 | 11.2 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
Asia includes Singapore, China, Hong Kong, South Korea, Taiwan, Japan, Indonesia, Thailand and Malaysia.
The strong trend in mining in Indonesia and at fabrication yards in China continued, resulting in increased gross margins, conversion and profitability. This region is benefitting significantly from our position in renewable energy and achieving fast growth in yard construction projects in this vertical.
P&L amounts in EUR million
| Organic | Organic | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 2023 | Q4 2022 | Δ% | Δ% | FY 2023 | FY 2022 | Δ% | Δ% | |
| Revenue | 50.8 | 44.8 | 13% | 16% | 188.0 | 177.0 | 6% | 20% |
| Gross Profit | 6.8 | 7.2 | -5% | -4% | 32.6 | 31.8 | 2% | 14% |
| Gross margin | 13.3% | 16.0% | 17.3% | 18.0% | ||||
| Operating costs | 8.1 | 6.7 | 21% | 21% | 31.5 | 26.2 | 20% | 31% |
| Operating result | -1.3 | 0.5 | -390% | -355% | 1.1 | 5.6 | -81% | -71% |
| Earn out related share | ||||||||
| based payments | -0.8 | 1.0 | -180% | -180% | 0.9 | 4.2 | -79% | -79% |
| EBIT | -0.5 | -0.5 | 6% | 17% | 0.2 | 1.4 | -86% | -12% |
| EBIT % | -1.0% | -1.2% | 0.1% | 0.8% | ||||
| Average directs | 1,246 | 1,051 | 19% | 1,219 | 1,459 | -16% | ||
| Average indirects | 214 | 188 | 14% | 213 | 205 | 3% | ||
| Ratio direct / Indirect | 5.8 | 5.6 | 5.7 | 7.1 |
Organic change is measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days
Rest of World includes Taylor Hopkinson, Belgium and our other energy activities in Europe. Until June 2022, this region also included Russia which activities were divested.
Despite the challenging market circumstances, and perm revenues decreasing 26% year-onyear, Taylor Hopkinson continued to achieve revenue growth. We are seeing the first signs of a slow recovery in the perm market for Taylor Hopkinson. Due to the lower activity level, we have reduced the estimated liability related to the earn out for the remaining shares.
Our energy activities in Europe & Africa continued their strong performance in a strong market.
In Q2 2022 we sold our Russian activities to local management. Revenue and EBIT included in our 2022 results amounted to EUR 18 million and EUR 0.8 million respectively. After a slight adjustment of the payment plan, we have now received the first installments relating to the divestments of our activities in Russia.
The effective tax rate increased from 35.2% in 2022 to 35.8% in 2023. Net profit came in at EUR 32.2 million (2022: EUR 30.8 million), up 5% and resulting in earnings per share of EUR 0.63 (2022: EUR 0.58).
We propose a cash dividend of EUR 0.55 per share over the 2023 financial year (2022: EUR 0.55 per share), which represents a pay-out ratio of 87%.
The net cash balance at 31 December 2023 is EUR 31.8 million (EUR 77.8 per 31 December 2022), of which EUR 20.1 million is restricted (EUR 15.5 per 31 December 2022). The decrease in net cash is mainly the result of the increase in working capital as a result of our revenue growth, combined with a slight delay in collection.
We started the year with high single digit revenue growth and expect the current trend to continue, whilst we start to see the first benefits of our cost saving initiatives.
Due to health reasons, Just Spee has decided to step down from the Supervisory Board as of the AGM in May this year.
Founder of Taylor Hopkinson, Tom Hopkinson, has successfully managed growth acceleration in our Renewables vertical, after the acquisition of Taylor Hopkinson by Brunel in December 2021.Combining Taylor Hopkinson's expertise in offshore wind with Brunel's global infrastructure and expertise in contracting, has resulted in many revenue synergies. Preparing for the next phase and level, we agreed that from January 2024, Tom Hopkinson will move into a global advisory role. Tom will focus on sharing industry expertise across the entire business, extending professional networks and industry relationships and developing our brand as an industry partner and enabler to clients worldwide. With Tom's extensive knowledge, expertise and network in renewables, he will continue to add significant value to the business and will be available for advice to the new leadership team upon their request. Considering the change in role and responsibilities, we have agreed to an earlier exercise of the put and call option on the shares in Taylor Hopkinson (20%) he still owns. This will be settled in Q1 2024, in stead of Q1 2025 as was initially agreed.
The Brunel Foundation and OffshoreWind4Kids had the opportunity to teach children from Weekendschool Eindhoven more about wind energy. The Weekendschool helps children develop their talents and gives them a glimpse into what their future job could look like. The kids were stimulated to imagine an exciting future in the field of wind energy. Trying on the mandatory clothing when building wind turbines at sea, made the day complete.
The Brunel Foundation was invited by Taylor Hopkinson to organize a Lunch and Learn inspiration session about autism. As part of the session, we invited guest speaker Elise Cordaro. Elise gave a spotlight on what it is like to live with an ADHD and Autism diagnosis. She talked about how she navigates the workplace and provided hints and tips for working with and managing people with Autism.
The Delft colleagues rolled up their sleeves for a lunch break clean up this quarter. Besides, marketing colleagues from around the world joined a lunch break cleanup as part of their Global Marketing Summit in Amsterdam. Altogether they collected over 50 kg of litter. The numbers in our Global Trash 'n Trace Challenge with Litterati grew to over 493,000 pieces of litter picked and registered in our challenge.
Today (February 23, 2024), at 10:30 AM CET, Brunel will be hosting a results call.
To join the conference call, use access code 544241 and dial, depending on your location. The dial-in number for the Netherlands is +31.85.888.7233 Other locations – see www.brunelinternational.net.
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/654645681.A replay of the presentation and the Q&A will be available on our website by the end of the day.
Costs that are directly triggered by the acquisition of a company, such as transaction costs, purchase accounting related costs and integration-related expenses.
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 disposals 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.
Contribution margin, i.e. Revenue minus direct personnel expenses
Gross profit as a percentage of Revenue
The action or process of selling off subsidiary business interests or investments.
Exclusion of intercompany revenue within the group companies of Brunel.
Refers to Brunel's EBIT, excluding certain one-off and/or exceptional items that may distort the true operational performance of the business. It provides a clearer picture of the company's ongoing profitability by eliminating the impact of restructuring costs, integration and M&A costs related to acquisitions and other exceptional items.
Exceptional nonrecurring items that distort the true operational performance of the business. It provides a clearer picture of the company's ongoing profitability by eliminating the impact of restructuring costs, integration and M&A costs related to acquisitions and other exceptional items.
Net cash is the sum of all cash and cash equivalent, restricted cash minus loans and borrowings.
Direct employees are those employees of an entity that are billed to an external client.
Staff whose time is not billable to a client.
Operating profit.
Operating profit excluding restructuring costs, acquisition-related charges and other incidental charges expressed as a percentage of total revenue.
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 margin differences between regions.
The ratio of total revenue to the direct employees.
The percentage of growth in revenue compared to the previous period, measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days.
The percentage of growth in contribution margin over the previous period, measured by excluding the impact of currencies, acquisitions, disposals and by adjusting for working days.
The percentage of growth in operating cost over the previous period, measured by excluding the impact of one- offs, currencies, acquisitions, disposals and by adjusting for working days.
The percentage of growth in operating profit over the previous period, measured by excluding the impact of one-offs, currencies, acquisitions, disposals and by adjusting for working days.
Jilko Andringa CEO Peter de Laat CFO Graeme Maude COO tel.: +31(0)20 312 50 81
Brunel International N.V. is a global provider of flexible specialist workforce solutions. We deliver tailor made solutions like Recruitment, Global Mobility, Project Management, Secondment, Consultancy or scope of work for our clients, both on a global scale and on a local level. Our ability to help our clients beyond their expectations is a testament to our people and their entrepreneurial spirit, knowledge and results-driven approach. Our people are at the heart of everything we do.
We connect the most talented professionals with leading clients in Conventional Energy, Renewable Energy, Future Mobility, Mining, Life Sciences and Infrastructure.
Incorporated in 1975, Brunel has since become a global company with over 11,000 employees and annual revenue of EUR 1,3 billion (2023). The company is listed at Euronext Amsterdam N.V. For more information on Brunel International N.V. visit our website www.brunelinternational.net.
| 3 May 2024 | Trading update for the first quarter 2024 |
|---|---|
| 16 May 2024 | Annual general meeting of shareholders |
| 20 May 2024 | Ex-dividend listing |
| 14 June 2024 | Dividend available for payment |
| 2 August 2024 | Publication half-year 2024 results |
| 1 November 2024 | Trading update for the third quarter 2024 |
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 to the press release 23 February 2024 Full year 2023
Financial Highlights for the period ended 31 December (unaudited) (EUR '000)
| Revenue Gross Profit EBIT |
FY 2023 1,330,535 273,582 56,321 |
FY 2022 1,181,824 252,116 60,874 |
Δ% 13% 9% -7% |
|---|---|---|---|
| Group result after tax Non-controlling interests |
32,159 -507 |
30,764 -1,374 |
5% 63% |
| Net profit for the year | 31,652 | 29,390 | 8% |
| Gross profit as % of revenue Net profit as % of revenue |
20.6% 2.4% |
21.3% 2.5% |
- - |
| Workforce | |||
| Average directs (average-YTD) Average indirects (average-YTD) Total |
11,138 1,574 12,712 |
11,187 1,452 12,639 |
0% 8% 1% |
| Direct employees (period end) Indirect employees (period end) Total |
10,939 1,600 12,539 |
11,083 1,479 12,562 |
-1% 8% 0% |
| Earnings per share (in euro) | |||
| Earnings per share for ordinary shareholders Diluted earnings per share Dividend per share Weighted average number of ordinary shares for the purpose of basic earnings per share |
0.63 0.63 0.55 50,400,988 |
0.58 0.58 0.55 50,400,988 |
|
| Weighted average number of ordinary shares for the purpose of diluted earnings per share |
50,461,602 | 50,538,200 |
Condensed consolidated profit & loss account for the period ended 31 December (unaudited) (EUR '000)
| FY 2023 | FY 2022 | Δ% | |
|---|---|---|---|
| Revenue | 1,330,535 | 1,181,824 | 13% |
| Direct personnel expenses | 1,056,953 | 929,708 | 14% |
| Gross Profit | 273,582 | 252,116 | 9% |
| Indirect personnel expenses | 147,647 | 128,549 | 15% |
| Depreciation and amortisation | 22,019 | 21,328 | 3% |
| Other expenses | 47,595 | 41,365 | 15% |
| Total operating costs | 217,261 | 191,242 | 14% |
| EBIT | 56,321 | 60,874 | -7% |
| Financial income and expenses | -6,219 | -2,939 | -112% |
| Loss on disposal of subsidiaries | 0 | -10,431 | |
| Share of profit of investments accounted for using the equity method |
0 | 0 | |
| Group result before tax | 50,102 | 47,504 | 5% |
| Income tax | 17,943 | 16,740 | 7% |
| Group result after tax | 32,159 | 30,764 | 5% |
| Net profit for the year | 32,159 | 30,764 | 5% |
|---|---|---|---|
| Net profit/loss attributable to non controlling interest |
507 | 1,374 | -63% |
| Net profit attributable to equity holders of the parent (ordinary shares) |
31,652 | 29,390 | 8% |
Condensed consolidated statement of comprehensive income for the period ended 31 December (unaudited) (EUR '000)
| FY 2023 | FY 2022 | |
|---|---|---|
| Net profit | 32,159 | 30,764 |
| Other comprehensive income/expense | ||
| Items that may be reclassified subsequently to profit or loss | ||
| Exchange differences arising on translation of foreign operations | -7,832 | 9,284 |
| Income tax relating to components of other comprehensive income | 732 | -634 |
| -7,100 | 8,650 | |
| Items that will not be reclassified subsequently to profit or loss | ||
| Actuarial gains/(losses) on defined benefit plans | -255 | 733 |
| -255 | 733 | |
| Total other comprehensive income/expense (net of tax) | -7,355 | 9,383 |
| Total comprehensive income | 24,804 | 40,147 |
| Attributable to: | ||
| Ordinary shareholders | 24,572 | 38,625 |
| Non-controlling interest | 232 | 1,522 |
| Total comprehensive income | 24,804 | 40,147 |
| 31 December 2023 | 31 December 2022 | ||||
|---|---|---|---|---|---|
| Non-current assets | |||||
| Goodwill | 44,268 | 44,443 | |||
| Other intangible assets | 24,657 | 21,259 | |||
| Property, plant and equipment | 11,952 | 11,620 | |||
| Right-of-use assets | 37,223 | 43,962 | |||
| Financial fixed assets | 6,717 | 8,689 | |||
| Investments accounted for using | |||||
| the equity method | - | - | |||
| Non-current restricted cash | 5,618 | 8,769 | |||
| Deferred income tax assets | 17,265 | 14,725 | |||
| Total non-current assets | 147,700 | 153,467 | |||
| Current assets Trade and other receivables |
351,374 | 303,050 | |||
| Income tax receivables | 7,429 | 2,994 | |||
| Restricted cash | 14,556 | 6,768 | |||
| Cash and cash equivalents | 90,225 | 80,861 | |||
| Total current assets | 463,584 | 393,673 | |||
| Total assets | 611,284 | 547,140 | |||
| Group equity | |||||
| Share capital | 1,517 | 1,517 | |||
| Share premium | 86,145 | 86,145 | |||
| Reserves | 182,141 | 187,627 | |||
| Unappropriated result | 31,651 | 29,390 | |||
| Shareholders' equity | 301,454 | 304,679 | |||
| Non-controlling interest | 11,081 | 13,138 | |||
| Total equity | 312,535 | 317,817 | |||
| Non-current liabilities | |||||
| Provisions | 7,129 | 6,750 | |||
| Deferred income tax liabilities | 2,460 | 1,782 | |||
| Lease liability | 27,028 | 32,449 | |||
| Other non-current liabilities | 83,448 | 32,604 | |||
| Total non-current liabilities | 120,065 | 73,585 | |||
| Current liabilities | |||||
| Lease liability | 12,179 | 13,176 | |||
| Trade and other payables | 150,098 | 130,629 | |||
| Income tax payables | 16,407 | 11,933 | |||
| Total current liabilities | 178,684 | 155,738 | |||
| Total liabilities | 298,749 | 229,323 | |||
| Total equity & liabilities | 611,284 | 547,140 |
Condensed consolidated statement of changes in shareholders' equity (unaudited) (EUR '000)
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 January | Attributable to ordinary shareholde rs 304,679 |
Non controlling interest 13,138 |
Total 317,817 |
Attributable to ordinary shareholde rs 288,236 |
Non controlling interest 13,693 |
Total 301,929 |
|
| Net profit/loss | 31,652 | 507 | 32,159 | 29,390 | 1,374 | 30,764 | |
| Exchange differences arising on translation of foreign operations |
-7,557 | -275 | -7,832 | 9,136 | 148 | 9,284 | |
| Actuarial gains/(losses) | -255 | -255 | 733 | 733 | |||
| Income tax relating to components of other comprehensive income/expense |
732 | 732 | -634 | -634 | |||
| Total comprehensive income/expense |
24,572 | 232 | 24,804 | 38,625 | 1,522 | 40,147 | |
| - | 0 | - | 0 | ||||
| Cash dividend | -27,721 | -2,222 | -29,943 | -22,680 | -2,240 | -24,920 | |
| Share based payments | -143 | -143 | 498 | 498 | |||
| Acquisition of subsidiary | 0 | 0 | 0 | 163 | 163 | ||
| Gain on liquidation of subsidiary |
67 | -67 | 0 | 0 | 0 | ||
| Balance at 31 December | 301,454 | 11,081 | 312,535 | 304,679 | 13,138 | 317,817 |
| 2023 | 2022 | |
|---|---|---|
| Cash flow from operating activities | ||
| Result after tax | 32,159 | 30,764 |
| Adjustments for: | ||
| Income tax expense | 17,942 | 16,740 |
| Depreciation and amortisation | 22,019 | 21,328 |
| Exchange differences | 1,559 | 1,352 |
| Interest income | -904 | -545 |
| Interest expense | 4,232 | 1,173 |
| Loss on disposal of subsidiaries | 0 | 10,431 |
| Other non-cash expenses | 1,482 | 4,176 |
| Share based payments | 1,723 | -190 |
| Changes in: | ||
| Receivables | -53,853 | -49,818 |
| Provisions | 380 | -183 |
| Trade and other payables | 7,844 | 11,467 |
| Restricted cash | -5,230 | 3,790 |
| -50,859 | -34,744 | |
| Income tax paid | -19,193 | -23,563 |
| Interest paid | -3,379 | -754 |
| Interest received | 950 | 165 |
| Cash flow generated from operating activities | 7,733 | 26,333 |
| Cash flow from investing activities | ||
| Additions to property, plant and equipment | -2,998 | -3,088 |
| Additions to intangible fixed assets | -8,734 | -8,183 |
| Disposals of property, plant and equipment | 17 | 49 |
| Disposals of intangible assets | 3 | 0 |
| Acquisition of subsidiaries | 0 | -733 |
| Disposal of subsidiaries | 0 | -9,497 |
| Repayment of loans by third parties | 402 | 0 |
| Cash flow used in investing activities | -11,311 | -21,452 |
| Cash flow from financing activities | ||
| Dividend non-controlling interest | -2,222 | -2,240 |
| Dividend ordinary shareholders | -27,721 | -22,680 |
| Proceeds from drawing of loans and borrowings | 59,968 | 18,634 |
| Principal elements of lease payments | -14,008 | -14,731 |
| Cash flow used in financing activities | 16,017 | -21,017 |
| Total cash flow | 12,439 | -16,136 |
| Cash and cash equivalents at 1 January | 80,861 | 93,757 |
| Exchange rate fluctuations | -3,075 | 3,240 |
| Cash and cash equivalents at 31 December | 90,225 | 80,861 |
(EUR '000)
| Revenue | Gross Profit | EBIT | |||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||
| Segments | |||||||
| DACH region | 249,278 | 229,242 | 85,826 | 80,966 | 20,124 | 24,362 | |
| Netherlands | 213,205 | 190,326 | 56,582 | 55,727 | 16,103 | 16,652 | |
| Australasia | 192,893 | 161,854 | 20,355 | 16,210 | 5,267 | 3,250 | |
| Middle East & India | 160,709 | 143,281 | 22,588 | 23,911 | 12,285 | 14,253 | |
| Americas | 177,840 | 146,560 | 24,832 | 19,917 | 4,547 | 2,586 | |
| Asia | 182,248 | 161,086 | 30,809 | 23,553 | 11,873 | 9,359 | |
| Rest of World | 188,020 | 176,950 | 32,591 | 31,832 | -716 | 1,362 | |
| Unallocated | 0 | 0 | 0 | 0 | -13,163 | -10,950 | |
| Eliminations | -33,658 | -27,475 | 0 | 0 | 0 | 0 | |
| Total | 1,330,535 | 1,181,824 | 273,582 | 252,116 | 56,321 | 60,874 |
The total number of direct and indirect employees with the group companies is set out below:
Average workforce:
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Direct | Indirect | Direct | Indirect | |||
| DACH region | 2,062 | 435 | 2,042 | 405 | ||
| Netherlands | 1,726 | 270 | 1,667 | 279 | ||
| Australasia | 1,575 | 124 | 1,375 | 107 | ||
| Middle East & India | 2,103 | 167 | 2,235 | 139 | ||
| Americas | 1,028 | 147 | 929 | 125 | ||
| Rest of World | 2,644 | 367 | 2,939 | 338 | ||
| Unallocated | - | 64 | - | 59 | ||
| Total | 11,138 | 1,574 | 11,187 | 1,452 | ||
| Total workforce | 12,712 | 12,639 |
Workforce at 31 December:
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Direct | Indirect | Indirect | ||||
| DACH region | 2,008 | 438 | 2,133 | 412 | ||
| Netherlands | 1,753 | 274 | 1,718 | 281 | ||
| Australasia | 1,692 | 128 | 1,491 | 109 | ||
| Middle East & India | 1,930 | 174 | 2,260 | 155 | ||
| Americas | 958 | 142 | 999 | 143 | ||
| Rest of World | 2,598 | 379 | 2,482 | 317 | ||
| Unallocated | - | 65 | - | 62 | ||
| Total | 10,939 | 1,600 | 11,083 | 1,479 | ||
| Total workforce | 12,539 | 12,562 |
(EUR '000)
| Co ion t nv en l E a ne rg y |
Fu tu re b ilit mo y |
Ind tr ia ls us & Te hn log c o y |
Li fe Sc ien ce s |
Mi nin g |
Re b les ne wa |
Fin l Se ia an c ice rv s |
Pu b lic Se cto r |
Ot he r |
To ta l 2 0 23 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| DA C H ion reg |
10 5 9 0 , |
95 3 87 , |
8 0, 87 4 |
25 9 9 6 , |
1, 07 6 |
12 8 11 , |
- | - | 22 5 44 , |
24 9, 27 8 |
| Th Ne the rla nd e s |
4, 26 2 |
9, 0 20 |
24 3 9 2 , |
10 0 87 , |
29 7 |
15 6 6 3 , |
5 0, 15 3 |
8 4, 41 1 |
14 9 20 , |
21 3, 20 5 |
| Au las ia str a |
9 2, 0 0 4 |
- | 5 05 |
67 5 |
76 65 2 , |
8, 0 3 6 |
5, 79 6 |
29 3 |
8, 9 3 2 |
19 2, 8 9 3 |
| Mi d d le Ea st & Ind ia |
14 2, 17 3 |
43 | 2, 6 6 9 |
41 | 26 8 |
5, 97 9 |
- | - | 9, 5 3 6 |
16 0, 70 9 |
| Am ica er s |
12 7, 3 12 |
8 | 8 46 |
8, 9 6 0 |
29 48 7 , |
9, 70 3 |
- | - | 1, 5 24 |
17 7, 8 40 |
| As ia |
11 5, 9 95 |
3, 8 0 4 |
1, 87 8 |
1, 07 1 |
40 75 2 , |
14 87 6 , |
- | - | 3, 87 2 |
18 2, 24 8 |
| f w Re st ld o or |
27 0 0 8 , |
18 2 |
2, 79 5 |
2, 9 13 |
1, 6 11 |
10 8, 5 6 8 |
- | - | 11 28 5 , |
15 4, 3 6 2 |
| To ta l |
5 19 3 44 , |
10 8, 44 4 |
11 3, 95 9 |
49 74 3 , |
15 0, 14 3 |
17 5, 6 3 6 |
55 9 49 , |
8 4, 70 4 |
72 6 13 , |
1, 3 3 0, 5 35 |
| Co t ion nv en l E a ne rg y |
Fu tu re b ilit mo y |
Ind ia ls tr us & Te hn log c o y |
Li fe Sc ien ce s |
Mi nin g |
Re b les ne wa |
Fin l Se ia an c ice rv s |
Pu b lic Se cto r |
Ot he r |
To ta l 2 0 22 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| DA C H ion reg |
12 6 8 1 , |
74 48 4 , |
9 0, 73 4 |
13 05 7 , |
14 5 |
6, 16 4 |
- | - | 3 1, 97 7 |
22 9, 24 2 |
| Th Ne the rla nd e s |
5, 13 9 |
2, 77 3 |
22 27 0 , |
7, 48 7 |
65 | 5, 23 4 |
48 3 97 , |
9 0, 3 24 |
8, 6 37 |
19 0, 3 26 |
| Au str las ia a |
73 9 0 6 , |
- | 1, 21 7 |
6 | 3, 15 5 7 |
13 05 1 , |
9, 43 4 |
- | 11 0 8 3 , |
16 1, 85 4 |
| Mi d d le Ea st & Ind ia |
11 5, 5 9 0 |
40 | 1, 0 19 |
6 8 |
11 4 |
2, 5 41 |
- | - | 23 9 0 9 , |
14 3, 28 1 |
| Am ica er s |
10 8, 20 4 |
23 7 |
76 8 |
8, 8 3 1 |
21 10 4 , |
6, 67 2 |
- | - | 74 4 |
14 6, 6 0 5 |
| As ia |
11 4, 55 9 |
3 0 9 |
2, 8 65 |
1, 3 6 2 |
26 6 9 1 , |
12 18 8 , |
- | - | 3, 11 2 |
16 1, 0 8 6 |
| Re st f w ld o or |
3 0, 79 3 |
29 8 |
2, 73 7 |
3, 0 85 |
1, 6 41 |
9 6, 3 3 0 |
- | - | 14 5 9 1 , |
14 9, 47 5 |
| To l ta |
46 0, 87 2 |
78 14 1 , |
12 1, 6 10 |
3 3, 8 9 6 |
10 2, 9 17 |
14 2, 18 0 |
57 8 3 1 , |
9 0, 3 24 |
9 4, 05 4 |
1, 18 1, 8 24 |
.
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