Strong Q4 for Brunel with increase of turnover by 22% and Ebit by 30%.

Proposed dividend ? 0.80 per share (2009: ? 0.80).

Amsterdam, 4 March 2011 - Brunel realised a Q4 2010 turnover of ? 214 million, up 22% compared to the same period in 2009 and up 24% compared to the third quarter of 2010. The gross margin in the fourth quarter amounted to ? 46 million versus ? 37 million in the same period last year and up from ? 37 million in the previous quarter. Ebit in Q4 2010 is ? 13 million, an increase of 30% compared to the same period in 2009. The Q4 Ebit includes a cost of ? 2 million reported as other income/expense which relates to the reversal of part of the 2008 reported book gain from the divestment of IMG in Germany.

Brunel International            
X ? 1 million            
    Q4 2010   Q4 2009 Change %  Full year 2010  Full year 2009 Change %
             
Turnover 214.0 175.8 22% 720.9 738.4 -2%*
Gross Profit 45.6 36.5 25% 152.0 151.8 0%
Gross margin 21.3% 20.8%   21.1% 20.6%  
Other income/expense -2.1 -   -2.1 -  
Ebit 13.1 10.1 30% 37.3 45.1 -17%
Ebit % 6.1% 5.7%   5.2% 6.1%  

* -8% at constant currency

 

Highlights 2010:

  • Full year turnover down 2%
  • Gross margin at 21%
  • Working capital up 15% to ? 176 million
  • Brunel Netherlands: Full year turnover down 5%, Q4 up 7%
  • Brunel Germany: Full year turnover up 5%, Q4 up 28%
  • Brunel Belgium: Full year turnover up 3%, Q4 up 21%
  • Brunel Energy: Full year turnover down 4%, Q4 up 25%
  • Ebit Q4 negatively influenced by ? 4 million one off costs, full year ? 5 million vs ? 3 million in 2009

Full year 2010, Brunel International realised a turnover of ? 721 million; down 2% compared to 2009.

Gross profit is equal to prior year at ? 152 million. Gross margin increased to 21.1% for the year compared to 20.6% in 2009. The Ebit decreased as a result of increased overhead costs by 17% to ? 37 million compared to ? 45 million in 2009. The company achieved a group net income of ? 26 million compared to ? 32 million in 2009.

Brunel's core activities are secondment, project management and consultancy. The company performs these activities through the flexible deployment of highly skilled and experienced specialists in the fields of Engineering, Oil & Gas, Aerospace, Automotive, ICT, Finance, Legal, Insurance and Banking. Brunel offers its' core activities globally from its' own international network of 92 offices in 33 countries. Brunel Netherlands, Brunel Germany and Brunel Energy are the company's largest business divisions. In 2010 these divisions accounted for respectively 18%, 15% and 63% of global turnover. 

In 2010 all business regions started recovering from the global crisis. The professional staffing business in Europe started recovering in Germany early in the year and was followed by Belgium and towards the end of the year by The Netherlands. The Brunel Oil and Gas business in 2010 has a more challenging comparison base with the Pluto and Woodside projects completed in 2009. Compared to 2009 turnover decreased slightly, but with the start of some major projects in Australia in the fourth quarter, turnover is increasing.

We have continued our policy of investing in the quality of our organisation and are confident that this has put us in an excellent position to benefit from the positive developments in the market.

Brunel International continued to benefit from the strong balance sheet which is considered to be a sign of financial strength by both our customers and employees as well as our contractors. Solvency remains high at 69%, in line with 2009.

The goodwill at year end amounts to ? 7 million representing just over 3% of shareholders' equity.

At ? 64 million, Brunel's cash position as at December 31st 2010 is sound. Despite the decrease in net profit compared to 2009, we propose a dividend payout of ? 0.80 per share, equal to last year.

The average workforce of Brunel worldwide decreased by 2% from 7,847 in 2009 to 7,656 in 2010.

Jan Arie van Barneveld, CEO Brunel International: "2010 was an exciting year. During the year we have seen growth gaining momentum. In the first quarter all business regions realised reduced turnover levels. However Germany and Belgium started growing again during the second quarter and although later than expected The Netherlands started recovering during the last four months. Additionally Energy experienced strong growth from the commencements of new projects and as a result we had a strong consolidated fourth quarter".

 

------------------------------------

For further information:

Jan Arie van Barneveld   CEO Brunel International     tel.: +31(0)20 312 50 81

Rob van der Hoek           CFO Brunel International     tel.: +31(0)20 312 50 81

------------------------------------

For full press release, please see attached pdf file.

A recorded webvideo in which Jan Arie van Barneveld provides comments in relation to this press release is available on www.brunel.net.

 

Press Release Brunel International NV, March 4th 2011:
http://hugin.info/132857/R/1494408/430240.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Brunel International NV via Thomson Reuters ONE


HUG#1494408