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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  BRUNEL INTERNATIONAL       NL0000343432

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BRUNEL INTL : increased EBIT with 41% in first half of 2008

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08/29/2008 | 08:01am CEST



Amsterdam, 29 August 2008 - Net turnover increased in first six
months with 23%. Ebit increased with 41% to ? 31,2 million, group net
income increased to ? 23,0 million.


+-------------------------------------------------------------+
| Brunel International | | | | | |
|----------------------+---------+---+---------+---+----------|
| X ? 1 million | H1 2008 | | H1 2007 | | Change % |
|----------------------+---------+---+---------+---+----------|
| | | | | | |
|----------------------+---------+---+---------+---+----------|
| Turnover | 336.5 | | 274.1 | | 23% |
|----------------------+---------+---+---------+---+----------|
| Gross Profit | 81.6 | | 64.9 | | 26% |
|----------------------+---------+---+---------+---+----------|
| Gross margin | 24.2% | | 23.7% | | |
|----------------------+---------+---+---------+---+----------|
| Ebit | 31.2 | | 22.1 | | 41% |
|----------------------+---------+---+---------+---+----------|
| Ebit % | 9.3% | | 8.1% | | |
+-------------------------------------------------------------+












Highlights 1st half 2008:

* Overall growth for the period is 23%
* Gross margin improved by 0.5 percent point to 24.2%
* EBIT grows with 41% to ? 31.2 million.
* Brunel Netherlands: turnover up 10%
* Brunel Germany: turnover up 13%
* Brunel Energy: turnover up 32%


Over the first six months of 2008, Brunel International realised a
turnover of ? 336,5 million; up 23% compared to the same period in
2007.
Gross profit increased with 26%, from ? 65 million to ? 82 million.
Gross margin further improved from 23.7% to 24.2%. EBIT amounted to ?
31.2 million, being 9.3% of turnover (first 6 months of 2007: 8.1%).
The company achieved a group net income of ? 23 million.

Brunel's core activities are project management, secondment and
consultancy. The company performs these activities through the
flexible deployment of highly skilled specialists in the fields of
Engineering, Oil & Gas, Aerospace, Automotive, ICT, Finance, Legal
and Insurance & Banking. Brunel offers its core activities globally
from its own international network of 90 own offices in 25 countries.
Brunel Netherlands, Brunel Germany and Brunel Energy are the
company's largest business divisions. In the first half of this year
these divisions accounted for respectively 22%, 20% and 53% of the
global net turnover.

Jan Arie van Barneveld, CEO of Brunel International: "The current
economic environment provides Brunel International with excellent
opportunities. In both Germany and the Netherlands revenue growth
percentages are still written with double digits. The Energy division
shows a considerable revenue growth of 32%. Overall both gross margin
and Ebit continue the upward trend.
We do believe that the continuous growth of the company is a
reflection of the strength and reliability of our organisation which
reduces the dependency on general economic circumstances".

Traditionally Brunel International holds on to a strong balance
sheet. Solvency remained high with a ratio over 60% while the
capitalised goodwill is relatively insignificant. Trade and other
receivables expressed in relation to the turnover decreased.

The average workforce of Brunel International increased with 12% from
6,997 during the first 6 months of 2007 to 7,835 over the first half
of 2008. The number of fee-earners and service organisation employees
rose by 12% and 26% respectively.


Brunel Netherlands
Brunel Netherlands recorded a net turnover of ? 74.8 million, a 10%
growth compared to the first half of last year. The gross profit
increased by 11% from ? 26.5 million in H1 2007 to ? 29.4 million
over the first six months of this year. Most of our business lines
contributed to these positive developments. The impact of the current
economic developments on Dutch market for temporary specialist
staffing appears to be limited. Brunel Netherlands is still able to
grow revenue and improve gross margin and Ebit. Brunel outperformed
the market with these achievements.




+-----------------------------------------------------------+
| Brunel Netherlands | | | | | |
|--------------------+---------+---+---------+---+----------|
| X ? 1 million | H1 2008 | | H1 2007 | | Change % |
|--------------------+---------+---+---------+---+----------|
| Turnover | 74.8 | | 68.0 | | 10% |
|--------------------+---------+---+---------+---+----------|
| Gross Profit | 29.4 | | 26.5 | | 11% |
|--------------------+---------+---+---------+---+----------|
| Gross margin | 39.3% | | 39.0 | | |
|--------------------+---------+---+---------+---+----------|
| Ebit | 13.8 | | 12.2 | | 14% |
|--------------------+---------+---+---------+---+----------|
| Ebit % | 18.5% | | 17.9% | | |
+-----------------------------------------------------------+











We foresee that the growth will continue. We do foresee that the
challenges in maintaining the current growth path will increase, at
the same time we feel confident that our organization is capable in
meeting these challenges.

Brunel Germany
In 2008 Brunel Germany achieved a turnover of ? 67.3 million, a
growth of 13%.
The sharp increase of the German EBIT from ? 4.1 million to ? 7.7
million could be realised as last years Ebit was negatively affected
by the disappointing results from the competence centers. The
turnaround of these competence centers has contributed sharply to the
improvement of the results.


+-------------------------------------------------------+
| Brunel Germany | | | | | |
|----------------+---------+---+---------+---+----------|
| X ? 1 million | H1 2008 | | H1 2007 | | Change % |
|----------------+---------+---+---------+---+----------|
| Turnover | 67.3 | | 59.5 | | 13% |
|----------------+---------+---+---------+---+----------|
| Gross Profit | 25.5 | | 19.0 | | 34% |
|----------------+---------+---+---------+---+----------|
| Gross margin | 37.9% | | 31.9% | | |
|----------------+---------+---+---------+---+----------|
| Ebit | 7.7 | | 4.1 | | 88% |
|----------------+---------+---+---------+---+----------|
| Ebit % | 11.4% | | 6.9% | | |
+-------------------------------------------------------+











The German market for technical project management and engineering
secondment is still growing and we expect this to continue for Brunel
Germany. We still expect the 2008 results to be significantly better
than 2007.

In the second half year 2008 some Rail engineering activities will be
transferred to a client. This will result in a one off gain of about
? 2.8 million. These activities represent about ? 5 million revenue
on an annual basis.

Brunel Energy
Brunel Energy increased its net turnover with 32% to ? 179 million,
despite the negative impact of the higher value of the Euro compared
to most currencies in which we realize our revenue.
Gross margins are increasing, from 11.8% in the 2nd half of 2007 to
12.5% in the first half year 2008. A major driver is a more critical
attitude towards the profitability of new projects and assignments.
Gross profit was up 40%, from ? 15.9 million to ? 22.3 million.


+------------------------------------------------------+
| Brunel Energy | | | | | |
|---------------+---------+---+---------+---+----------|
| X ? 1 million | H1 2008 | | H1 2007 | | Change % |
|---------------+---------+---+---------+---+----------|
| Turnover | 178.6 | | 135.0 | | 32% |
|---------------+---------+---+---------+---+----------|
| Gross Profit | 22.3 | | 15.9 | | 40% |
|---------------+---------+---+---------+---+----------|
| Gross margin | 12.5% | | 11.8% | | |
|---------------+---------+---+---------+---+----------|
| Ebit | 9.1 | | 5.9 | | 55% |
|---------------+---------+---+---------+---+----------|
| Ebit % | 5.1% | | 4.4% | | |
+------------------------------------------------------+











In its market segment Brunel Energy is the leading global supplier
for technical expertise and capacity. Worldwide demand for energy
continues to increase. The division had commercial successes with new
and existing clients, leading to the higher turnover. We do foresee
that the high growth as realised in the first half year will continue
in the remainder of 2008.


Other regions
Other regions contributed to the global results in the first half
year. Brunel Belgium and Brunel Canada generated a mutual turnover of
? 15.8 million and a gross profit of ? 4.3 million resulting in an
EBIT of ? 1.2 million (1st half 2007: ? 0.8 million).


Outlook for 2008
The Brunel International Board of Directors expects turnover and
profit figures to continue to grow in all main regions in the second
half of 2008.
For the full year we expect to achieve an EBIT of over ? 62 million.
Net turnover is forecasted to grow significantly compared to previous
year.


For further information:
Jan Arie van Barneveld CEO Brunel
International tel.: +31(0)20 312
50 00



Financial Calendar
4 November 2008 Trading update Q3 2008 (before start of trading)






Certain statements in this document concern prognoses about the
future financial condition and the results of operations of Brunel
International NV 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.

Brunel International N.V. is an international service provider
specialized in the flexible deployment of knowledge and capacity in
the fields of Engineering, Oil & Gas, Aerospace, Automotive, ICT,
Finance, Legal and Insurance & Banking. Services are provided in the
form of Project Management, Secondment and Consultancy. Incorporated
in 1975, Brunel has since become a global company with over 7,000
employees and an annual turnover of ? 600 million. The company is
listed at Euronext Amsterdam N.V. For more information on Brunel
International visit our website www.brunel-international.nl


http://hugin.info/132857/R/1247107/269963.pdf


Copyright © Hugin AS 2008. All rights reserved.
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Financials (€)
Sales 2017 789 M
EBIT 2017 39,3 M
Net income 2017 27,0 M
Finance 2017 159 M
Yield 2017 5,22%
P/E ratio 2017 28,24
P/E ratio 2018 21,06
EV / Sales 2017 0,78x
EV / Sales 2018 0,73x
Capitalization 772 M
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Average target price 16,4 €
Spread / Average Target 6,8%
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Jan Arie van Barneveld Chief Executive Officer
Daniël van Doorn Chairman-Supervisory Board
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Adriaan Schouwenaar Vice Chairman-Supervisory Board
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