Brunel Q2 and H1 2011 results

Friday, August 19, 2011

Continued growth. Turnover H1 2011 up by 33%, Ebit H1 2011 up by 73%.

Brunel International achieved a Q2 turnover of € 217 million, up 29% compared to the same period last year (31% at equal rates). Turnover achieved in the first half year was € 445 million, up 33% compared to the same period in 2010. The gross profit in Q2 2011 amounted to € 44 million compared to € 34 million in the same period last year. Gross margin is slightly down at 20%. The Q2 Ebit amounted to € 12 million compared to € 6 million in Q2 2010.

Brunel International*

X € 1 million

Q2 2011

Q2 2010

Change %

H1 2011

H1 2010

Change %

Turnover

217.3

167.9

29%

444.7

334.9

33%**

Gross profit

43.5

34.1

27%

89.9

69.6

29%

Gross margin

20.0%

20.3%

20.2%

20.8%

Ebit

11.9

6.2

91%

27.7

16.0

73%

Ebit %

5.4%

3.7%

6.2%

4.8%

* (unaudited)

** +34% at constant currency

Overall turnover in Q2 2011 is up 29 % compared to the same period in 2010. All of our business lines contributed to the turnover growth in this second quarter. Despite the volatile nature of the recovery of the economy, especially in the Euro region, we have continued on our growth path and increased the level of business.

In general, the market conditions in Europe have been favourable for Brunel. In particular Germany has grown along with the increasing activity in the industrial sectors. The Netherlands market remains challenging but our strategy of not reducing our commercial organisation during the downturn has proven to be successful looking at the growth we are currently achieving. Q2 turnover of both Brunel in Germany and in The Netherlands exceeds that of Q1 despite the lower number of working days in Q2.

Gross margin in Q2 2011 as well as in H1 2011 is slightly lower than in 2010, which is the result of Energy project revenue. Gross margins achieved in The Netherlands, Germany and Belgium all exceed those achieved in Q2 2010.

The increase in overhead costs in Q2 2011 compared to the same period in 2010 is largely the result of further strengthening of the organisation during 2010.

Q2 Ebit almost doubled to € 12 million, the result of increased business being efficiently managed.

Jan Arie van Barneveld, CEO of Brunel International: "I am very pleased with our performance. The economic environment is still very uncertain but we are successfully meeting the increasing requirements of our customers . This explains the increase in turnover in Europe where the growth in Germany remains strong and growth in Belgium and The Netherlands is considered sustainable. The Energy business continues its’ strong growth throughout the global Oil and Gas sector with turnover in Q2 up 28% compared to the same period in 2010".

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