Brunel Q4 and FY 2011 results

Friday, March 2, 2012

Continued growth across the globe.

Key points Q4 2011

  • Revenue up 36% to € 291 million and gross profit up 21% to € 55 million
  • Gross margin at 19%, down from 21% as result of fewer working days and changed revenue mix
  • Operational cost increases although decreased as a percentage of revenue
  • Ebit up 53% to € 20.1 million

Key points FY 2011

  • Revenue up 36% to € 980 million and gross profit up 27% to € 194 million
  • Gross margin at 20%, down from last year (21%) mainly due to changed revenue mix
  • Ebit up 72% to € 64.4 million
  • Proposed dividend € 0.90 per share (2010: € 0.80)

Brunel International (unaudited)

X € 1 million

Q4 2011

Q4 2010

Change %

FY 2011

FY 2010

Change %

Revenue

291.0

214.0

36%

979.9

720.9

36%*

Gross profit

55.1

45.6

21%

193.6

152.0

27%*

Gross margin

18.9%

21.3%

19.8%

21.1%

Other income / expense

-2.1

-2.1

Ebit

20.1

13.1

53%

64.4

37.3

72%*

Ebit %

6.9%

6.1%

6.6%

5.2%

* 37% at constant currencies

Q4 2011 results

Revenue

Brunel realised Q4 revenue of € 291 million, an increase of 36% compared to 2010. Brunel Energy realised the largest increase (+47%) compared to last year, followed by Germany (+26%) and The Netherlands (+9%). The main driver for the growth in Energy are the offshore projects in Australia.

As a result of the varying growth rates, the revenue mix has changed. Whereas The Netherlands, Germany and Energy accounted for respectively 14%, 14% and 70% of Q4 2011 revenue, these percentages were 18%, 15% and 65% in Q4 2010.

Gross Profit

Q4 2011 gross profit amounts to € 55.1 million, an increase of 21% compared to 2010. The gross margin was 18.9% which is down 2.4 ppt compared to last year. The decrease in gross margin is caused

in equal measure by two fewer working days in Europe and the increased share of Energy offshore project revenue.

Operating Expenses

The Q4 operating expenses amount to € 35 million, up 15% compared to Q4 2010. Excluding the € 2 million one-off social security costs included last year, the operating expenses increased by 23%. The increase is mainly attributable to the increased number of commercial, recruitment and business support employees in the operating entities which increased from 1,082 FTEs per the end of 2010 to 1,254 FTEs at the end of 2011.

EBIT

Q4 EBIT increased by 53% to € 20 million. Adjusted for € 4 million one-off charges, € 2 million social security costs and € 2 million other expenses included in Q4 2010, the increase amounts to 18%.

Jan Arie van Barneveld, CEO Brunel International: “Our company, organisation and business developed extremely well in 2011. With a revenue growth of 36% and an increase in EBIT of 72% the growth rates are excellent. The results are a mere reflection of our strategy which in essence is simple, we aim to further expand globally in the specialised technical sector. We have also proven to be less vulnerable to the general economic conditions and are confident that the entrepreneurial culture with a strong focus on the quality of our service to the clients will drive further growth.”

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