Brunel Q1 2012 results

Thursday, May 3, 2012

Brunel’s revenue Q1 2012 up by 28%, Ebit up by 42%.

Brunel achieved a Q1 2012 revenue of € 290 million, up 28% compared to the same period in 2011. The gross profit amounted to € 57 million up from € 46 million over the same period last year.

The gross margin decreased from 20.4% to 19.8%.

The EBIT amount of € 22.4 million is 42% higher than in the first quarter of 2011.

Brunel International (unaudited)

 

 

 

X € 1 million

 

 

 

 

Q1 2012

Q1 2011

Change %

Revenue

290.4

227.4

28% *

Gross profit

57.4

46.4

24%

Gross margin

19.8%

20.4%

 

Ebit

22.4

15.8

42%

Ebit %

7.7%

7.0%

 

 

* +23% at constant currencies

 

 

 

Brunel Oil and Gas realised a revenue of € 196 million, an increase of 33% compared to the same period in 2011. The increase is mainly due to the large numbers of contractors employed on projects in Australia. The revenue generated by the Australian projects amounted to more than € 66 mln in this quarter.

The gross margin in Q1 2012 is almost 12%, equal to the gross margin in the same period last. The larger share of the revenue generated by the Australian offshore projects, which in general generate below average gross margins, had no material impact as “project” margins have improved slightly.

Brunel Europe performed well during this first quarter. Total revenue amounted to € 95 million, an increase of 18% compared to the same period in 2011.

Gross margin improved further to 36.3% compared to 35.5% in the first quarter in 2011.

In the Netherlands a revenue of € 43 million was realised, an increase of 13% compared to the same period last year. The gross margin improved to 35% in Q1 2012 compared to 34% in Q1 2011.

In Germany revenue increased to € 44 million, up 25% compared to the same period in 2011. The gross margin in Q1 2012 was equal to the gross margin realised in the first quarter of 2011 at 40%.

Total overhead costs in this first quarter of 2012 amounted to € 35 million, up € 4 million compared to the same period in 2011 but equal to the overhead costs in the preceding fourth quarter of 2011.

Ebit improved to 7.7% in Q1 2012 from 7.0% in Q1 2011 as a result of the higher revenue levels.

Jan Arie van Barneveld, CEO of Brunel International: “All our divisions have performed as we expected, realising strong growth in this first quarter of 2012. Despite the uncertain conditions in Europe, our customer focus and strong commercial and support organisation enabled continued growth and increased our market share. We do expect this to continue during the remainder of 2012 despite the political and economic uncertainties.

The Oil and Gas division continues to realise excellent growth rates, mainly due to the Offshore Projects division, while the regular Energy business also developed positively.

The Oil and Gas division is expected to continue this growth but, based on our current knowledge, we do foresee a slightly lower level of activity in the second half of this year as some of the existing projects near completion and new projects start up.

Based on the aforementioned developments we remain positive, but at this moment do not wish to provide an increased quantitative outlook and subsequently we repeat our expectation of a full year revenue increase of at least 10%.” 

Download