Key points Q2 2012
- Revenue up 40% to € 303 million and gross profit up by 21% to € 53 million
- Gross margin at 17.4%, down from 20% as a result of changed revenue mix and fewer working days
- Operational costs continue to decrease as percentage of revenue
- One-off costs in respect of prior year operational taxes included in Ebit of € 0.9 million
- Ebit up 31% to € 16 million
|
Brunel International (unaudited) |
||||||
|
in € million |
||||||
|
Q2 2012 |
Q2 2011 |
Change % |
H1 2012 |
H1 2011 |
Change % |
|
|
Revenue |
303.4 |
217.3 |
40% |
593.8 |
444.7 |
34% |
|
Gross Profit |
52.7 |
43.5 |
21% |
110.1 |
89.9 |
22% |
|
Gross margin |
17.4% |
20.0% |
18.5% |
20.2% |
||
|
Ebit |
15.6 |
11.9 |
31% |
38.0 |
27.7 |
37% |
|
Ebit % |
5.1% |
5.4% |
6.4% |
6.2% |
Q2 2012 results
Revenue
Brunel realised Q2 revenue of € 303 million, an increase of 40% compared to 2011. The majority of this increase is generated by the revenue increase of Oil & Gas (+57%) as a result of increased offshore projects revenue in Australia. Traditional Energy business increased its revenue by 19% as well.
Despite the volatile economic development in Europe we have been able to grow in most segments we are active in. Both in Germany(+19%) as well as in The Netherlands (+3%) we were able to continue revenue growth.
Due to varying growth rates, the revenue mix has changed. The share of the Energy revenue in the total revenue has increased from 62% in Q2 2011 to 70% this year. As a result of the weakening Euro against especially the American and Australian dollar 7% of the revenue increase in H1 is attributable to currency fluctuations.
Gross Profit
Q2 2012 gross profit amounts to € 53 million, an increase of 21% compared to 2011. The gross margin is 17.4% which is down 2.6 ppt compared to last year. The decrease in gross margin is largely caused by the increased share of Energy revenue and to a lesser extent by 1 working day less in Q2 2012 versus Q2 2011.
Operating Costs
The Q2 operating costs amount to € 37 million, up 17% compared to Q2 2011.The increase is mainly attributable to the increased number of commercial, recruitment and business support employees in the operating entities.
One-off costs
In Q2 2012 one-off costs in respect of prior years operational tax adjustments have been incurred amounting to € 1.5 million. The effect on Ebit amounts to € 0.9 million and € 0.6 million relates to interest expense.
EBIT
Q2 EBIT increased by 31% to € 16 million.
Jan Arie van Barneveld, CEO of Brunel International: “I am pleased to note that all our divisions continue to excel in uncertain economic conditions. Positive developments in the Australian offshore projects were expected but have again exceeded our expectations. The traditional Energy business is clearly benefitting from the increased investment activities in the Oil & Gas industry and further revenue growth was realised by all regions we operate in. In Europe we also realised growth, despite economic headwind, primarily due to our strong commercial organisation that achieved growth both with existing as well as new customers.”