Key points Q4 2018
- Revenue growth of 16% (yoy) to EUR 245 million over the quarter
- Strong EBIT improvement, growing 69% (yoy) to EUR 10.7 million with EBIT margin up by 1.4ppt to 4.4%
- All-time high number of 13,000 specialists and professionals.
Key points full year 2018
- Revenue growth of 16% to EUR 915 million
- Excellent results in Middle East, India and Russia in multiple verticals
- Strong EBIT improvement, growing 90% (yoy) to EUR 34.1 million with EBIT margin up by 1.4ppt to 3.7%
- Earnings per share (EPS) up 173% to EUR 0.41
- Proposed dividend EUR 0.25 per share, versus EUR 0.15 in 2017
Jilko Andringa, CEO of Brunel: “Brunel’s 43rd and my first year was in many aspects a very good year. Thanks to the hard work of all our professionals at our clients and the colleagues in our offices, growth returned and accelerated in many regions through the year. We ended the year with almost 13,000 professionals working on projects at our local and global clients. An all-time record for Brunel, proof that our strategy to diversify to adjacent vertical activities is starting to pay off. To follow the successful course and performance of Team Brunel during last year’s Volvo Ocean Race: we will continue to execute on our strategy to further improve our growth and profitability and to create a more sustainable world for professionals and future professionals. We have seen continued strong growth in January 2019, so we expect another exciting year!”
Brunel International (unaudited) |
|||||||||
P&L amounts in EUR million |
|||||||||
Q4 2018 |
Q4 2017 |
Δ% |
FY 2018 |
FY 2017 |
Δ% |
||||
Revenue |
244.9 |
210.2 |
16% |
a |
914.6 |
790.1 |
16% |
b |
|
Gross Profit |
55.4 |
49.4 |
12% |
208.9 |
182.7 |
14% |
|||
Gross margin |
22.6% |
23.5% |
22.8% |
23.1% |
|||||
Operating costs |
44.7 |
43.0 |
4% |
c |
174.8 |
164.8 |
6% |
d |
|
EBIT |
10.7 |
6.4 |
69% |
34.1 |
17.9 |
90% |
|||
EBIT % |
4.4% |
3.0% |
3.7% |
2.3% |
|||||
Average directs |
12,618 |
10,505 |
20% |
11,955 |
9,589 |
25% |
|||
Average indirects |
1,570 |
1,533 |
2% |
1,544 |
1,497 |
3% |
|||
Ratio direct / Indirect |
8.0 |
6.9 |
7.7 |
6.4 |
|||||
Earnings per share |
|
|
|
|
|
0.41 |
0.15 |
173% |
|
Dividend |
|
|
|
|
|
0.25 |
0.15 |
67% |
|
a 17 % like-for-like
b 16 % like-for-like
c 4 % like-for-like
d 7 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions
Q4 2018 and FY 2018 results by division
Summary:
Revenue |
Q4 2018 |
Q4 2017 |
Δ% |
YTD 2018 |
YTD 2017 |
Δ% |
|
DACH region |
68.1 |
59.7 |
14% |
268.6 |
238.5 |
13% |
|
The Netherlands |
57.0 |
53.9 |
6% |
220.1 |
195.3 |
13% |
|
Australasia |
27.6 |
31.9 |
-14% |
113.9 |
102.4 |
11% |
|
Middle East & India |
25.1 |
17.8 |
41% |
87.3 |
63.7 |
37% |
|
Rest of world |
67.0 |
46.9 |
43% |
224.6 |
190.3 |
18% |
|
Total |
244.9 |
210.2 |
16% |
914.6 |
790.1 |
16% |
EBIT |
Q4 2018 |
Q4 2017 |
Δ% |
YTD 2018 |
YTD 2017 |
Δ% |
|
DACH region |
6.2 |
3.4 |
80% |
25.1 |
21.9 |
15% |
|
The Netherlands |
3.3 |
5.3 |
-37% |
11.6 |
11.3 |
3% |
|
Australasia |
-0.3 |
0.8 |
-134% |
-0.8 |
0.0 |
-6683% |
|
Middle East & India |
2.5 |
1.0 |
155% |
8.0 |
2.3 |
243% |
|
Rest of world |
0.6 |
-2.0 |
127% |
-1.5 |
-7.8 |
81% |
|
Unallocated |
-1.6 |
-2.1 |
27% |
-8.4 |
-9.8 |
15% |
|
Total |
10.7 |
6.4 |
69% |
34.1 |
17.9 |
90% |
The Group’s revenue in Q4 increased by 16%, which was fully organically.
DACH region (unaudited) |
||||||||
P&L amounts in EUR million |
||||||||
Q4 2018 |
Q4 2017 |
Δ% |
YTD 2018 |
YTD 2017 |
Δ% |
|||
Revenue |
68.1 |
59.7 |
14% |
268.6 |
238.5 |
13% |
||
Gross Profit |
21.8 |
18.5 |
18% |
86.3 |
79.6 |
8% |
||
Gross margin |
32.0% |
31.0% |
32.1% |
33.4% |
||||
Operating costs |
15.6 |
15.1 |
3% |
61.2 |
57.7 |
6% |
||
EBIT |
6.2 |
3.4 |
80% |
25.1 |
21.9 |
15% |
||
EBIT % |
9.1% |
5.8% |
9.3% |
9.2% |
||||
Average directs |
2,757 |
2,528 |
9% |
2,646 |
2,441 |
8% |
||
Average indirects |
484 |
457 |
6% |
476 |
449 |
6% |
||
Ratio direct / Indirect |
5.7 |
5.5 |
5.6 |
5.4 |
Our activities in the DACH region continued to show strong growth. Especially our organisation in Germany, the biggest contributor in this region, has proven to be able to quickly and professionally adjust to changes in the market, with the careful implementation of the equal pay regulations, whilst continuing to provide excellent services to our clients.
Revenue per working day increased by 11% in Q4. The gross margin adjusted for working days in Q4 is 30.1% (2017: 31.0%). The decrease was due to the introduction of equal pay, and has now stabilized at this level. The productivity in our competence center was on a normal level.
The headcount development in 2018 is as follows: