Key points Q3 2019
- Revenue up by 11% to EUR 260 million
- EBIT continued operations up by 13% to EUR 14 million
- EBIT (including BIS) down by 39% to EUR 7 million
Key points YTD 2019
- Revenue continued operations up by 12%
- EBIT continued operations up by 27% to EUR 31 million
- EBIT (including BIS) down by 19% to EUR 19 million
Dividend
- Dividend will be based on normalised earnings
Q3 2019 results by division (P&L amounts in EUR million)
Revenue |
Q3 2019 |
Q3 2018 |
Δ% |
YTD 2019 |
YTD 2018 |
Δ% |
|
DACH region |
74.5 |
70.5 |
6% |
217.7 |
200.5 |
9% |
|
The Netherlands |
49.4 |
52.8 |
-7% |
155.7 |
163.1 |
-5% |
|
Australasia |
31.1 |
30.4 |
2% |
88.4 |
86.4 |
2% |
|
Middle East & India |
29.5 |
22.6 |
31% |
85.1 |
62.1 |
37% |
|
Rest of world |
72.8 |
55.1 |
32% |
197.1 |
149.8 |
32% |
|
Total continued operations |
257.3 |
231.5 |
11% |
744.0 |
661.9 |
12% |
|
Discontinued - BIS* |
2.4 |
3.2 |
40.0 |
7.9 |
|||
Total revenue |
259.7 |
234.6 |
11% |
784.0 |
669.7 |
17% |
EBIT |
Q3 2019 |
Q3 2018 |
Δ% |
YTD 2019 |
YTD 2018 |
Δ% |
|
DACH region |
10.7 |
8.5 |
25% |
23.5 |
18.9 |
24% |
|
The Netherlands |
2.7 |
3.0 |
-11% |
7.0 |
8.3 |
-15% |
|
Australasia |
-0.3 |
0.0 |
- |
-1.2 |
-0.5 |
-129% |
|
Middle East & India |
2.6 |
2.1 |
24% |
7.7 |
5.5 |
41% |
|
Rest of world |
-0.4 |
0.5 |
-172% |
-1.1 |
-1.2 |
9% |
|
Unallocated |
-1.4 |
-1.8 |
24% |
-5.2 |
-6.8 |
24% |
|
Total continued operations |
13.9 |
12.2 |
13% |
30.8 |
24.1 |
27% |
|
Discontinued - BIS* |
-6.5 |
-0.2 |
-11.8 |
-0.8 |
|||
Total EBIT |
7.3 |
12.0 |
-39% |
18.9 |
23.3 |
-19% |
* Brunel Industry Services – discontinued in October 2019
Brunel International (unaudited) |
|||||||||
P&L amounts in EUR million |
|||||||||
Q3 2019 |
Q3 2018 |
Δ% |
YTD 2019 |
YTD 2018 |
Δ% |
||||
Revenue |
259.7 |
234.6 |
11% |
a |
784.0 |
669.7 |
17% |
b |
|
Gross Profit |
55.8 |
54.9 |
2% |
161.9 |
153.5 |
5% |
|||
Gross margin |
21.5% |
23.4% |
20.7% |
22.9% |
|||||
Operating costs |
48.5 |
42.9 |
13% |
c |
143.0 |
130.2 |
10% |
d |
|
EBIT |
7.3 |
12.0 |
-39% |
18.9 |
23.3 |
-19% |
|||
EBIT % |
2.8% |
5.1% |
2.4% |
3.5% |
|||||
Average directs |
11,225 |
12,087 |
-7% |
12,273 |
11,734 |
5% |
|||
Average indirects |
1,651 |
1,542 |
7% |
1,637 |
1,536 |
7% |
|||
Ratio direct / Indirect |
6.8 |
7.8 |
7.5 |
7.6 |
a 9 % like-for-like
b 15 % like-for-like
c 11 % like-for-like
d 9 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions
DACH region (unaudited) |
||||||||
P&L amounts in EUR million |
||||||||
Q3 2019 |
Q3 2018 |
Δ% |
YTD 2019 |
YTD 2018 |
Δ% |
|||
Revenue |
74.5 |
70.5 |
6% |
217.7 |
200.5 |
9% |
||
Gross Profit |
27.1 |
23.8 |
13% |
72.5 |
64.6 |
12% |
||
Gross margin |
36.3% |
33.8% |
33.3% |
32.2% |
||||
Operating costs |
16.4 |
15.3 |
7% |
49.0 |
45.7 |
7% |
||
EBIT |
10.7 |
8.5 |
25% |
23.5 |
18.9 |
24% |
||
EBIT % |
14.3% |
12.1% |
10.8% |
9.4% |
||||
Average directs |
2,717 |
2,698 |
1% |
2,713 |
2,609 |
4% |
||
Average indirects |
518 |
472 |
10% |
512 |
473 |
8% |
||
Ratio direct / Indirect |
5.2 |
5.7 |
5.3 |
5.5 |
This region includes Germany, Switzerland, Austria and Czech Republic. In the DACH region, we have seen a revenue growth of 6%, slightly impacted by the slowdown in the automotive industry. We expect these circumstances to further impact revenue growth in Q4, with a slight decrease of profitability due to a higher bench in Q4. Revenue per working day increased by 4.6% in Q3. The Q3 gross margin adjusted for working days is 35.5% (Q3 2018: 33.8%).
Working days |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
2019 |
63 |
59 |
66 |
62 |
250 |
2018 |
63 |
60 |
65 |
62 |
250 |