Brunel reports continued margin expansion and profit acceleration in Q2 2021

Friday, July 30, 2021

Amsterdam, 30 July 2021 - Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise today announced its second quarter (Q2) 2021 results.

Key points Q2 2021
  • Gross Profit increase of 14% compared to Q2 2020;
  • Gross margin increased by 3.3 percentage points to 22.2%;
  • EBIT increased strongly to EUR 7.6 million;
  • Revenue of EUR 214 million down 3%, with positive month-on-month trend;All regions profitable.

Key points H1 2021

  • Gross margin increased by 2.5 percentage points to 22.7%;
  • Cost savings of EUR 8.7 million add to EBIT growth, up 108% to EUR 18.3 million;
  • Net profit up to EUR 11.3 million, an increase of earnings per share by 347% to EUR 0.22;
  • Strong cash position maintained at EUR 129.9 million.

Jilko Andringa, CEO of Brunel International N.V.:

“Building on our strong performance in Q1, the second quarter underlined the resilience of our business model. All regions are now profitable and margins are improving across the board. This is driven by our strategic focus on higher added value for our clients as we help them manage the fundamental and ongoing shift to a more sustainable world. We are capitalizing on our key focus areas of specialization, diversification, disciplined execution and capabilities building.

While the ongoing restrictions of COVID-19 still limit travel in a number of regions, our Q2 gross profit increased versus last year due to stronger focus of productivity and rates. Almost all regions achieved a higher gross margin. Combined with strict cost management and operational excellence, this brings our EBIT up to healthy levels.

Revenue is growing month on month in multiple regions, supporting the growth plans we presented at our capital markets day. Our Brunellers are eager to take the company to the next stage of growth and despite the delays in easing of COVID-19 restrictions, I am confident that we will return to topline growth in the second half of 2021, providing the fundament for high single digit growth in the years to come."