Brunel reports strong growth in revenue, gross profit and EBIT

Friday, October 29, 2021

Amsterdam, 29 October 2021- Brunel International N.V. (Brunel; BRNL), a global provider of flexible
workforce solutions and expertise today announced its third quarter (Q3) 2021 results.

Key points Q3 2021
• Revenue increased by 10% to EUR 227 million;
• Gross Profit increase of 15% compared to Q3 2020;
• Gross margin increased by 1.1 percentage points to 23.9%;
• All operating segments were profitable, with total EBIT increasing by 34% to 13.6 million.

Key points YTD 2021

• Gross margin increased by 2.2 percentage points to 23.1%;
• Cost savings of EUR 4.9 million contribute to EBIT growth, up 68% to EUR 31.9 million;
• Strong cash position maintained at EUR 138.4 million.

Outlook
Continued growth in Q4, resulting in:
• Full year revenue between EUR 880 million and EUR 900 million (2020: EUR 893 million) 
• Full year EBIT between EUR 43 million and EUR 45 million (2020: EUR 28.8 million)

Jilko Andringa, CEO of Brunel International N.V.:
“The month on month revenue growth over the past period has now resulted in strong growth for the year to date. Our revenue, gross margins and EBIT are improving fast, driven by our strategic focus on higher added value for our clients. The multi-year performance indicators in our markets show positive momentum, and our positioning leads to revenue growth in almost all regions, with the Americas, Asia and Russia standing out. Despite the increasing shortages in the labour markets, we remain successful in connecting more and more specialists to pioneering projects. While doing so, we have been successful in increasing our added value as is reflected in the strong increase in gross profit. In combination with continued disciplined execution, this results in a strong increase in our profitability.
 
Whilst we continue to expand our business in our strategic verticals, we also continue to develop our capabilities. Some examples of new types of services we delivered in this quarter are a recruitment solution (RPO) for a large mining site in Finland and the commissioning of a newbuild chemicals plant in Singapore we executed with a partner. We also accelerated our success in our traditional global mobility and recruitment services with many off-shore wind and hydrogen projects. We are well-positioned to take advantage of the increased demand for specialist and solutions for a more sustainable world, evidenced by the high growth percentage in our renewable vertical.
 
Now that COVID-19 restrictions are getting lifted in most regions, the return to topline growth provides the fundament for high single digit growth in the years to come."