Q3 2021
Press Release
Brunel reports strong growth in revenue, gross profit and EBIT
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).
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"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."
- 1 - | Brunel International N.V. Quarterly Report 2021-3 |
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Brunel International (unaudited)
P&L amounts in EUR million
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | |||
Revenue | 227.2 | 207.1 | 10% | a | 654.3 | 683.2 | -4% | |
Gross Profit | 54.3 | 47.1 | 15% | 151.1 | 143.1 | 6% | ||
Gross margin | 23.9% | 22.8% | 23.1% | 20.9% | ||||
Operating costs | 40.7 | 36.9 | 10% | c | 119.2 | 124.1 | -4% | |
EBIT | 13.6 | 10.2 | 34% | 31.9 | 19.0 | 68% | ||
EBIT % | 6.0% | 4.9% | 4.9% | 2.8% | ||||
Average directs | 9,994 | 9,599 | 4% | 9,636 | 10,464 | -8% | ||
Average indirects | 1,299 | 1,395 | -7% | 1,303 | 1,481 | -12% | ||
Ratio direct / indirect | 7.7 | 6.9 | 7.4 | 7.1 | ||||
b
d
- 9 % like-for-like
- -3% like-for-like
- 10 % like-for-like
- -3% like-for-like
- 2 - | Brunel International N.V. Quarterly Report 2021-3 |
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Q3 2021 results by division
P&L amounts in EUR million
Summary:
Revenue | Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||
DACH region | 55.6 | 54.6 | 2% | 164.7 | 177.0 | -7% | ||
The Netherlands | 44.4 | 45.5 | -2% | 136.6 | 142.7 | -4% | ||
Australasia | 27.7 | 26.7 | 4% | 77.6 | 85.0 | -9% | ||
Middle East & India | 25.7 | 25.0 | 3% | 75.9 | 88.7 | -14% | ||
Americas | 25.4 | 18.2 | 40% | 69.2 | 69.5 | 0% | ||
Rest of world | 48.4 | 37.1 | 30% | 130.3 | 119.5 | 9% | ||
100% | -100% | |||||||
Unallocated | 0.0 | 0.0 | 0.0 | 0.8 | ||||
Total | 227.2 | 207.1 | 10% | 654.3 | 683.2 | -4% | ||
Gross Profit | Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||
7% | 5% | |||||||
DACH region | 21.0 | 19.6 | 58.2 | 55.2 | ||||
16% | 6% | |||||||
The Netherlands | 14.3 | 12.4 | 40.3 | 37.9 | ||||
21% | 10% | |||||||
Australasia | 2.9 | 2.4 | 7.9 | 7.2 | ||||
3% | -15% | |||||||
Middle East & India | 4.2 | 4.1 | 12.3 | 14.5 | ||||
55% | 15% | |||||||
Americas | 3.4 | 2.2 | 9.1 | 7.9 | ||||
31% | 14% | |||||||
Rest of world | 8.6 | 6.5 | 23.4 | 20.5 | ||||
100% | 100% | |||||||
Unallocated | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Total | 54.3 | 47.1 | 15% | 151.1 | 143.1 | 6% | ||
EBIT | Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | ||
DACH region | 7.4 | 6.8 | 9% | 16.8 | 10.2 | 64% | ||
The Netherlands | 4.4 | 3.0 | 48% | 11.6 | 7.8 | 48% | ||
Australasia | 0.3 | 0.1 | 114% | 0.5 | -0.2 | 429% | ||
Middle East & India | 2.2 | 2.0 | 10% | 6.7 | 7.1 | -6% | ||
Americas | 0.2 | -0.5 | 142% | 0.3 | -1.9 | 114% | ||
Rest of world | 2.2 | 1.1 | 103% | 5.1 | 3.0 | 70% | ||
Unallocated | -3.1 | -2.3 | -33% | -9.0 | -7.0 | -28% | ||
Total | 13.6 | 10.2 | 34% | 31.9 | 19.0 | 68% |
In Q3 2021, the Group's revenue increased 10% or EUR 20.1 million y-o-y. Higher rates and a higher productivity resulted in an improved gross margin to 23.9%, which is an increase of 1.1 percentage points versus Q3 2020. All regions are both increasing both their gross margins and profitability, leading to an EBIT of 6%, an increase of EUR 3.4 million increase y-o-y, or 34%, compared to the same period last year.
- 3 - | Brunel International N.V. Quarterly Report 2021-3 |
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PERFORMANCE BY REGION
DACH region (unaudited)
P&L amounts in EUR million
Q3 2021 | Q3 2020 | Δ% | YTD 2021 | YTD 2020 | Δ% | |
Revenue | 55.6 | 54.6 | 2% | 164.7 | 177.0 | -7% |
Gross Profit | 21.0 | 19.6 | 7% | 58.2 | 55.2 | 5% |
Gross margin | 37.8% | 35.8% | 35.3% | 31.2% | ||
Operating costs | 13.6 | 12.8 | 6% | 41.4 | 45.0 | -8% |
EBIT | 7.4 | 6.8 | 9% | 16.8 | 10.2 | 64% |
EBIT % | 13.3% | 12.4% | 10.2% | 5.8% | ||
Average directs | 1,972 | 2,019 | -2% | 1,936 | 2,200 | -12% |
Average indirects | 371 | 432 | -14% | 378 | 475 | -20% |
Ratio direct / indirect | 5.3 | 4.7 | 5.1 | 4.6 | ||
Revenue in DACH increased by 2%, mainly driven by higher rates and a higher productivity, partially offset by a 2% lower average headcount over the quarter. The higher rates and productivity lead to a 2.0 percentage points increase in gross margin.
The number of specialists in short-time working reduced from 9 in Q2 2021 to 5 at the end of Q3 2021.
Headcount development DACH region | |
2,700 | |
2,500 | |
2,300 | |
2,100 | |
1,900 | 2021 Actuals |
1,700 | 2020 Actuals |
1,500 |
Headcount as of September 30th was 1,991 (2020: 2,007).
Working days Germany: | |||||
Q1 | Q2 | Q3 | Q4 | FY | |
2021 | 63 | 60 | 66 | 65 | 254 |
2020 | 64 | 59 | 66 | 65 | 254 |
- 4 - | Brunel International N.V. Quarterly Report 2021-3 |
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Brunel International NV published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 08:08:03 UTC.