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% toEUR 18.3 million - Net profit up to
EUR 11.3 million , an increase of earnings per share by 347% toEUR 0.22 ; - Strong cash position maintained at
EUR 129.9 million .
Jilko Andringa, CEO of
“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."
P&L amounts in EUR million | |||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | ||||
Revenue | 214.1 | 220.4 | -3% | a | 427.1 | 476.2 | -10% | b | |
Gross Profit | 47.5 | 41.6 | 14% | 96.8 | 96.0 | 1% | |||
Gross margin | 22.2% | 18.9% | 22.7% | 20.2% | |||||
Operating costs | 39.9 | 40.8 | -2% | c | 78.5 | 87.2 | -10% | d | |
EBIT | 7.6 | 0.8 | 889% | 18.3 | 8.8 | 108% | |||
EBIT % | 3.6% | 0.4% | 4.3% | 1.9% | |||||
Average directs | 9,626 | 10,345 | -7% | 9,458 | 10,896 | -13% | |||
Average indirects | 1,299 | 1,480 | -12% | 1,305 | 1,524 | -14% | |||
Ratio direct / indirect | 7.4 | 7.0 | 7.2 | 7.2 | |||||
a -1 % at constant currencies | |||||||||
b -8 % at constant currencies | |||||||||
c -1 % at constant currencies | |||||||||
d -9 % at constant currencies |
H1 2021 results by division
P&L amounts in EUR million
Summary:
Revenue | Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | |
DACH region | 53.4 | 52.8 | 1% | 109.2 | 122.4 | -11% | |
45.0 | 46.4 | -3% | 92.1 | 97.2 | -5% | ||
24.7 | 28.4 | -13% | 49.9 | 58.4 | -14% | ||
25.0 | 30.0 | -16% | 50.2 | 63.7 | -21% | ||
23.5 | 22.8 | 3% | 43.8 | 51.3 | -15% | ||
Rest of world | 42.5 | 40.0 | 6% | 81.9 | 82.4 | -1% | |
Unallocated | 0.0 | 0.1 | -100% | 0.0 | 0.9 | -100% | |
Total | 214.1 | 220.4 | -3% | 427.1 | 476.2 | -10% |
Gross Profit | Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | |
DACH region | 17.6 | 14.3 | 23% | 37.2 | 35.6 | 4% | |
12.6 | 11.5 | 10% | 26.1 | 25.6 | 2% | ||
2.6 | 2.2 | 18% | 5.0 | 4.8 | 5% | ||
4.0 | 4.5 | -12% | 8.1 | 10.4 | -22% | ||
3.0 | 2.5 | 22% | 5.6 | 5.7 | 0% | ||
Rest of world | 7.7 | 6.7 | 16% | 14.8 | 14.0 | 6% | |
Total | 47.5 | 41.6 | 14% | 96.8 | 96.0 | 1% |
EBIT | Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | |
DACH region | 3.4 | -0.6 | 9.4 | 3.4 | 176% | ||
3.2 | 1.7 | 93% | 7.3 | 4.9 | 49% | ||
0.2 | -0.3 | 0.2 | -0.3 | ||||
2.1 | 1.9 | 12% | 4.5 | 5.1 | -12% | ||
0.2 | -0.7 | 0.1 | -1.4 | ||||
Rest of world | 1.6 | 0.8 | 83% | 2.9 | 1.9 | 51% | |
Unallocated | -3.0 | -2.0 | -49% | -5.9 | -4.7 | -25% | |
Total | 7.6 | 0.8 | 889% | 18.3 | 8.8 | 108% | |
In Q2 2021, the Group’s revenue decreased by 3% or
PERFORMANCE BY REGION
DACH region (unaudited) | ||||||||
P&L amounts in EUR million | ||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | |||
Revenue | 53.4 | 52.8 | 1% | 109.2 | 122.4 | -11% | ||
Gross Profit | 17.6 | 14.3 | 23% | 37.2 | 35.6 | 4% | ||
Gross margin | 32.9% | 27.1% | 34.0% | 29.1% | ||||
Operating costs | 14.2 | 14.9 | -5% | 27.8 | 32.2 | -14% | ||
EBIT | 3.4 | -0.6 | 9.4 | 3.4 | 176% | |||
EBIT % | 6.3% | -1.2% | 8.6% | 2.8% | ||||
Average directs | 1,935 | 2,032 | -5% | 1,918 | 2,290 | -16% | ||
Average indirects | 385 | 481 | -20% | 381 | 496 | -23% | ||
Ratio direct / indirect | 5.0 | 4.2 | 5.0 | 4.6 |
Revenue per working day in DACH decreased by 0.5%, mainly driven by a 5% lower headcount, while both rates and productivity were higher over the quarter. This led to a significant increase in gross margin adjusted for working days to 31.8% in Q2 2021 (Q2 2020: 27.1%).
The number of specialists in short-time working reduced from 75 in Q1 2021 to 9 at the end of Q2 2021.
Headcount as of 30 June was 1,946.
Working days
Q1 | Q2 | Q3 | Q4 | FY | |
2021 | 63 | 60 | 66 | 65 | 254 |
2020 | 64 | 59 | 66 | 65 | 254 |
P&L amounts in EUR million | ||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | |||
Revenue | 45.0 | 46.4 | -3% | 92.1 | 97.2 | -5% | ||
Gross Profit | 12.6 | 11.5 | 10% | 26.1 | 25.6 | 2% | ||
Gross margin | 27.9% | 24.7% | 28.3% | 26.3% | ||||
Operating costs | 9.4 | 9.8 | -4% | 18.8 | 20.7 | -9% | ||
EBIT | 3.2 | 1.7 | 93% | 7.3 | 4.9 | 49% | ||
EBIT % | 7.2% | 3.6% | 7.9% | 5.0% | ||||
Average directs | 1,720 | 1,899 | -9% | 1,727 | 1,957 | -12% | ||
Average indirects | 277 | 343 | -19% | 289 | 355 | -19% | ||
Ratio direct / Indirect | 6.2 | 5.5 | 6.0 | 5.5 |
Revenue per working day in
Headcount as of 30 June was 1,718.
Working days per Q 2021 / 2020:
Q1 | Q2 | Q3 | Q4 | FY | |
2021 | 63 | 61 | 66 | 66 | 256 |
2020 | 64 | 60 | 66 | 65 | 255 |
P&L amounts in EUR million | |||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | ||||
Revenue | 24.7 | 28.4 | -13% | a | 49.9 | 58.4 | -14% | b | |
Gross Profit | 2.6 | 2.2 | 18% | 5.0 | 4.8 | 5% | |||
Gross margin | 10.6% | 7.8% | 10.0% | 8.2% | |||||
Operating costs | 2.4 | 2.5 | -4% | c | 4.8 | 5.1 | -6% | d | |
EBIT | 0.2 | -0.3 | 0.2 | -0.3 | |||||
EBIT % | 0.8% | -0.9% | 0.4% | -0.5% | |||||
Average directs | 958 | 1,040 | -8% | 932 | 1,049 | -11% | |||
Average indirects | 87 | 83 | 4% | 85 | 82 | 3% | |||
Ratio direct / indirect | 11.0 | 12.5 | 11.0 | 12.7 | |||||
a -15 % at constant currencies | |||||||||
b -18 % at constant currencies | |||||||||
c -4 % at constant currencies | |||||||||
d -9 % at constant currencies |
P&L amounts in EUR million | |||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | ||||
Revenue | 25.0 | 30.0 | -16% | a | 50.2 | 63.7 | -21% | b | |
Gross Profit | 4.0 | 4.5 | -12% | 8.1 | 10.4 | -22% | |||
Gross margin | 15.8% | 15.0% | 16.1% | 16.3% | |||||
Operating costs | 1.9 | 2.6 | -27% | c | 3.6 | 5.3 | -32% | d | |
EBIT | 2.1 | 1.9 | 12% | 4.5 | 5.1 | -12% | |||
EBIT % | 8.4% | 6.3% | 9.0% | 8.0% | |||||
Average directs | 2,022 | 2,506 | -19% | 2,050 | 2,608 | -21% | |||
Average indirects | 125 | 141 | -11% | 125 | 144 | -13% | |||
Ratio direct / Indirect | 16.2 | 17.8 | 16.4 | 18.2 | |||||
a -10 % at constant currencies | |||||||||
b -15 % at constant currencies | |||||||||
c -24 % at constant currencies | |||||||||
d -28 % at constant currencies |
In
P&L amounts in EUR million | |||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | ||||
Revenue | 23.5 | 22.8 | 3% | a | 43.8 | 51.3 | -15% | b | |
Gross Profit | 3.0 | 2.5 | 22% | 5.6 | 5.7 | 0% | |||
Gross margin | 12.8% | 10.8% | 12.9% | 11.0% | |||||
Operating costs | 2.8 | 3.2 | -13% | c | 5.5 | 7.1 | -23% | d | |
EBIT | 0.2 | -0.7 | 0.1 | -1.4 | |||||
EBIT % | 0.9% | -3.0% | 0.1% | -2.8% | |||||
Average directs | 826 | 747 | 11% | 793 | 812 | -2% | |||
Average indirects | 102 | 102 | 0% | 101 | 112 | -10% | |||
Ratio direct / Indirect | 8.1 | 7.3 | 7.8 | 7.3 | |||||
a 8 % at constant currencies | |||||||||
b -9 % at constant currencies | |||||||||
c -7 % at constant currencies | |||||||||
d -16 % at constant currencies |
Revenue growth in the
Rest of world (unaudited) | |||||||||
P&L amounts in EUR million | |||||||||
Q2 2021 | Q2 2020 | Δ% | H1 2021 | H1 2020 | Δ% | ||||
Revenue | 42.5 | 40.0 | 6% | a | 81.9 | 82.4 | -1% | b | |
Gross Profit | 7.7 | 6.7 | 16% | 14.8 | 14.0 | 6% | |||
Gross margin | 18.2% | 16.7% | 18.1% | 17.0% | |||||
Operating costs | 6.1 | 5.9 | 3% | c | 11.9 | 12.1 | -2% | d | |
EBIT | 1.6 | 0.8 | 83% | 2.9 | 1.9 | 51% | |||
EBIT % | 3.7% | 2.1% | 3.5% | 2.3% | |||||
Average directs | 2,164 | 2,105 | 3% | 2,038 | 2,150 | -5% | |||
Average indirects | 262 | 264 | -1% | 263 | 270 | -3% | |||
Ratio direct / Indirect | 8.3 | 8.0 | 7.8 | 8.0 | |||||
a 16 % at constant currencies | |||||||||
b 8 % at constant currencies | |||||||||
c 10 % at constant currencies | |||||||||
d 4 % at constant currencies |
Rest of world includes
Tax and net profit
The effective tax rate in the first half year of 2021 was 32.4% (H1 2020 at 56.4%). We expect the effective tax rate for the full year to come down to around 30% (H1 2020: 38.5%). Net profit came in at
Risk profile
Reference is made to our 2020 Annual Report (pages 64 - 80). Reassessment of our earlier identified risks and the potential impact on occurrence has not resulted in required changes in our internal risk management and control systems
Cash position
The cash balance at
Outlook
We expect the current trend to continue in Q3 2021, supported by seasonality and additional working days, resulting in an increase in revenue and gross profit y-o-y and also compared to Q2.
Statement of the Board of Directors
The Board of Directors of
- the interim financial statements give a true and fair view of the assets, liabilities, financial position and result of
Brunel International N.V. and the companies jointly included in the consolidation, and - the interim report gives a true and fair view of the information referred to in the eighth and, insofar as applicable, the ninth subsection of Section 5:25d of the Dutch Act on Financial Supervision and with reference to the section on related parties in the interim financial statements.
Jilko Andringa (CEO)
Attachment
- Press Release Q2 2021.pdf
© OMX, source