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Brunel International N.V. (BRNL.AS)

Amsterdam - Amsterdam Delayed price. Currency in EUR
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10.72+0.06 (+0.56%)
At close: 5:35PM CEST
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Previous close10.66
Bid0.00 x 0
Ask0.00 x 0
Day's range10.68 - 10.82
52-week range5.34 - 11.74
Avg. volume101,169
Market cap542.16M
Beta (5Y monthly)1.43
PE ratio (TTM)34.81
EPS (TTM)0.31
Earnings date30 Apr 2021
Forward dividend & yield0.30 (2.81%)
Ex-dividend date13 May 2021
1y target est16.95
  • Globe Newswire

    Brunel AGM 2021

    Amsterdam, 11 May 2021 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise, today announced the voting results of the Annual General Meeting of Shareholders (AGM) of 11 May 2021. The AGM approved all voting items that were on the agenda. As a result, Jilko Andringa is reappointed as a member of the board of directors for a new term of four years.At the close of the meeting Mr Aat Schouwenaar, chairman of the supervisory board, retired from the supervisory board after having served on the supervisory board for 20 years. Mr Just Spee is reappointed as a member of the Supervisory Board for his second term of four years and will succeed Mr Aat Schouwenaar as chair of the Supervisory Board. Mr Frank van der Vloed is appointed as member of the Supervisory Board for a term of four years.A dividend of €0.30 per share of €0.03 par value has been declared for the 2020 financial year. The dividend, less 15% dividend withholding tax, will be made payable as of 4 June 2021 at ABN AMRO Bank N.V. in Amsterdam. The shares will be quoted ex-dividend on the stock exchange of Euronext Amsterdam as of 13 May 2021. The record date is 14 May 2021 after closing of the stock exchange.Just Spee, Chairman of the Supervisory Board of Brunel International N.V.: “On behalf of the Supervisory Board, the Board of Directors, all Brunellers and shareholders, I want to thank Aat Schouwenaar for his extraordinary contribution in his 20 years on the Supervisory Board. With his unique skills and talents, he has helped Brunel evolve into the current strong organisation. I wish him all the best for the future”. AttachmentPress Release AGM 2021

  • Globe Newswire

    Brunel reports strong Q1 profit increase

    Amsterdam, 30 April 2021 – Brunel International N.V. (Brunel; BRNL), a global provider of flexible workforce solutions and expertise, today announced its first quarter (Q1) 2021 results. Key points Q1 2021 EBIT up 34% at EUR 10.7 million versus Q1 2020;Revenue of EUR 213 million, down 17% versus Q1 2020 due to COVID-19; and up 2% versus Q4 2020 despite seasonality;Cost savings resulting in EUR 8 million lower operating cost versus Q1 2020;Gross margin increased by 1.8 percentage points to 23.1%;Financial position remains strong with net cash at EUR 150.6 million; Jilko Andringa, CEO of Brunel International N.V.: ”Q1 demonstrated our enhanced group agility with profits up substantially, while revenues were as expected still depressed by COVID-19. Due to our operational discipline, investments in added value and focus on rates, we managed to improve our gross margin significantly. Combined with the impact of last year’s cost saving program, we achieved a 34% increase in EBIT, ahead of a post-pandemic revenue recovery anticipated to commence once the world opens up again. The recovery will allow cross-border mobility of specialists to increase and local need for specialists to spike. Brunel is ready for this next phase of profitable growth. We can capitalize on our capabilities and leverage our global footprint to further drive profitability through specialization, diversification, capabilities building and disciplined execution. We will continue to expand our pool of upskilled specialists through our talent communities enabling us to connect them to challenging projects. We will particularly focus on growth in the segments future mobility, renewables, life sciences, mining, infrastructure and oil & gas. Our global team of passionate Brunellers is eager to take advantage of the anticipated post-COVID-19 market momentum and put their vital specialist and engineering expertise to work for a more sustainable world. With confidence I am looking forward to the coming quarters.” Brunel International (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 213.0 255.8 -17% a Gross Profit 49.3 54.4 -9% Gross margin 23.1% 21.3% Operating costs 38.6 46.4 -17% b EBIT 10.7 8.0 34% EBIT % 5.0% 3.1% Average directs 9,290 11,447 -19% Average indirects 1,310 1,567 -16% Ratio direct / Indirect 7.1 7.3 a -15 % like-for-like b -16 % like-for-like Like-for-like is measured excluding the impact of currencies Q1 2021 results by divisionP&L amounts in EUR million Summary: Revenue Q1 2021 Q1 2020 Δ% DACH region 55.7 69.6 -20% The Netherlands 47.2 50.8 -7% Australasia 25.2 30.0 -16% Middle East & India 25.2 33.8 -25% Americas 20.3 28.5 -29% Rest of world 39.4 42.3 -7% Unallocated 0.0 0.8 -100% Total 213.0 255.8 -17% EBIT Q1 2021 Q1 2020 Δ% DACH region 6.0 4.0 50% The Netherlands 4.0 3.2 25% Australasia 0.0 0.0 Middle East & India 2.4 3.2 -25% Americas -0.1 -0.8 88% Rest of world 1.3 1.1 18% Unallocated -2.9 -2.7 -7% Total 10.7 8.0 34% The Group’s revenue decreased by 17% or EUR 42.8 million versus Q1 2020, a period in which the impact of COVID-19 was still limited. Revenue was up 2% versus Q4 2020, despite seasonality. Gross margin came in at 23.1%, a 1.8 percentage point increase versus Q1 2020 with almost all regions contributing and a particular strong contribution from the DACH region. EBIT increased by 34% or EUR 2.7 million versus Q1 2020, despite one less working day in Germany and The Netherlands. Cost savings realised in 2020 and continued cost discipline helped our EBIT improve in almost all regions. PERFORMANCE BY REGION DACH region (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 55.7 69.6 -20% Gross Profit 19.6 21.3 -8% Gross margin 35.2% 30.6% Operating costs 13.6 17.3 -21% EBIT 6.0 4.0 50% EBIT % 10.8% 5.7% Average directs 1,901 2,548 -25% Average indirects 377 511 -26% Ratio direct / Indirect 5.0 5.0 Revenue per working day in the DACH region decreased by 19% with a 25% lower headcount. The decrease in revenue follows the headcount decline and is partly offset by higher rates and an increased productivity. The gross margin adjusted for working days is significantly up to 36.0% in Q1 2021 (2020: 30.6%). The gross margin improvement was driven by a higher productivity, compared to a low productivity in Q1 2020. Productivity in Q1 2020 was also impacted by the move of our automotive test center, that is now at a normal productivity. The number of specialists in short-time working reduced from 130 in Q4 2020 to 75 in Q1 2021. Working days Germany: Q1 Q2 Q3 Q4 FY 2021 63 60 66 65 254 2020 64 59 66 65 254 Headcount as of 31 March was 1,908 (2020: 2,545). The Netherlands (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 47.2 50.8 -7% Gross Profit 13.5 14.1 -4% Gross margin 28.6% 27.8% Operating costs 9.5 10.9 -13% EBIT 4.0 3.2 25% EBIT % 8.5% 6.3% Average directs 1,733 2,016 -14% Average indirects 301 367 -18% Ratio direct / Indirect 5.8 5.5 Revenue per working day in The Netherlands decreased by 6%. The business line Legal continued to show strong growth, partly offsetting the decline in some other business lines. Gross margin adjusted for working days is 29.6% in Q1 2021 (Q1 2020: 27.8%). The gross margin increased due to higher rates and a higher productivity. EBIT improved by 25% as a result of the higher gross profit and the cost saving initiatives that were realized throughout 2020. Working days The Netherlands: Q1 Q2 Q3 Q4 FY 2021 63 61 66 66 256 2020 64 60 66 65 255 Headcount as of 31 March was 1,737 (2020: 2,000). Australasia (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 25.2 30.0 -16% a Gross Profit 2.4 2.6 -8% Gross margin 9.5% 8.7% Operating costs 2.4 2.6 -8% b EBIT 0.0 0.0 EBIT % 0.0% 0.0% Average directs 906 1,059 -14% Average indirects 83 82 2% Ratio direct / Indirect 10.9 13.0 a -21 % like-for-like b -13 % like-for-like Like-for-like is measured excluding the impact of currencies Revenue is down both in Australia and PNG. Australia suffered from poor weather conditions, where PNG continued to be impacted by its dependency on expats travelling into the region, which was still restricted due to COVID-19. Middle East & India (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 25.2 33.8 -25% a Gross Profit 4.1 5.9 -31% Gross margin 16.3% 17.5% Operating costs 1.7 2.7 -37% b EBIT 2.4 3.2 -25% EBIT % 9.5% 9.5% Average directs 2,078 2,711 -23% Average indirects 125 146 -15% Ratio direct / Indirect 16.7 18.5 a -19 % like-for-like b -31 % like-for-like Like-for-like is measured excluding the impact of currencies In Middle East & India we saw a continued decrease in revenue, mainly due to completion of several projects and currency effects. Gross margin decreased due to margin pressure from existing clients and an unfavourable change in the client mix. Operating costs have decreased as a result of cost saving initiatives implemented in the second half year of 2020. Americas (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 20.3 28.5 -29% a Gross Profit 2.6 3.2 -19% Gross margin 12.8% 11.2% Operating costs 2.7 4.0 -33% b EBIT -0.1 -0.8 88% EBIT % -0.5% -2.8% Average directs 761 877 -13% Average indirects 100 121 -18% Ratio direct / Indirect 7.6 7.2 a -22 % like-for-like b -24 % like-for-like Like-for-like is measured excluding the impact of currencies In the Americas revenues decreased by 29%, with strong growth in Brazil and growth in Canada. The activities in the USA did not yet show any recovery and were also hindered by the severe winter weather conditions in Texas. Gross margin has increased by 1.6 percentage points year-on-year boosted by higher recruitment revenue and project wins at a higher margin. Rest of world (unaudited) P&L amounts in EUR million Q1 2021 Q1 2020 Change % Revenue 39.4 42.3 -7% a Gross Profit 7.1 7.3 -3% Gross margin 18.0% 17.3% Operating costs 5.8 6.2 -6% b EBIT 1.3 1.1 18% EBIT % 3.3% 2.6% Average directs 1,911 2,195 -13% Average indirects 264 275 -4% Ratio direct / Indirect 7.2 8.0 a -1 % like-for-like b -3 % like-for-like Like-for-like is measured excluding the impact of currencies The Rest of World includes Asia, Russia & Caspian area, Belgium and Europe & Africa. In Russia, activities have increased with some new projects being started. In Asia, work continued on construction projects that were started pre-COVID-19. The increased profitability is mainly driven by a strong performance in our growth markets in Asia. OutlookWe expect the current trend to continue in Q2 2021: revenue will be similar to Q1 2021, meaning a much lower decline yoy, however, still impacted by COVID-19. Over Q2, gross margins are expected to be lower compared to Q1 2021 due to the seasonality and the lower number of working days as is EBIT, due to seasonality. Last year’s cost savings program resulted in a significantly lower cost level, ensuring we will achieve a significantly higher EBIT compared to Q2 2020. Through a strong focus on growth in the segments future mobility, renewables, life sciences, mining, infrastructure and oil & gas we are ready to benefit when the world opens up again. Attachment Press Release Q1 202

  • Globe Newswire

    Brunel’s Momentum: Strategy update for post-Covid profitable growth acceleration and the next phase of development

    Amsterdam, 31 March 2021 – Today at its first-ever Capital Markets Event, Brunel International N.V. (Brunel; BRNL), a global provider of flexible specialist workforce solutions, will present an update on its strategy and growth plans for the period 2021 - 2025. Highlights Strategy Update 2021 – 2025 Brunel enters the next phase of development with a leaner and more disciplined organization providing for enhanced operating leverage Well-positioned to take advantage of post-Covid market momentum with increased demand for specialists and engineering solutions for a more sustainable world New growth strategy based on four value drivers: (i) Diversification; (ii) Specialization; (iii) Capability building; (iv) Disciplined execution; enabled by a global operational steering model and further accelerated through M&A Matched capital allocation plan with a dividend policy revised upwards to 60-100% pay-outNew set of medium term objectives and key metrics introduced to underline ambition, track strategic progress and performance delivery Jilko Andringa, CEO of Brunel International N.V.: “For Brunel we now see several things coming together at the same time. There will be a post-Covid market recovery and new momentum for change with the digital and energy transition significantly gaining traction across many of the global industries we serve. Investment planning by clients in key markets such as renewables, future mobility, oil & gas and life sciences is starting to ramp up again. All these developments imply an ever greater need for engineers and engineering solutions in the years to come. Given our pool of more than 12,000 skilled specialists combined with our global network, we are uniquely positioned to benefit from these trends as we are on the verge of our next phase of development. Over the past few years, our team has worked hard to lay the foundation for this next phase. We have established a leaner, more agile and disciplined organization. 2020 was in fact an unexpected but successfully passed test for this. It demonstrated our enhanced operating leverage and showed that we were able to protect our margins by trimming down our cost base faster than our revenue decline. With the fundamental and ongoing shift to a more sustainable world, the new market momentum and our more agile organization in place, this is the right time for us to gear up our strategy, accelerate our growth and margin expansion. We believe our prospects for the years to come are better than ever. Our new medium term objectives underline our ambitions to create a better and more sustainable future for our clients and our professionals and demonstrate the potential of Brunel’s unique and future-proof business model.” Upward revision dividend policyIn line with our updated strategy and capital allocation plan, the dividend policy has been revised upward with the intention to distribute 60%-100% (prior: 30%-100%) of earnings per share as dividend. New medium term objectives and key metricsWe have set new financial and non-financial objectives and will apply the following key metrics to track our performance in this next phase of development: Financial objectives Revenue: Gross margin:Revenue per FTE:EBIT as % of gross profit:EBIT margin: high single-digit year-on-year growth (as of 2022)year-on-year increase in each (reporting) regionyear-on-year increase of billing ratesconversation rate of 30% or higher in 2025group EBIT >6% in 2025Non-financial objectives Specialist pool:Engagement:Specialist retention:Carbon footprint:SDG’s: >15,000 connected specialists in 2025client, contractor and staff NPS score of > +25year-on-year average retention rate improvement of 1 monthcommitted to deliver on UN’s zero emission plancontinued commitment to UN SDG’s 4, 5, 7, 10, 12 and 14 GuidanceThe outlook for Q1 2021 as provided at the publication of our full year results 2020 in February remains unchanged: year on year a lower revenue, at slightly higher gross margins (%) and significantly lower cost, resulting in an EBIT similar to Q1 2020. Supervisory BoardJust Spee will become chairman of the Supervisory Board, succeeding Aat Schouwenaar. Capital Markets Event and Live WebcastToday at 15:00 CET Brunel will host a Capital Markets Event at which it will present and discuss the strategy update. You can watch the event through a real-time webcast. The presentations and a replay of the webcast will be made available on our website: Attachment Press Release - CMD and strategy update