Brunel International : Press Release Brunel Q3 2018 results

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Like-for-like is measured excluding the impact of currencies and acquisitions

Australasia achieved a break-even result in the third quarter. The revenue growth is the result of the acquisition of SES Labour Solutions in September 2017. We continue to work on the finalisation and commissioning of large projects in Oil & Gas that started years ago. We see the level of activities in Oil & Gas industry in Australasia increasing, but no significant new projects are expected to start before 2020.

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c 26 % like-for-like
d 14 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions

Middle East & India continued its strong performance. In Q3, one significant project was completed, and new projects will start in Q4. Throughout the region, we see increased activities and opportunities for 2019, and positive results from our strategy to diversify and increase our added value.

a 26 % like-for-like
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d 7 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions

The rest of the world returned to profitability in the third quarter. The strong growth is driven by strong performances in the Americas and in the Russia & Caspian region. Most regions are now profitable or on their way to breakeven with both revenue and EBIT showing significant growth compared to 2017.

In the USA, our shutdown and maintenance organisation, that we started last year, is close to completing the first project successfully and profitable. We have also won a significant project in the Permian Basin in Texas, the biggest shale oil producing region in the USA. With this entrance to the shale market we also decided to open an office there.

We reiterate the outlook announced last quarter and expect to reach revenues of between EUR 875 million and EUR 925 million and EBIT between EUR 32 million and EUR 38 million for the full year 2018.

The economic outlook for our sectors remains strong and we believe our diversification strategy, focused on high satisfaction among our direct and indirect employees and clients, will further increase revenues. At the same time, we are full steam ahead with the investments in digital tools and solutions to drive our performance.