Key points Q4 2017

  • Further improvement compared to Q3 2017
  • Topline stabilised
  • Gross profit up 7%
  • Growth in The Netherlands at 16%
  • All time high headcount in Europe

Key points FY 2017

  • Revenue down by 11% at EUR 790 million
  • EBIT of EUR 18 million
  • Cash at EUR 126 million
  • Proposed dividend EUR 0.15 per share

a -1 % like-for-like
b -11 % like-for-like
c -2 % like-for-like
d 3 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions

Q4 2017 results

Revenue
In Q4, for the first time in three years, we have been able to match prior year's revenue, despite fewer working days in Europe. This is a strong confirmation of the recovery we have seen accelerating throughout this year. The Netherlands was the biggest driver, but also our other segments contributed.

Gross Profit
The gross margin improved by 1.6ppt to 23.5%, as a result of the change in business mix with higher margins in Europe compared to Global Business, but also as a result of higher margins in Global Business.

Operating Costs
Operating costs decreased compared to last year. Adjusted for one off items, both in Q4 2017 and Q4 2016, operating cost increased by 5% due to continued investments in new initiatives, sales force and technology.

EBIT
As a result of further growth EBIT increased by 200% to EUR 6 million, even despite fewer working days in Europe.

Q4 2017 results by division

a -10 % like-for-like
b -26 % like-for-like
c -8 % like-for-like
d -8 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions

Revenue
YoY revenue decreased by 8% (10% LFL), but increased compared to Q3. All regions, except South East Asia, achieved growth from Q3 to Q4, with Middle East and Australasia being the strongest drivers. The growth is the result if all the diversification initiatives, helped by the first signs of recovery in our Oil & Gas market. As expected, the contribution of our new shutdown and maintenance activities in the USA was still limited in Q4, but the pipeline of projects remains promising.

The headcount development in 2017 was as follows:

Brunel International NV published this content on 23 February 2018 and is solely responsible for the information contained herein.
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Original documenthttps://www.brunelinternational.net/en/press-releases-archive/2018/02/brunel-q4-and-fy-results

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