Brunel continues to perform
Key points Q3 2013
· Revenue up 6% to &euro 343 million and gross profit up by 8% to &euro 63 million
· Gross margin at 18.3% up from 18.0%
· Operational costs continue to decrease (from 11.9% to 11.7%) as percentage of revenue
· Ebit up 15% to &euro 23 million
Brunel Oil and Gas realised a revenue of &euro 244 million, an increase of 8% compared to the same period last year. The increase is mainly driven by the Energy Division, which realised a revenue increase of 32%. Revenue in the Projects Division decreased by 44% as a result of the completion of the Kipper Tuna and Domgas projects in Q1 2013.
The gross margin in the Oil and Gas Division in Q3 2013 is 11.5%, up compared to the gross margin in the same period last year (10.8%) driven by a higher margin in the growing Energy Division compared to the Projects Division.
Brunel Europe continued to increase its revenue in Q3 this year. Total revenue this quarter amounted to &euro 99 million, an increase of &euro 3 million compared to the same period in 2012 and 4% up compared to the Q2 2013 revenue. Gross margin remained almost stable compared to Q3 2012 at 34.8%.
In the Netherlands a Q3 revenue of &euro 39 million was realised, an increase of 1% compared to the same period last year, mainly headcount driven. The gross margin in Q3 is 2.1 ppt below the gross margin in Q3 of last year.
In Germany revenue increased to &euro 53 million, up 9% compared to the same period in 2012. The gross margin of 38.6% in Q3 2013 is equal to the gross margin realised in the same quarter last year.
Total overhead costs in the third quarter of 2013 amount to &euro 40 million, an increase of 4% compared to the same period last year.
Ebit % is 6.6% in Q3 2013 compared to 6.1% in Q3 2012, mainly driven by the higher increase of revenue versus the operating costs.
Jan Arie van Barneveld, CEO of Brunel International N.V.:
“We are very happy to see a continued revenue growth of 6% in Q3 YoY. In Q3 all Brunel’s business lines showed continued growth, except the Projects business line, which develops as expected.”