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 2021Q1 2020Change %
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 division
P&L amounts in EUR million


RevenueQ1 2021Q1 2020Δ%
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%

EBITQ1 2021Q1 2020Δ%
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%

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.


DACH region (unaudited)
P&L amounts in EUR million
Q1 2021Q1 2020Change %
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 2021Q1 2020Change %
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 2021Q1 2020Change %
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 2021Q1 2020Change %
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 2021Q1 2020Change %
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 2021Q1 2020Change %
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.

We 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.


Press Release Q1 202

To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Novo Nordisk A/S – Share repurchase programme7.5.2021 21:31:30 CEST | Press release

Bagsværd, Denmark, 7May2021 — As part of the up to DKK 18 billion 2021 share repurchase programme, Novo Nordisk A/S has now initiated a new share repurchase programme for an amount of up to DKK 3.3 billion in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules”). For that purpose, Novo Nordisk A/S has appointed Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB, as lead manager to execute the programme independently and without influence from Novo Nordisk A/S. The purpose of the programme is to reduce the company’s share capital and to meet obligations arising from share-based incentive programmes. Under the agreement, Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB, will repurchase B shares on behalf of Novo Nordisk A/S during the trading period starting 10 May 20

Novo Nordisk A/S purchases B shares worth DKK 2,586 million from Novo Holdings A/S under the 2021 share repurchase programme7.5.2021 21:24:00 CEST | Press release

Bagsværd, Denmark, 7 May2021 — Novo Nordisk A/S has today entered into an agreement to purchase 5,610,000 B shares of DKK 0.20 to a value of DKK 2,586 million from Novo Holdings A/S. This transaction is part of Novo Nordisk A/S’ 2021 share repurchase programme of up to a total of DKK 18 billion to be executed during a 12-month period beginning 3 February 2021. The transaction price is DKK 461.04 per share and has been calculated as the three-day volume weighted average market price from 5 May 2021 to 7 May 2021 in the open window following the announcement of Novo Nordisk A/S’ quarterly financial results. Prior to the sale of B shares, Novo Holdings A/S’ ownership of Novo Nordisk A/S was 28.5% of the share capital and 76.9% of the votes. Following the transaction, Novo Holdings A/S owns 537,436,000 A shares of DKK 0.20 and 116,129,000 B shares of DKK 0.20, corresponding to 28.3% of the capital and 76.8% of the votes in Novo Nordisk A/S. The transaction is in line with the announcement

RomReal: Mandatory notification of insider trade - Chairman and CEO of RomReal Kjetil Gronskag7.5.2021 19:34:48 CEST | Press release

Kjetil Gronskag, Chairman and CEO of RomReal Ltd has today 07 May 2021, purchased 2000 shares of RomReal at NOK 1.74 per share in RomReal Ltd. Following this trade, Kjetil Gronskag controls privately and through holding companies 4,546,127 shares in RomReal Ltd. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

PRFOODS NOTICE OF NOTEHOLDERS’ MEETING7.5.2021 16:58:01 CEST | Press release

AS PRFoods (registry code 11560713, registered address at Pärnu mnt 141, 11314 Tallinn, Estonia; “PRFoods”) hereby notifies persons holding the notes (the “Noteholders”) of the Issuer, due on 22 January 2025 and bearing ISIN code EE3300001577 (the “Notes”), issued under the Terms and Conditions of Secured Note Issue of AS PRFoods dated 14 January 2020 (which have been amended on 25 February 2020; the “Terms”), of convening a meeting of Noteholders (the “Meeting”). The Meeting will be held on 24 May 2021 at 12:00 (EET) at Peetri 12 (Kai Kunstikeskus), 10415 Tallinn, Estonia. Registration for the Meeting will be open at the venue of the Meeting from 11:00 to 11:45 (EET). The management of PRFoods requests all Noteholders to consider that due to COVID-19 caused by the coronavirus, it is advised to minimise the extent of physical gatherings and the participation therein. For this purpose, the management of PRFoods advises to consider authorising representatives of the collateral agent to p

AS PRFoods is Planning an Issue of Subordinated Convertible Notes and Tap-Issue of Secured Notes7.5.2021 16:44:03 CEST | Press release

THIS NOTICE IS NOT INTENDED FOR PUBLICATION, ALLOCATION OR TRANSMISSION, IN PART OR WHOLLY, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, OR ELSEWHERE THE DISCLOSURE OR TRANSMISSION OF THIS INFORMATION IS NOT ALLOWED. AS PRFoods (registry code 11560713, “PRFoods”) announces that due to the continuing pandemic caused by COVID-19 and the extraordinary effects the pandemic and the measures implemented to combat the pandemic have had on the economic environment, including on the economic operations of PRFoods during the pending 2020/2021 financial year (i.e. the financial year 01.07.2020 – 30.06.2021), PRFoods deems necessary to reinforce its capital structure for the purposes of ensuring a smoother and faster recovery from the negative impacts caused by COVID-19 in the upcoming 2021/2022 financial year (i.e. financial year 01.07.2021 – 30.06.2022). In connection with the above, PRFoods hereby informs that, for the


Bid procedure, 2021-05-12BondsBonds issued in SEK by Swedish non-financial undertakings. The following bonds are eligible for delivery: ELLEVIO AB: XS1562583937, 2024-02-28 HUSQVARNA AB: SE0013359486, 2024-12-04 HUSQVARNA AB: SE0010869677, 2023-02-14 LUNDBERGFORETAGEN AB: SE0012676609, 2025-11-13 LUNDBERGFORETAGEN AB: SE0009241524, 2023-10-24 WILLHEM AB: SE0012193985, 2025-02-22 WILLHEM AB: SE0013882966, 2024-04-08 CASTELLUM AB: SE0011062827, 2023-05-17 CASTELLUM AB: SE0012675916, 2025-11-27 Delivery of a Bond may not occur if the Counterparty has purchased the Bond from the issuer more recently than one month prior to the date of announcement of the Special terms, that is, the purchase may not have taken place after: 2021-04-12Bid date2021-05-12Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)XS1562583937: 30 mln SEK +/-30 mln SEK SE0013359486: 30 mln SEK +/-30 mln SEK SE0010869677: 30 mln SEK +/-30 mln SEK SE0012676609: 30 mln SEK +/-30 ml


Bid procedure, 2021-05-14BondsSWEDEN I/L BOND: 3113. SE0009548704. 2027-12-01 SWEDEN I/L BOND: 3111, SE0007045745, 2032-06-01 Bid date2021-05-14Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)3113: 500 mln SEK +/-250 mln SEK 3111: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)3113: 500 mln SEK per bid 3111: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-05-18Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-05-07 This is a translation of the special terms and conditions published on In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be