Press Release
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.”
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