Brunel FY 2024 results: Brunel’s operational agility resulted in strong free cash flow and stable revenue

21 Feb 2025 07:30 CET

Issuer

BRUNEL INTERNATIONAL N.V.

Amsterdam, 21 February 2025 – Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent, today announced its fourth quarter and full year 2024 results.

Q4 2024 Highlights

Revenue of EUR 334.5 million, down 3% (down 5% organically)
Gross Profit of EUR 61.8 million, down 7% (down 10% organically)
Underlying EBIT of EUR 14.4 million, down 2% (down 15% organically)
Strong free cash flow of EUR 38.5 million
Mr Toine van Doremalen proposed as CFO

FY 2024 Highlights

Revenue of EUR 1,364.8 million, up 3% (up 2% organically)
Gross Profit of EUR 263.1 million, down 4% (down 5% organically)
Underlying EBIT of EUR 58.6 million, down 6% (down 10% organically)
Cost reduction plan fully executed in Q3 2024 leading to a EUR 20 million lower annual cost base
Strong free cash flow of EUR 74.6 million, driven by effective receivable collection
Acquisition of Australian based Advance Careers (January 2024) and Dutch based Equals (November 2024)
Earnings per share of EUR 0.59, down 6%
Proposed dividend of EUR 0.55, in line with dividend paid last year

Peter de Laat, CEO: “The fourth quarter developed largely as expected, with revenue remaining at the same level as the previous quarter. As global uncertainty continues, our clients take longer to make investment decisions and to start new projects. We achieved revenue growth in the Americas and Australasia, while as anticipated, the German market experienced further weakening and the impact of project delays in Asia increased.

Reflecting on 2024, Brunel delivered growth in all global verticals in the first half of 2024. The slight decrease in revenues in the second half was a direct result of macroeconomic and geopolitical uncertainties, while we continued to safeguard our strong market position. At the same time, we successfully completed a cost reduction plan during the third quarter to navigate these challenges, securing annual costs savings of EUR 20 million. These savings are driven by enhanced efficiency, enabled by continued investments in our IT environment and AI. Brunel is at the forefront of leveraging AI to streamline operations and deliver exceptional value to our clients. Our AI strategy focuses on improving conversion rates, retaining specialists, and reducing time spent on routine tasks. This approach strengthens our internal operations and significantly improves the experience for both clients and contractors, making interactions smoother and more productive.

These efficiencies and cost reductions positions us well to maintain and further improve healthy conversion rates and EBIT. Our strategic alignment with important megatrends - energy transition and digitalisation - and chosen global verticals (Renewable Energy, Conventional Energy, Mining and Life Sciences) continues to generate positive momentum, and will support our performance in the medium to longer term.

By acquiring an Australian recruitment firm specialised in sustainability and energy transition and a stake in a Dutch based platform dedicated to educating and training women in entrepreneurship and technology, we have further expanded our specialist areas. Brunel and Equals are joining forces to respond to the growing need for qualified IT professionals. We continue to target add on acquisitions in the coming period.

Looking ahead at 2025, we anticipate continued uncertainty in the German economy. However, growth prospects outside Europe remain diverse and positive. Our strong project pipeline in the Middle East & India, Europe & Africa, and Americas sets the stage for organic growth in these regions. Growth in Asia will depend on the moment at which clients initiate projects. We continue to see growth opportunities in the renewable energy sector worldwide, with a dynamic project pipeline and multiple new contracts secured, which are set to contribute from H1 2025 onwards. These wins reflect the trust our clients place in us and reaffirm our strategic direction.”

Results call
Brunel will be hosting a results call today at 10.30 AM CET. To join the conference call, use conference ID 697481 and dial, depending on your location. The dial-in number for the Netherlands is +31 85 888 7233. Other locations – see www.brunelinternational.net.

You can listen to the call through a real-time audio webcast. You can access the webcast and presentation at https://events.q4inc.com/attendee/682943869. A replay of the presentation and the Q&A will be available on our website by the end of the day.

Attachment

Press Release

Source: Brunel International NV