Brunel Q1 2020 results Thursday, April 30, 2020
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Revenue up, EBIT down, limited impact from COVID-19
Key points Q1 2020
Revenue excluding BIS up 6% (yoy) to EUR 257 million over the quarter;
EBIT excluding BIS down by 28% (yoy) to EUR 8 million, mainly due to decrease in the DACH region;
Impact of COVID-19 on Q1 results limited, more impact in Q2;
Strong financial position, cash and borrowing capacity, enabling Brunel to cope with the current crisis
Jilko Andringa, CEO of Brunel:
“Brunel’s results in Q1 continued to show an excellent performance in our Middle East & India region and positive developments in Australasia and The Rest of the World. Australasia’s new leadership made great progress and reached break-even-level, for the first time in many years. The Netherlands improved its profitability as a result of significant cost savings to mitigate the challenges on the flex market.
As communicated in March, we were confronted with the effects of the Corona virus early in the year in our international operations. In The Netherlands and the DACH region, the impact started from mid-March. In total, our revenues over the first quarter were still largely unaffected. Having said that, the Corona virus is impacting our business and our everyday lives. Our main priority continues to be the health and safety of all Brunellers. We follow this closely and are happy to see that only a few colleagues got the Corona virus and none of them is in a critical condition at the moment. I also would like to share my gratefulness for the flexibility and dedication of all Brunellers and their family and friends. It is impressive to see how everybody makes the extra step for Brunel.
Looking forward, we expect revenue decline in the coming quarters and see tough economic conditions in most of our regions and industries. Our response plan has great depth and is built on our historic experiences for internal adjustments and on external models for future revenue and margin expectations. We have the flexibility to adjust our structure and costs where needed to manage through this crisis. In addition, we are comfortable that our cash position and borrowing capacity are adequate to get Brunel through this situation, with the room to invest when opportunities arise.”