Brunel : 3Q in line but market trends deteriorating
>EBIT in line, while market conditions deteriorate during the quarter - In Q3, Brunel reported an organic revenue decline of 2% at €338.6m, approximately 5% below our forecast of €356m. Group EBIT fell 17 % organically at €17.3m (excluding a one-off charge of €4.7m), which was in line with our forecast of €17.0m. Brunel successfully executed its 2H cost savings plan of €20m which is a very good achievement. It also reflects the challenging market conditions it faces. ...Accrued employee expensesBrunel is a global provider of business services that specializes in the flexible placement of professionals in the fields of Engineering, IT, Legal, Finance, Insurance & Banking and Energy. Co. provides such specialists through a range of staffing, project management, recruitment and consultancy services. Co. serves the world market for professional staffing and recruitment services from two main perspectives. On the one hand, Co. aims its services at specific supra-regional business lines. On the other hand, Co. focuses on specific countries such as The Netherlands, Germany, Belgium and Canada.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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