Brunel Shares Have Record Drop on Restatement: Amsterdam Mover
Brunel International NV (BRNL), the Dutch staffing company that operates in 34 countries, slumped as much as 25 percent after the company restated revenue and profit from the Americas region.
Brunel shares had their steepest intraday decline since they began trading in June 1997. The stock traded 22 percent lower at 30 euros as of 10:45 a.m. in Amsterdam, valuing the company at 727 million euros ($949 million). More than 980,000 shares exchange hands, 20 times the six-month daily trading average.
The company overstated earnings before interest and tax by 9.7 million euros and revenue by 16.8 million euros during 2011 and 2012, and the correction was made in the fourth quarter of 2012, Brunel said in a statement today. Total fourth-quarter earnings before interest and taxes fell 56 percent to 8.7 million euros, the company said.
“Brunel this morning shocked with both disappointing full-year results and bookkeeping corrections,” Marc Zwartsenburg, an Amsterdam-based analyst at ING Groep NV with a buy recommendation on the stock, said in a note. “We stress that the books are cleaned now and issue resolved, but this will weigh on sentiment.”
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