Brady (BRY.L), the leading supplier of trading, risk management and settlement solutions to the metals, energy and soft commodities sectors, is pleased to provide a trading update for the half year to 30 June 2011.
Full details of the Company's financial performance for the period will be provided in the interim results, which are expected to be announced on 5 September 2011.
Brady is pleased to confirm that trading is in line with the Board's expectations for the first half and the full year. The Group achieved revenue growth of approximately 90% for the first six months of 2011, compared to the same period in 2010. This increase in revenues translated into a similar level of EBITDA growth. On a like-for-like basis, adjusted for acquisitions, the Group achieved revenue growth of approximately 12%.
Importantly, the Group's recurring revenues increased by approximately 150% and represented approximately 54% of total revenues compared to 39% for the same period in 2010.
The recent acquisition of Viz Risk Management AS, now renamed Brady Energy, in December 2010 has been successfully integrated and is trading ahead of expectations. Through this acquisition, Brady added energy, coal and carbon emissions to its offering and increased its customer base to 150 clients globally.
The Group secured six substantial new licence deals in the six month period, compared to four in the same period in 2010.
The Group continues to enjoy a strong financial position with net cash at 30 June of £10.3 million and no debt.
To complement the anticipated organic growth, the Group will continue to look for further opportunities to enhance its product and customer base through selective acquisitions.
Commenting on the trading update, Gavin Lavelle, CEO of Brady, said: "The Board is very pleased with the progress we have made in the period, showing substantial growth in revenues and EBITDA. Our acquisition of Brady Energy is performing well and activity levels within the Group generally are encouraging. The enlarged Group is now the largest energy and commodity trading and risk management company headquartered in Europe, supplying 150 clients globally. We were well on track in the first half of the year and despite some continuing uncertainty in the banking sector, hope to take advantage of the growing momentum in the marketplace in the second half of the year."