Brady plc (BRY.L), the leading global supplier of trading and risk management solutions to the metals, energy and soft commodities markets, announces its interim results for the six months to 30 June 2012.
The main financial highlights of the first half of this year compared to the same period last year include: sales revenue up by 37% to £12.11 million, recurring revenues up by 40% to £6.71 million, EBITDA up 43% to £1.78 million and operating profit up 37% to £0.75 million, adjusted earnings per share up 59% to 2.69p per share and £7.8 million of free cash with no debt, increasing to £8.5 million of cash at 31 August 2012 (equivalent to 11p per share).
Underpinning these solid growth numbers were eight significant new licence contracts - a record number - which were signed in the first half of the year. Of particular note is also the increase of the average deal size, which has more than doubled, compared to the first half of 2011. In addition there have been eleven new customer installations throughout Europe, the Americas and Asia.
Commenting on today's announcement, Gavin Lavelle, CEO of Brady, said: "I am delighted with the swift integration of the Navita and syseca acquisitions with the enlarged Brady Energy business. Brady's position as the largest energy and commodity trading and risk provider headquartered in Europe has been further strengthened by these acquisitions and increased our global customer base to more than 250 customers." He continued: "Furthermore, we are thrilled by the increased demand for Brady's cloud-based solution, which was most recently selected by one of the world's largest mining companies. We continue our investment in product enhancements, routes to market and infrastructure in anticipation of further growth."
Paul Fullagar, Chairman of Brady plc, commented: "The Group has continued to deliver positive momentum, demonstrated by the signing of a record of eight new significant licence deals in what remain challenging economic conditions. A major focus in the period has been the completion of the integration of the Navita and syseca acquisitions to form the enlarged Brady Energy business. This was quickly completed and I am pleased to see that three of the significant new deals were energy deals and one of these was a cross-selling deal, demonstrating the clear benefits of increasing scale and the success of combining complementary businesses. The increase in recurring revenues to £6.7 million is very encouraging and the increased client base provides a solid and diversified foundation to continue to further grow the business. We continue to retain a very strong balance sheet position, with no debt."