Brady (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, has announced significant progress and released preliminary results showing year-on-year operating profits that have more than doubled and pre-tax profits up by an impressive 63% to £1 million.
Recurring revenue has increased by 36% to 35% of total revenues. New contract signings have trebled and there is significant growth in the sales opportunity pipeline. Sales revenues have increased 8% over 2007 to £6.2 million.
The company has demonstrated the success of its 2007 re-organisation and investment by growing its routes to market and is now well positioned to capitalise on market opportunities. Brady signed nine significant contracts during the year including Xstrata Copper, a leading Cat 1 LME broker, a major US private equity house, Prysmian, Dubai Cables, AMC, an integrated US miner, smelter and copper refiner, Toyota, and a leading global investment bank and LME member. In spite of the general economic conditions Brady expects to continue to build its sales pipeline and to translate this into new licence contracts in 2009.
The Comsoft acquisition in January of this year brought enhanced functionality and expertise which, combined with Brady's existing offering, creates a uniquely powerful end-to-end trading, risk management and settlement solution. Brady provides the clear advantages of a single source solution for highly complex trading and risk management of refined and raw materials, including contract capture, invoicing, hedging, financing, market and credit risk. Clients have been very quick to recognise the advantages of using Brady and can now benefit from the potential cost savings and the increased efficiencies across their trading and risk management infrastructure.
Gavin Lavelle, CEO of Brady, commented: "The substantial growth in trading of metals across the globe combined with the Group's expertise in metal trading and risk and Comsoft's strength in raw materials solutions positions us well as a leader in the market. We have created a unique solution to drive revenues which has also been translated into a 117% increase in operating results in 2008. We have laid solid foundations and demonstrated early success in our strategic plan, and have a strong platform for ongoing growth and success in 2009 and beyond." Lavelle continues: "With a strong balance sheet and £7.8 million of cash resources at December 2008, the Group continues to work with our advisors to drive and execute our acquisition strategy. We anticipate that the continuing turbulence in the credit markets and recessionary climate should favour Brady's acquisition strategy."
Read the full statement here:Download the document now 76.6 kb (PDF File)