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Brady H1 trading in line with board expectations

13 July 2009  |  1146 views  |  0 Source: Brady

Brady plc (BRY.L), the leading global supplier of trading, risk management and settlement solutions for metals and commodities, has today issued an update on trading performance for the half year to 30 June 2009.

The Company achieved growth in revenues of approximately 40% in the first six months of 2009 compared to the same period in 2008. This translated to an increased operating profit for the first six months of 2009 compared to the first half of 2008. The announcement highlighted that Brady has seen growth across all its revenue streams - recurring maintenance, licences and associated services.

In January Brady announced the acquisition of Comsoft, a leading supplier of raw material solutions. In the course of 2009 Brady also announced a number of client wins, most notably a new deal with Xstrata Copper, the world's fourth largest copper producer, and further deals including a leading global investment bank which is also a member of London Precious Metals Clearing Limited. In addition, in February Brady began its expansion into Asia and opened an office in Singapore, and has already signed a precious metals deal with Japan's leading trading company.

Brady has had several clients go live including Toyota Tsusho Metals Limited, the global futures and options metals trading arm of Toyota Motor Group.

Gavin Lavelle, CEO of Brady, said: "We have continued our momentum in signing new business. Our clients continue to benefit from our innovative and class-leading solutions. Brady's trading is in line with the Board's expectations for the full year and is a significant endorsement of the Board's strategy for growth."

Full details of the Company's financial performance for the period will be provided in the interim results, which are expected to be announced in the second week of September 2009.

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