Brady reports H1 revenue growth

Source: Brady

Brady (AIM: BRY), the leading supplier of trading, risk management and settlement solutions to the metals and commodities sectors, released its interim results for the first six months of 2009.

Announcing an outstanding growth with a 49% increase in sales revenue, growth in operating profits of over 700%, and a 42% rise in pre-tax profits, Brady also confirmed three significant new contract wins and seven additional clients reaching acceptance or going live.

Gavin Lavelle, Brady CEO said: "With strong revenues and profits growth as well as earnings per share up 31% to 0.8p, it has been a very positive trading period for the group. Our particular focus is on base and precious metals and these markets have received significant attention from the world's investment community in recent years; we have also had particularly strong results in gold trading. The increase in electronic trading, especially in gold and on the LME, is driving the need for change. In addition, the increasing regulatory pressure for market participants to improve their trading and risk management solutions and address accounting compliance requirements are strong drivers in necessitating change and additional requirements from new systems."

This year a number of clients have expanded their use of Brady and now have global implementations of the trading and risk management technology. Approximately 50% of the company's revenues come from Europe, 40% from North America with the remainder from Asia. Having strengthened its presence in Europe and the Americas during 2008 Brady established local operations in Asia in the beginning of 2009. Early success from this investment has been demonstrated by the signing of two new licence deals so far this year from this region.

Paul Fullagar, Chairman of Brady Plc commented: "Following a successful 2008, the Board is very pleased to see continuing pace and momentum. I believe that the Group is well placed to further expand on the strong market opportunity, and continue to build on its product and customer base through further organic and potential acquisition growth."

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