Brady reports 30% revenue growth

Source: Brady

Brady plc (BRY.L), announced today an update on trading performance for the full year to 31 December, 2010.

This year has been a significant one for Brady; it is now the largest energy trading and risk management (ETRM) software provider in the commodities market in Europe. With a stronger cross-market offering and wider geographical reach, Brady is in a very strong position to take advantage of the rebound in the Group's underlying markets and powerful market drivers such as the industry focus on risk, governance and on meeting increasing regulatory requirements.

The Group expects to report revenue growth exceeding 30% and profits in line with market forecasts (excluding transaction costs relating to acquisitions which will be treated as exceptional items). This is a very strong performance during challenging economic conditions.

Brady is the leading provider of trading, risk management and settlement solutions to the world's metals and commodities sectors. The solid demand for Brady's solutions and its strong market position has been demonstrated by the signing of five new contracts in the second half of the year. The integration of Viz Risk Management, acquired in December 2010, is well underway.

Gavin Lavelle, CEO of Brady, commented: "With revenue growth anticipated to exceed 30%, increased operating profits and a successful share placing in December, it has been another very successful year for Brady. We are delighted with the progress we have made in the year, having secured and delivered good business in a tough environment. We are also pleased with investor support for our recent placing which enabled us to complete the acquisition of Viz and retain a strong balance sheet."

The Group's net cash balances at 31 December 2010 were £11.6 million, prior to the deduction of Viz acquisition expenses and the reimbursement of anticipated surplus working capital to the vendors, estimated to be in the range of £2.0 million.

Full details of the Group's financial performance for 2010 together with an outlook for 2011 will be provided in the preliminary results, which are expected to be announced on 16 March 2011.

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