Brady interims powered by Viz energy
Brady, 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 2011.
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Financial Highlights:
· Sales revenue up 91% to £8.84 million (H1 2010: £4.63 million) and like-for-like revenue growth of 11%
· Recurring revenues up 168% to £4.78 million (H1 2010: £1.78 million) now comprising 54% of total revenue (H1 2010: 38%)
· EBITDA up 127% to £1.24 million (H1 2010: £0.55 million) and operating profit up 54% to £0.55 million (H1 2010: £0.35 million)
· Earnings per share up 20% to 1.37p per share (H1 2010: 1.14p per share)
· £10.4 million of free cash at 30 June 2011 (equivalent to 19p per share) and no debt
Operational Highlights:
· Successful integration of the Viz Risk Management acquisition (since renamed as Brady Energy);
· Significantly stronger market position - Brady is now the largest energy and commodity trading and risk management software company in Europe and the largest in metals globally (source: Commoditypoint)
· Client base increased to 150 globally
· Six significant new licence contracts signed in the first half and nine in the year to date. This compares with four significant new licence contracts signed in H1 2010 and ten in FY 2010
· Three contracts signed in APAC including the Group's first soft commodity clients in North America, Asia and North Africa
· Fifteen new installations
· Continued product enhancements including a web based application for real-time power portfolio optimisation, a collateral management solution to monitor counterparty risk and enhanced cross-asset risk modelling
Paul Fullagar, Chairman of Brady plc, commented:
"The Group has delivered strong growth in revenues and profitability in the first half of 2011 compared to 2010 and in continuing challenging economic conditions. I am also pleased to report a swift and successful integration of the recent Brady Energy acquisition and am delighted to report that it is already performing above our initial expectations.
"The increase in recurring revenues to 54% of total revenue gives us more c revenue gives us more confidence in our outlook and reduces risk of volatility in earnings. The growing client base provides a solid and diversified foundation to our business. We continue to retain a very strong balance sheet position, dominated by cash, and with no debt. To complement the anticipated continued growth, the Group will continue to look for further opportunities to enhance its product and customer base through selective acquisitions."