Brady bullish on record year

Source: Brady

Brady plc (BRY.L), the leading European provider of trading, risk management and settlement solutions to the global energy, metals and soft commodities sectors, has just announced a record year for signing new license deals and impressive revenue growth of 72% to more than £19 million, including recurring revenues, which dramatically increased by 147% to almost £10 million.

The preliminary results released today for the year ended 31 December 2011 show significant growth, both organic and following the acquisition of Brady Energy in December 2010. The growth was fuelled by signing 14 new significant license deals, including strong growth in Asia. A total of 25 successful implementations and upgrades were completed in Europe, Asia and the Americas across a wide range of asset classes, adding to Brady's global footprint of more than 250 customers.

Viz Risk Management (subsequently renamed Brady Energy) was acquired in December 2010 and was quickly and successfully integrated within the Group, performing above the management's expectations. Brady Energy has allowed Brady to extend its market offering to include solutions for the energy markets, primarily focussing on electricity, gas, coal and emission certificates, thus closing the loop on the complete asset class coverage of Brady's ECTRM solutions.

As well as strong revenue growth, profitability has grown, with EBITDA increasing by 78% to £3.7 million; adjusted earnings per share, as calculated by market analysts, have risen to 5.75 pence per share, 15% above the market consensus.

Gavin Lavelle, CEO of Brady plc commented: "I am pleased to deliver another year of strong growth, and being able to welcome a record number of new clients. I am delighted with the excellent progress within Brady Energy in its first full year." Continuing, he said: "Brady starts the new financial year with a strong sales pipeline and a strengthened recurring revenue base. I am delighted by the progress we have made on both our product offerings and our on-going technology innovation in 2011. On the product front, we have successfully launched an array of new solutions addressing the need for collateral and order management, as well as the Energy Sales Manager to support retail sales agents through the use of our real-time forward curves. Technology innovation includes the Enterprise Service Bus, Dataata Services and the use of Business Intelligence Tools. I am also very happy with the strong investor support for the recent share placing and to complete acquisitions of both Navita and syseca. I look forward to reporting further positive progress in the coming months."

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