Brady, the leading global provider of trading, risk management and settlement solutions to the energy, commodities and recycling sectors, is pleased to provide an update on trading performance for the full year to 31 December 2014.
Trading for the second half of the year has continued to be in line with expectations and as a result full year results are expected to be in line with market expectations. Cash at 31st December 2014 is £9.5 million, which is significantly ahead of market expectations
The Group secured 15 new contracts in 2014 including 6 cloud deployments.
Second half deals were transacted with some of the world's best known energy and commodity trading companies including:
· The world's largest nickel producer
· A cloud based Energy transaction with a major Australian bank
· A Risk Management solution for a leading aluminium producer
Deals were also geographically diverse including: our first deal in Korea, and cloud based deals in the Middle East, and Monaco. This underlines the increasing breadth of our business and our growing international stature.
The Group also delivered significant contracts to existing clients, enabling us to recognise record licence revenue.
Gavin Lavelle, CEO of Brady plc, commented: "I am delighted at the earnings growth across the group. Cash generation is also strong, underpinning an already robust balance sheet and providing healthy dividend cover. There is momentum across the business, successfully delivering projects to our clients and signing new customers around the globe in difficult market conditions.
We continue to have strong value propositions to meet the current and future needs of our clients.
I look forward to providing a more detailed commentary when we announce the Preliminary Results in the middle of March 2015."