25th Mar 2019 10:08
LONDON (Alliance News) - Brady PLC on Monday said it was confident for 2019 after narrowing its annual loss and increasing revenue.
Brady, which provides trading and risk management software to the energy and commodity sectors, posted a pretax loss of GBP1.1 million for 2018, after a loss of GBP7.0 million the year prior.
Before exceptional items, Brady's pretax loss was GBP870,000 from GBP4.5 million. The narrowed loss was mainly due to a sharp fall in transformation costs.
Priorities during the year were to strengthen its relationships with key customers, develop new products, and simplify operations, and Brady said it made good progress.
"We have an outstanding team led by our recently appointed CEO, an impressive portfolio of customers worldwide, and our products continue to be recognised as market-leading," said Brady.
"Our committed revenue for 2019 is approximately GBP18 million with cash on the balance sheet of GBP4.6 million at December 31."
"Implementation of the plan set out in the last two annual reports remains on track as we leverage the foundations we have established to deliver high-quality customer relationships and growth in line with commitments made to our employees, customers and shareholders. Going into 2019, we look to the future with confidence," Brady continued.
Carmen Carey, a non-executive director, became CEO in December.
Shares in Brady were 0.9% higher on Monday morning at 57.00 pence each.
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