29th Jan 2019 10:12
LONDON (Alliance News) - Trading and risk management software firm Brady PLC said Tuesday it expects 2018 profit to rise in line with expectations despite flat revenue forecasts.
In 2018, revenue is expected to be around GBP23 million with adjusted earnings before interest, taxes, depreciation and amortisation of about GBP2.6 million. This is, the company explained, "broadly in line" with market expectations.
Of this revenue, 70% was recurring in nature. The firm ended 2018 with GBP4.6 million in net cash, up from GBP4.4 million the year prior.
In 2017, Brady generated GBP612,000 in Ebitda before one-off costs on revenue of GBP22.9 million.
"In 2018, Brady continued to make significant progress in delivering on its strategy, including several customer-focused projects," Brady explained in a statement.
"The outlook for the company in 2019 continues to be positive as we look to benefit from the groundwork laid not just during 2018 but also in previous years."
"The new customers we have engaged with and, as importantly, the ones with whom we have been working with for years, are a testament to the increasing strength of our offering," Brady continued.
"We have made substantial progress in evolving our technology solutions and have extended the scope of the value proposition we can deliver to our customers."
In mid-December, Brady appointed its new Chief Executive Carmen Carey. Brady said it is "confident" she would "provide the leadership skills required to drive our focus on customers and innovation underpinned by the quality of our people."
Shares in Brady were untraded on Tuesday, last quoted at a price of 63.50 pence each.
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