16th Mar 2015 09:19
LONDON (Alliance News) - Brady PLC on Monday reported higher pretax profit for 2014 on the back of better revenue and lower costs and despite the company booking a goodwill impairment charge related to the consolidation of its energy units in Switzerland and Norway.
The trading, risk management and settlement services company said its pretax profit for the year was GBP1.1 million, up from GBP0.9 million a year earlier. This came in spite of the company booking a GBP2.1 million goodwill charge on the consolidation of its Swiss and Norwegian energy businesses. Stripping out that exceptional charge, pretax profit for the year was GBP3.2 million compared to GBP0.6 million last year.
Revenue increased to GBP31 million from GBP29.4 million on the back of new contract wins over the year and a good performance in its energy business, Brady said. It also said it has seen a better performance in the US recycling business due to improving economic conditions in the country.
The company increased its final dividend to 1.85 pence per share from 1.7 pence. Brady pays no interim dividend, so the final dividend is the total dividend for 2014.
"Brady is well placed to grow further, both organically, and by acquisition, thanks to a balance sheet dominated by cash. There is real momentum behind the business and we look forward to both keeping our shareholders informed of our progress, and rewarding them for their support with a progressive dividend that exceeds the market average," said Brady Chairman Paul Fullagar.
Brady shares were down 0.5% to 95.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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