21st Mar 2016 11:24
LONDON (Alliance News) - Brady PLC on Monday said it swung to a pretax loss in 2015 due to lower revenue driven by challenging commodities markets.
Brady, which provides trading risk management and settlement software to the energy, commodities and recycling sectors, said it swung to a pretax loss of GBP1.4 million for the year to the end of December from GBP1.1 million a year earlier.
The company suffered from lower revenue, down to GBP27.4 million from GBP31.0 million, combined with higher operating costs. Brady won 20 new contracts over the course of the year, but revenue took a hit from lower activity in energy markets following the fall in commodity prices.
The situation for Brady worsened in the second half as the commodity squeeze continued and as economic growth in China showed signs of slowing, hitting customer confidence and resulting in delays to spending decisions.
Brady shares were down 11% to 50.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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