21st Aug 2019 08:34
(Alliance News) - Brady PLC on Wednesday said it expects an 18% reduction in revenue in 2019 as its pipeline of new work is not set to materialise.
The stock was untraded on Wednesday morning, last trading at 56.50 pence a share.
Brady provides commodity and energy trading software to producers, consumers, financial institutions, and trading companies.
The AIM-listed company has had "positive" engagements with existing customers over the six months to the end of June, and the recurring revenue is in line with expectations.
However, the AIM-listed company noted the pipeline of revenue from new customers forecasted will not materialise during 2019, although new business bookings are anticipated in the second half.
As such, Brady said full year revenue will be GBP19 million, and this will have a consequent impact on earnings before interest, taxes, depreciation, and amortization performance.
In 2018, Brady delivered revenue of GBP23.2 million and Ebitda before exceptional costs of GBP2.6 million.
The turnaround of the business since the appointment of Carmen Carey as chief executive in December last year has continued, the company noted, to build momentum focused on customer engagements, delivering major contracts and maturing the new business pipeline.
Brady will announce its interim results on September 23.
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