19th Jan 2010 07:00
For immediate release 19 January 2010
Trading Statement
Brady plc (or the "Company" or the "Group"), the leading provider of trading, risk management and settlement solutions to the metals and commodities sectors, is pleased to provide an update on trading performance for the full year to 31 December 2009.
The Group has achieved strong growth across all of its revenue streams - recurring maintenance, licences and associated services. Growth has occurred in both the organic business and the Comsoft acquisition, completed in January 2009, which in particular continues to out-perform initial expectations.
In aggregate, the Group anticipates exceeding the market forecasts for revenues for 2009, showing revenue growth of approximately 30% compared to 2008. This is a strong performance in the face of challenging economic conditions.
To support this growth, the Group has continued to invest in its commercial activities and delivery headcount. Despite additional investment, the Company anticipates achieving the market forecasts for 2009 operating profit and profit before taxation on ordinary activities.
The Company incurred one-off costs of approximately £140,000 in connection with an aborted transaction which will be treated as an exceptional item in the Statement of Comprehensive Income.
The Group's net cash balances at 31 December 2009 were £5.9 million.
Gavin Lavelle, CEO of Brady, commented: "With revenue growth of approximately 30% compared to 2008, increased profitability and a cash-dominated balance sheet, it has been a good year for Brady. This is a strong performance in the face of challenging economic conditions and the Group anticipates exceeding the market forecasts for revenues for 2009."
Full details of the Group's financial performance for 2009 together with an outlook for 2010 will be provided in the preliminary results, which are expected to be announced on 10 March 2010.
Enquiries:
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Brady Gavin Lavelle, Chief Executive Officer Tony Ratcliffe, Finance Director
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Tel: 01223 479479 |
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Cenkos Securities Ivonne Cantu / Alex Aylen
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Tel: 020 7397 8900 |
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Buchanan Communications Tim Thompson / Nicola Cronk |
Tel: 020 7466 5000 |
About Brady
Brady plc (BRY.L) is a leading global provider of trading and risk management software to the global commodity markets. On a single platform Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for refined and unrefined metals. Brady has more than 20 years of expertise in the commodity markets with 60 customers worldwide, including some of the largest financial institutions and mining corporations that depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest miners, refiners and producers, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members. For further information visit: www.bradyplc.com
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