Revenues in 2006 are at least 10% higher than current market forecasts and profit before tax will at least meet market expectations.
Furthermore, Brady has gained three new contracts for its flagship front-to-back office software solution, Trinity version 600, in addition to the previous six wins of 2006. These contracts underpin current market expectations for 2007. The Company has also fully and finally settled its contractual dispute with Sempra Metals Ltd on agreed terms, without any admission of liability by either party.
Brady has appointed Peter Harverson, non-executive director and consultant to the business. He has extensive experience in international sales operations for mission-critical applications. Peter will have a specific remit to assist the planning, execution and control of the growth of the companyâs sales and distribution operations. He is a non-executive director of Ubisense Ltd and Aspex Semiconductor Ltd, and an advisor to Pulsic Ltd. Previously he held senior executive roles with Sun Microsystems, Cadence Design Systems and Intel Corporation. This is the first step in a process of strengthening the Board to further the Companyâs continuing development.
New Customer Agreements
Mitsubishi International Corporation, one of the largest Japanese general trading companies, has selected Trinity version 600. The initial implementation will support the customerâs precious metal and derivative trading activities based in New York.
A leading producer of aluminium rolled sheet and recycler of aluminium products with operations on four continents, has also selected the latest version of Trinity to support its global logistics and risk management operations.
Glencore International AG has selected Trinity version 600 for base metal trading and hedging activities. Glencore is one of the world's largest trading companies and are suppliers of a wide range of commodities and raw materials
Opval, Bradyâs popular option trading solution for metal, energy, and power, has been selected by a hedge fund to facilitate its trading and risk management operations.
The Companyâs cash position on 31 December 2006 was Â£4.9 million of which Â£570,000 was milestone payments received in 2006 but not yet recognised (The Companyâs accounting policy recognises licence income only on practical acceptance which typically occurs at the end of the implementation).