Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals, recycling, energy and soft commodities, is pleased to provide a trading update for the half year to 30 June 2013. Full details of the Group’s financial performance for the period will be provided in the interim results, which are expected to be announced on 9 September 2013.
The Group achieved revenue growth of approximately 23% for the first six months of 2013 compared to the same period in 2012. In addition, the Group’s recurring revenues increased by approximately 25% compared to the same period in 2012, representing approximately 57% of total revenues compared to 55% for the same period in 2012. The Group’s licence revenue increased by approximately 9% compared to the same period in 2012. The Group signed six significant new licence deals in the period The Brady Energy business unit, which underwent substantial reorganisation during 2012, has focussed its efforts on seeking new business and the Board is pleased with the progress made in the period signing two significant new licence deals as rentals as well as two significant service deals, where revenue will accrue over an extended period.
The Group continues to enjoy a strong cash position with net cash of approximately £5.7 million and no debt at 30 June, ahead of management’s expectations.
Gavin Lavelle, CEO of Brady plc, commented: “I am pleased with the performance of the team in furthering growth in the business in the first half of the year. Welcoming the largest aluminium producer in the world to Brady’s 300+ customer base, shortly after signing Codelco, the world’s largest copper producer, was further endorsement of our number one position as a metals trading and risk management software supplier. Having focussed on product rationalisation, we then signed two new energy clients in short succession. However, it is not all about signing deals, we have also had four clients go live in the Asia Pacific region alone, demonstrating our increasing presence in this significant territory. The commodities market backdrop has become more challenging. However, we have a substantial pipeline of new opportunities. We are looking forward to delivering further growth in the business in the second half”.