Brady plc (BRY.L), the leading global supplier of trading, risk management and settlement solutions to the metals, recycling, energy and soft commodities sectors, announces its interim results for the six months to 30 June 2013.
The main financial highlights of the first half of this year compared to the same period last year include: sales revenue up by 23% to £14.9 million, recurring revenues up by 27% to £8.5 million, EBITDA of £1.3 million adjusted earnings per share of 0.93p per share and £5.7 million of free cash with no debt.
Underpinning these solid growth numbers were six significant new licence contracts which were signed in the first half of the year, spanning all four areas of our business; metals, recycling, energy and soft commodities. New mandates were highly varied including new customer signatures from the world’s largest aluminium producer, an international soft commodities trader, an African gas aggregator, a German state owned utility provider and an American recycling group. In addition there have been 14 new customer installations throughout Europe, the Americas and Asia. We have seen excellent growth in the take up of Brady’s Cloud offerings, with 24 customers currently on board.
Commenting on today's announcement, Gavin Lavelle, CEO of Brady plc, said: “Thanks to the breadth of our global solution and the substantial reorganisation in our energy business we continue to win new contracts from both new and existing customers and believe we now have a better, more focused business. Coupled with the strength of our current opportunity pipeline, it underpins our current expectations for a successful outturn to the financial year as a whole. We enter the second half in a strong position, with an enlarged sales team to maximise on the pipeline potential and we remain focused on delivering value to our shareholders from our growing customer base of more than 300 customers.”
Paul Fullagar, Chairman of Brady plc, commented: “The Group has continued to grow revenue and signed a number of significant new licence and service deals in the first half in what have been very challenging commodity markets. The Group has a growing pipeline and is in advanced negotiations in relation to several very significant new contracts. The major focus is to secure these deals in the second half, to secure further new business and to continue the momentum in the Brady Energy business following its reorganisation. I look forward to a busy second half and reporting further new client wins in due course. The increase in recurring revenues to £8.5 million is very positive and the increasing client base provides excellent opportunity to further grow the business. We continue to retain a strong balance sheet position, with a healthy cash balance and no debt.”