Brady PLC announces record EBITDA margin in first half

9 September 2014

For the six months to 30 June 2014        

Brady, the leading global provider of trading and risk management solutions for metals, recycling, energy and soft commodities, is pleased to announce its interim results for the six months to 30 June 2014.

Operational Highlights:

  • Ten significant new licence sales signed in first half of the year (H1 2013: six).
  • The Energy business unit has made substantial progress in signing seven deals in the period, including the migration of three clients to the go-forward platform.
  • The Commodities business focused on delivering its significant projects and recognising its backlog revenue.
  • The Recycling business unit increased revenues by 37%, signed three new customers and delivered two major projects.
  • A total of 10 new client installations and go-lives.
  • EBITDA margin for the first half of 2014 was 19% (H1 2013: 9%).

Financial Highlights:

  • Revenues up 5% to £15.6 million (H1 2013: £14.9 million). At consistent currency rates 1 revenues up 12% to £16.7 million (H1 2013: £14.9 million).
  • Adjusted EPS up 174% to a record 2.49p per share (2013: 0.91 pence).
  • EBITDA up 131% to £3.0 million (H1 2013: £1.3 million).
  • PBT up to £1.5 million (2013: loss £0.1 million).
  • PAT up to £1.1 million (2013: loss £0.1 million).
  • £6.0 million of net cash as of 30 June 2014 (H1 2013: £5.7 million) and no debt.

Financial Summary:

 

(Unaudited)

(Unaudited)

(Audited)

 

6 months to

30 June

2014

6 months to

30 June

2013

Year to

31 December 2013

 

£’000

£’000

£’000

 

 

 

 

Revenue

15,604

14,889

29,355

Recurring revenue

7,933

8,511

16,629

 

 

 

 

EBITDA before exceptional items

3,016

1,341

3,539

Operating result before exceptional items

1,440

(151)

544

Dividend paid (pence per share)

1.70

1.60

1.60

 

 

 

 

Adjusted earnings per share (pence) 2

2.49

0.91

2.78

Basic earnings per share (pence)

1.32

(0.16)

1.38

No exceptional items in H1-2014 or H1-2013

1 Consistent currency numbers are calculated by translating the 2014 interim results at the same exchange rates as those used in the 2013 interim consolidation.

2 Adjusted earnings per share, as calculated by external analysts, are based on the profit after tax adjusted for acquired intangible assets amortisation, share based compensation, exceptional items and normalised tax.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development