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Disappointing announcement, highlighting delay of turn round in operations.
Nevertheless 40% fall on these figures is overdone imv.
Changes made are taking effect [particularly recurring income] albeit slower than hoped for.
Good recovery play at present sp---still cash in bank and no borrowings.
Welcome aboard make money. Are you onboard here ?
I'm the first to post, yeah! Well, this is a good start for someone If you are invested.
Flicked out my Brady today. Like vs like sales declining 5%, £1.6 million in cost saving drives the £800k improvement in EBITDA. The company is capitalising some of its software development with free cashflow generation non existent in the half. The CEO recently stepping down with an outlook described as difficult. The forward looking business strategy appears one of further cost cutting. Can't help but think Brady can get worse before it gets better. Hope I'm wrong as there is a bit to like here.
End Sept will be fine (P&D) - EOY outlook not so rosy I think. The new Chairman understands: the fish rots from the head down!
bsposi: notice you have been less than 2 weeks on this discussion site. Not sure where your assessment of company prospects comes from. Brexit will favour company with majority of earnings outside UK. Niche market, sound management, very positive recent update,many new contracts YTD, major shareholder increasing stake significantly in last few months. Throw in takeover possibilities and I will stick my neck out and say we will see a higher SP at end Sept.
P&D scenario?
Strange company with autocratic leadership. More research needed.
http://tinyurl.com/zalurt6 Gavin Lavelle, chief executive of Brady Plc (LON:BRY) says he is “delighted” that the firm is still winning contracts despite the downturn in the commodity market. The firm reported a loss of £1.4mln for the year to December 2015, but Lavelle says that the firm has taken “corrective action” in the fourth quarter, taking more than £2mln in costs out of the business. “We will see the benefit of that coming through in the first half of this year, and whilst it’s difficult to call the turn in the commodity markets, our cost base is lower we are being prudent and we are de-risking the business,” he adds, noting that he expects the business to be cash generative in the current financial year.
I'm thinking they are trading inline with rebased expectations not pre downgrade expectations. But good news is they have completely shat themselves in the December year which AIM companies have a habit of doing post first downgrade.
Well thats a turn up for the book! End of November EBITA materially below expectations; ,mid January in line with market expectations for 2015! Pleased I added to my substantial holding and did not sell. But nevertheless an embarrassing episode for CEO and not impressive to any potential institutional investors. If I had not been a shareholder for many years and was just looking at this company for a new holding I would be nervous. I hope the management have learnt a valuable lesson in timing for market announcements.
Nice to see some positive discussion from existing or prospective Brady share market investors. The last post on Brady was just annoying. Well done on missing something that fell but I'm betting fortune is not favouring the brave in those muppet investors. I'm also betting/hoping buying sub 40p will prove a good move.
to show some confidence, rather than PI's find out through other means http://www.commodities-now.com/news/technology/20288-clean-energy-sourcing-selects-brady-to-manage-its-etrm-operations.html
Very pleased to hear you followed your own instinct Bazzaman and perhaps I could learn something from you. As I commented shortly on the back of the after hours release, the price was perhaps telling the story, which some certainly took on board. Clearly, I got it wrong in not focusing on some wider flags and now sit somewhat under water. Sometimes you get it right and sometimes you don't. Cheers H
Many investors will not want to be "warned" Bazz. You/we are opening ourselves up to abuse and being called names by posting what many folk don't want to read. It can be taken that we have a hidden agenda; which I can say with all honesty I most definitely do not have. Some will listen, many will not but hopefully it just may lead to further research before any action is taken one way or the other. We can sound the trumpet but don't need to battle. Some time ago I looked seriously into investing here. I think I felt at the time I had enough invested and/or there were other shares which were attracting me more. As for TW, well, I guess he has his role although he doesn't do it in the most amicable manner. He certainly calls a spade a spade and doesn't hold back. But he does bring things to investors attention. I keep hoping he won't find something wrong with any of my holdings or if he does I can get out prompto. Shorting - hmm. I have had similar thoughts to you. I have never shorted; infact I would have to open an account with a different broker to do so. It's a dangerous "game" and personally I would want to be as sure as I could be before taking a position and make sure I have a stop loss. regards CM
Private punter almost convinced me on this one but gut instinct told me to steer clear. Here's to many more podcasts, cheers.
It's good to share warnings with investors, luckily I don't have positions although I have looked before but didn't like them. I think I need to get into shorting in a big way as there are plenty of early warnings coming from Tom. BOL
We seem to frequent a number of the same boards. Perhaps we have a common source for our research. Bearcast audio report on BRY yesterday. Regards CM
Excluding acquisitions company has generated free cashflow in 3 from last 4 years. Software at 1 times revenues in what has been a 20% EBITDA margin business is typically a BUY signal albeit the heavy commodities/metals sector exposure is less desirable. The company has the ability to bunker down as highlighted by the 1.7 million taken out of costs as well as the 15 million recurring revenues. As a back up much of the global industry in energy/commodities trading systems is in private equity hands so a languishing share price may be met by a takeover attempt.
Cash is king & at current burn rate this company could be nudder come summer 2016. Not for me.
Plumbing 5 year lows. Must be bad. Have a buy order in market at 40p. 1 times EV / Sales and 2 times recurring revenue is good enogh for me. Downside is some of their key vertical markes at under massive structural pressure but so are competitors.
Its a nasty trading update. I'm not sure what revenues and EBITDA for the financial year ended 31 December 2015 being materially below market expectations, actually means but its not good at all leaving this hanging. On the 17 Sep 2015, Broker Edison were looking for 33.26 revenue and 6.2 EBITDA in the 2015 year. Using their estimates of revenue and their definition of EBITDA (consistent treatment of software capitalisation) they believed 1st half 2015 revenue and EBITDA was 15.6 and 0.765 million implying a second half revenues and EBITDA of 17.6 and 5.43 million respectively. I'm totally guessing we are short 2 or 4 million on the revenue front, which will drop straight through to EBITDA which could be 2.2 to 4.2 for the 2015 year. For me the 3 times recurring revenues in interesting which is a 56p share price.
From the RNS issued after market close: "Trading Update We reported in September that the Group was operating in line with management's expectation and that this performance had been achieved against an environment of challenging market conditions for commodities, energy and scrap metal. We noted that we had not seen a slowdown in the level of activity in our business, but we would keep the market informed if we did see a deterioration. Over the last month or so market conditions have materially deteriorated in the commodity sector in which Brady's clients operate. Several of the major commodity trading companies have reported deteriorating trading conditions, issued profit warnings alongside announcements of cost cutting or restructuring measures. The net result of this for our business is that customers and new prospects are lengthening buying cycles. In our September update, we reported a healthy sales pipeline that more than covered the sales needed to complete the full year in line with market expectations. Whilst some of those opportunities have been converted into contract wins, including 5 cloud deals, we have seen a prolongation of the time required to convert the pipeline into the sales that we anticipated. Whilst most of the opportunities that were there in September are still good prospects, they will not be converted into sales in this financial year. As a result, revenues and EBITDA for the financial year ended 31 December 2015 will be materially below market expectations. The Group's balance sheet remains healthy with cash in excess of £4 million and no debt. The Board has initiated a cost reduction exercise of £1.7million to improve profitability in 2016 over 2015." At least it gives all an equal opportunity to trade first thing tomorrow rather than issue it during work hours and catch many out. Good luck CM
News - contract win, with the potential for more globally: Http://www.bradyplc.com/news/global/brookfield-renewable-energy-europe-selects-brady-cloud-solution-to-handle-its-uk-power-scheduling "Thursday, 24 September 2015 07:00 Brookfield Renewable Energy Europe selects Brady Cloud solution to handle Its UK power scheduling 24th September 2015, London:Brady plc (BRY.L), the leading supplier of trading and risk management solutions for energy, commodities and recycling, announced today that Brookfield Renewable Energy Europe has selected Brady Power Scheduling solution to manage its power scheduling activities in the UK. Brookfield Renewable Energy Group operates one of the largest publicly-traded pure-play renewable power platforms with operations across North America, Latin America and Europe, with a portfolio totalling more than 7,000 MW of installed capacity. In Europe, Brookfield Renewable’s portfolio consists of 600 MW of operating wind capacity across Ireland, the UK and Portugal, and has a project development pipeline of approximately 1,400 MW. To support its European growth ambitions, Brookfield sought a reliable, robust and agile solution that could handle the demands of entry into multiple new markets. In Brady, Brookfield found a software partner with a reputation for outstanding quality, experience and user support. The Brady Energy Scheduling Solution for power supports businesses such as Brookfield with cross-border trading and supply activities. The solution is delivered by Brady Cloud Services, and provides full provision for all TSO Connectivity Services as organisations’ connectivity requirements evolve. Brady's dedicated Cloud Services deliver the highest levels of availability and reliability as well as multi-layered (ISO27001 certified) security, providing the perfect environment for scalable enterprise wide and mission critical solutions for organisations of any size. Ruth Kent, Head of Power Marketing at Brookfield Renewable Europe, commented on the selection process: “Brady’s unique ability to handle more European markets with a single product provided us with a scalable and flexible solution for our scheduling requirements that can adapt with our business as we continue to expand in Europe” Gavin Lavelle, CEO of Brady plc, commented: “Our robust and flexible solution, is perfect for companies requiring the ability to be able to perform scheduling within and between a wide range of European markets and I am confident, that like our other customers, Brookfield will be up and running within the requested timeframe and will quickly recognise the benefits of the Brady scheduling solution”."