Brady Regulatory News (BRY)

4 May 2006 13:14

AGM Statement Brady plc ("the Company") provides the following trading update to coincidewith its Annual General Meeting on 4 May 2006 at 3pm.On 1st March 2006 the Company announced the signature of a new contract withone of the largest copper producers in the world. In the period since then,further large organisations have asked the Company to make detailed contractproposals. To this end the Company is currently working on paid scopingexercises for a number of further clients. The directors are cautiouslyoptimistic on achieving further contract signatures during 2006.There is no further update in relation to the Sempra Metals Limited claim andthe counter claim by the Company with the position the same as that stated inthe Company's financial statements.A project to implement Trinity is typically planned over several phases becauseof the large number of business areas that are covered by the product,including front office, risk management, back office, accounting, and supplychain logistics. Implementation of the product typically involves significantpaid professional services work, and accordingly the Company has begun limitedrecruitment to ensure it maintains adequate staffing levels for the expectedlevel of business going forward. The Company's accounting policy is torecognise licence fees predominantly towards the end of projects or phases, andtherefore new contract signatures will typically have their largest positivefinancial impact approximately 6 to 12 months after signature.ENDBRADY PLC