22 Jul 2013 07:00
22 July 2013
Brady plc ("Brady" or the "Group")
Half Year Trading Statement
Brady, 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 and, on a like-for-like basis, the combined non-Energy business units' revenues increased by approximately 8% compared to the same period in 2012. 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 and the timing of signing new deals has become more challenging. However, we have a substantial pipeline of new opportunities and are focused on managing the cost base. We are looking forward to delivering further growth in the business in the second half".
For further information please contact:
Brady plc Gavin Lavelle, Chief Executive Officer Tony Ratcliffe, Finance Director | Telephone: +44(0)1223 479479 |
Cenkos Securities plc Ivonne Cantu / Camilla Hume Alex Aylen (Sales)
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Telephone: +44 (0)20 7397 8900 |
Redleaf Polhill Rebecca Sanders-Hewett / David Ison | Telephone: +44 (0)20 7382 4730
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About Brady
Brady plc (BRY.L) is the largest European-headquartered provider of trading and risk management software to the global commodity and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined, unrefined and scrap metals, soft commodities and agriculturals.
Brady has 25 years' expertise in the commodity markets with some 300 customers worldwide, who depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest financial institutions, trading companies, miners, refiners and producers, recycling companies, scrap processors, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers.
For further information visit: www.bradyplc.com
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