19 Jul 2010 07:00
For immediate release 19 July 2010
Brady plc ("Brady" or the "Group")
Half Year Trading Statement
Brady plc, the leading global supplier of trading, risk management and settlement solutions for commodities, is pleased to provide a trading update for the half year to 30 June 2010.
The Group achieved growth in revenues of approximately 20% for the first six months of 2010 compared to the same period in 2009. This translated into a similar level of increase in operating profits, prior to the exceptional transaction costs relating to the acquisition of Viveo Switzerland SA.
The recent acquisition of Viveo Switzerland in March 2010 is trading ahead of initial expectations and has secured three substantial new licence deals. Furthermore, the acquisition has enabled cross-selling opportunities which underline the strategic benefit for the enlarged Group.
The Group has secured three further substantial new licence deals as well as a number of further deals with existing clients. Over the period we have seen an increase in recurring maintenance, service and development revenues.
As highlighted in our 2009 Annual Report, general business conditions continue to remain challenging which makes the accurate forecasting of the timing, value and revenue recognition of new deals difficult. Subject to this risk, the Group's trading continues to be in line with the Board's expectations for the full year.
The Group continues to enjoy a strong financial position with net cash at 30 June of £3.2 million and no debt.
To complement the anticipated organic growth, the Group will continue to look for further opportunities to enhance its product and customer base through selective acquisitions.
Full details of the Company's financial performance for the period will be provided in the interim results, which are expected to be announced on 6 September 2010.
Commenting on the trading update, Gavin Lavelle, CEO of Brady Plc, said:
"The Board is very pleased with the progress we have made in the period. Our acquisition and ongoing integration of Viveo Switzerland is performing well and the activity levels throughout the Group are encouraging, despite continuing challenging markets. We have started the second half of the year with confidence."
For further information please contact:
| Brady plc Gavin Lavelle, Chief Executive Officer Tony Ratcliffe, Finance Director | Telephone: +44(0)1223 479479 |
|
Cenkos Securities Limited Ivonne Cantú / Alex Aylen
|
Telephone: +44 (0)20 7397 8900 |
| Buchanan Communications Tim Thompson / Nicola Cronk | Telephone: +44 (0)20 7466 5000
|
About Brady
Brady plc (BRY.L) is a leading global provider of trading and risk management software to the global commodity 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 refined, unrefined metals, softs and energy. Brady has more than 20 years of expertise in the commodity markets with over 100 customers worldwide, including some of the largest financial institutions, producers and mining corporations that depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest miners, refiners and producers, trading companies, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members. For further information visit: www.bradyplc.com