Brady Regulatory News (BRY)

24 Jul 2006 12:00

New ContractBrady Plc ("the Company"), the leading supplier of software solutions forglobal commodity trading, announces that it has signed a contract to supply itsflagship product, Trinity version 600, to one of the world's largest recyclersof metal products and vertically integrated manufacturers of rolled metalproducts. The initial implementation is expected to commence in the thirdquarter 2006.The award of the contract with this New York Stock Exchange listed companyfollows an extended sales and evaluation process for the Trinity product, whichprovides fully integrated support for trading, risk management, back office andphysical logistics.The Company is in continuing discussions with a wide variety of otherorganizations in the commodities marketplace that seek to improve their riskmanagement capabilities, streamline operations and meet regulatoryrequirements. Trinity enables these companies to manage the purchase and saleof physical commodities, together with complete coverage of financial marketinstruments and corporate treasury functions. These discussions may result infurther sales of Trinity version 600 during the current fiscal year.The Company established a new implementation milestone by achieving initiallive operation of one of the Trinity v600 sales announced in June within twomonths, although normally complex systems of this type are phased in over aperiod of many months. All four major license sales announced in 2006 to dateare expected to have phased implementations in which initial product acceptancedoes not trigger complete revenue recognition.License revenues from further contract signatures in 2006 are likely to berecognized predominantly in 2007. The Company's cash balance at 30th June wasapproximately ‚£3.9m with no debt. The Company intends to recruit additionalstaff to ensure it has the capacity to meet potentially increased demand forits products but believes cash holdings will continue to increase through thesecond half of 2006.EndsENDBRADY PLC