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Brady plc (BRY.L), the leading global provider of trading, risk management and settlement solutions to the energy, metals and commodities sectors, announced today an update on trading performance for the full year to 31 December 2011. Brady is the largest, European headquartered, energy and commodity trading and risk management (ECTRM) software provider in the commodities space, following the acquisition of Brady Energy.
The Group expects to report revenue growth in 2011 of approximately 70%, which is ahead of market forecasts.
Of highlight, the Group’s recurring revenues increased by approximately 145% and represented approximately 52% of total 2011 revenues compared to 36% for 2010.
The Group was pleased to secure 14 substantial new licence contracts in the year, compared to ten in 2010.
The Group expects to report EBITDA growth of approximately 70%, in line with market forecasts.
As of 31 December the Group continues to enjoy a strong financial position with net cash increasing to £10.5 million, equivalent to 19 pence per share. The Group has no debt.
Over the past year, the Group has continued to invest significantly in its product offering, routes to market and infrastructure in order to support the growth which has been achieved and the further growth which is anticipated. Brady has enlarged its product offering in line with the prevalent market drivers, including risk, heightened regulatory requirements, European Energy Grid Initiative (EEGI), green certificates, electronic trading and technical innovation.
The acquisition of Viz Risk Management AS, since renamed Brady Energy, in December 2010 has continued to trade ahead of expectations. The Group remains active in seeking further complementary acquisition opportunities.
Gavin Lavelle, CEO of Brady, commented: “I am delighted with the continued strong growth in Brady, with record sales and continuing strong momentum. Above all, our success can be attributed to the excellent service our employees have delivered to our 150+ clients. The trading update further demonstrates the strength of our solutions for the commodity and energy market needs. The financial performance is particularly pleasing given the backdrop of challenging general market conditions in 2011. I am also pleased by the results of the first year and successful integration of Brady Energy, formerly known as Viz.”
Full details of the Group’s financial performance, together with an outlook for 2012, will be provided in the preliminary results, which are expected to be announced on 12 March 2012.
