LONDON, March 11 /PRNewswire/ -- Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, has announced significant progress and released preliminary results showing year-on-year operating profits that have more than doubled and pre-tax profits up by an impressive 63% to GBP1 million. Recurring revenue has increased by 36% to 35% of total revenues. New contract signings have trebled and there is significant growth in the sales opportunity pipeline. Sales revenues have increased 8% over 2007 to GBP6.2 million.
The company has demonstrated the success of its 2007 re-organisation and investment by growing its routes to market and is now well positioned to capitalise on market opportunities. Brady signed nine significant contracts during the year and in spite of general economic conditions expects to continue to build its sales pipeline and new licence contracts in 2009.
The Comsoft acquisition in January this year brought enhanced functionality and expertise which, combined with Brady's existing offering, creates a uniquely powerful end-to-end trading, risk management and settlement solution. Brady provides the clear advantages of a single source solution for highly complex trading and risk management of refined and raw materials. Clients have been very quick to recognise the advantages of using Brady and can now benefit from the potential cost savings and the increased efficiencies across their trading and risk management infrastructure.
Gavin Lavelle, CEO of Brady, commented: The substantial growth in trading of metals across the globe combined with the Group's expertise in metal trading and risk and Comsoft's strength in raw materials solutions positions us well as a leader in this market. We have created a unique solution to drive revenues which has also been translated into a 117% increase in operating results. We have laid solid foundations and demonstrated early success in our strategic plan and have a strong platform for ongoing growth and success in 2009 and beyond. Lavelle continues: With a strong balance sheet and GBP7.8 million of cash resources at December 2008, the Group continues to work with our advisors to drive and execute our acquisition strategy. We anticipate that the continuing turbulence in the credit markets and recessionary climate should favour Brady's acquisition strategy.
About Brady plc
Brady plc (BRY.L) is a leading provider of trading and risk management software for global commodity markets. On a single platform Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from trade capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury management. Brady has more that 20 years of expertise in the commodity markets and more than 800 users worldwide, including some of the largest manufacturing organisations that depend on Brady's software solutions to deliver vital business transactions across their international operations. http://www.bradyplc.com
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Editorial contact for Brady: John Norris, Moonlight Media , Tel: +44-(0)20-7250-4770, Email: john@moonlightmedia.co.uk
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