Brady plc returns to profit

Cambridge UK risk management technology business Brady plc has returned to profit after generating more cash and slashing costs in the six months to June 30.

The news helped the Science Park company bounce back following the decision of CEO Gavin Lavelle to vacate the role with immediate effect, although he will continue with the business until February.

Brady, which provides trading and risk management software for metals, recycling, energy and soft commodities, reports revenue five per cent higher to £14.8 million.

Executive chairman Ian Jenks said: “I am pleased to report that against a background of continued difficult market conditions, the group has returned to profitability.

“Overall revenues grew by five per cent and profit before exceptional items and tax improved by £0.5m to a profit of £0.1m (from a loss of £0.4m).

“We are very pleased to have achieved the improvement in profitability with growth in overall revenue, EBITDA and cash generation despite the continued difficult market conditions.

“At the end of 2015, the company initiated a programme which has successfully delivered significant cost reductions. We are now focused on pursuing further opportunities to drive effectiveness and efficiency across the group over the coming period.

“The company has leading market positions and best in class solutions which form a solid foundation to build upon. We believe our initiatives will fuel an efficient engine to facilitate growth and position the business to take advantage of any market upturn.”

Source: https://www.businessweekly.co.uk/news/local-sharewatch/brady-plc-returns-profit

Brady plc returns to profit