INTERIM RESULTS
For the six months to 30 June 2017
Brady plc, the leading global provider of trading, risk management and settlement solutions to the energy, commodities and recycling sectors, is pleased to announce its interim results for the six months to 30 June 2017.
Operational Highlights
The business continues its transition from a one-off licence revenue model to a recurring revenue model;
- Four new licence deals signed on a recurring revenue basis in H1;
- Two new energy licence deals signed following strategic decision to build connectivity to the important renewables sector via the Irish Single Integrated Market (“I-SEM”);
- Recurring revenue represented 68% of total sales in H1 (H1 2016: 60%).
Outlook
- Full year results expected to be in line with market expectations;
- Visibility over 93% of expected full year revenue; and
- Cost base in line with management’s expectations to the half year.
|
Financial Summary (Unaudited) |
(Unaudited) |
(Audited) |
|
|
6 months to 30 June 2017 |
6 months to 30 June 2016 |
12 months to 31 Dec 2016 |
|
|
£’000 |
£’000 |
£’000 |
|
|
Revenue |
13,182 |
14,758 |
30,269 |
|
Recurring revenue |
9,027 |
8,914 |
18,906 |
|
EBITDA before exceptional items |
(880) |
2,043 |
4,527 |
|
Operating result before exceptional items |
(2,902) |
123 |
533 |
|
Dividend paid (pence per share) |
nil |
nil |
nil |
|
Adjusted earnings per share (pence) 1 |
(2.49) |
1.05 |
2.40 |
|
Basic earnings per share (pence) |
(3.97) |
(0.32) |
(2.23) |
|
Cash |
5,038 |
6,402 |
7,343 |
Ian Jenks, Executive Chairman, commented:
“We have continued to take actions this year to move the business towards a solutions model focussed on growing recurring revenue to improve the quality of our earnings. Brady successfully secured a number of recurring revenue contracts during the period, and I am pleased to report that recurring revenue now represents 68% of total sales.
Whilst our H1 results reflect the natural consequence of our transition process away from the legacy licence model, the actions we have taken in the first half of the year coupled with the actions we will undertake in the second half will allow the business to scale efficiently and deliver significant improvements in profitability in 2018 and beyond.
With a high visibility of over 93% of our full year revenue and control of our cost base we continue to expect full year results to be in line with market expectations.”
Source: https://www.ctrmcenter.com/news/vendor-news/brady-posts-interim-results/