Brady sees full-year performance in line with expectations as H1 losses narrow

StockMarketWire.com – Brady said Monday it expected full-year performance would be in line with market expectations as first-half losses narrowed Monday despite roughly unchanged revenues.

For the six months to 30 June, the company reported a pre-tax loss of £2.3m compared with a loss of £3.7m a year earlier and revenue was roughly flat at £10.5m.

Adjusted earnings (Ebitda) for the first half of 2018 was a £0.4m loss compared to a loss of £1.2m for the first half of 2017.

Revenues were weighed down by reduced growth from services including development to £1.63m from £2.2m the previous year, while software licenses jumped to £1.10m from £0.58m. The company said full-year 2018 results expected would be in line with market expectations.

‘We are confident that the business will scale efficiently and deliver significant improvements in profitability and cash generation in the remainder of 2018 and beyond. With 95% visibility of our 2018 revenues and a cost base that is now aligned with our strategic goals, we expect our full year results to be in line with market expectations,’ said Ian Jenks, Executive Chairman.

At 9:02am: [LON:BRY] Brady PLC share price was 0p at 66.25p

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Brady sees full-year performance in line with expectations as H1 losses narrow