Brady slashes deficit as restructuring benefits come through

“This has put us on a strong footing reflected in the fact that we have also secured new contract wins and retained all business that came up for renewal during the period.”

Commodity trading software group Brady Plc (LON:BRY) cut its losses as the benefits of restructuring measures taken last year started to come through.

“We are doing exactly what we said we would, including an investment in new products, the removal of costs, creating long-term solutions with the customer at the centre and a continual transition away from the group’s legacy contract model,” said Ian Jenks, executive chairman.

READ: Brady sets eyes on transformation as it completes restructuring

“This has put us on a strong footing reflected in the fact that we have also secured new contract wins and retained all business that came up for renewal during the period.”

Turnover for the half year to June was flat at £10.5mln, while underlying losses dropped to £424,000 from £1.24mln.  Interim losses were £2.04mln (£3.52mln). Four new contracts were renewed in the first half worth £2.8mln, with two additions worth £0.6mln. Gross margins improved slightly to 55% while recurring revenues held at 74% of the total.

“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,” added Jenks.

Brady slashes deficit as restructuring benefits come through