Brady plc – Interim Results

Brady plc – Interim Results

Brady plc, the leading global provider of trading, risk management and settlement solutions to the energy and commodities sectors, is pleased to announce its unaudited interim results for the six months to 30 June 2019.

 

Financial Summary:

 

(Unaudited)

 

(Unaudited)

 

(Audited)

6 months to

30 June 2019 

6 months to

30 June 2018 

12 months to 

31 Dec 2018

£'000

£'000

£'000

Revenue

9,545

10,542

23,157

Recurring revenue

7,790

7,800

16,031

Adjusted EBITDA3 after exceptional items

(1,318)

(423)

2,354

Adjusted EBITDA3 before exceptional items

(1,129)

(423)

2,628

Operating loss after exceptional items

(3,332)

(2,263)

(1,102)

Operating loss before exceptional items

(3,143)

(2,263)

(828)

Loss for the period from continuing operations

(3,285)

(2,037)

(1,808)

Adjusted diluted (loss)/earnings per share (pence) 1

(3.04)

(2.31)

0.01

Basic loss per share (pence)

(3.94)

(2.77)

(2.49)

Cash and cash equivalents 2

1,879

4,760

4,627

 

 

1 Adjusted loss per share, is calculated as loss after tax adjusted for acquired intangible assets amortisation, share based payments, exceptional items and normalised tax

 

2 Cash and cash equivalents excludes bank overdrafts

 

3 Adjusted EBITDA is defined as earnings before interest, tax, share option cost, depreciation, amortisation less property rental costs

 

 

Operational Highlights:

 

·      Carmen Carey joined the Company as CEO in February

·      Iain Greig and Dan Look were appointed to the Board as Non-Executive Directors in March

·      Key customer projects concluded

·      Brady completed a strategic product review in response to customer and stakeholder feedback in July

·      The strategic product review served as a cornerstone for the Company's forward strategy

·      Brady is focussed on delivering a scalable, predictable and sustainable business

Carmen Carey, Chief Executive, said: 

"Although Brady's half-year performance was broadly aligned with expectations, our forecasted pipeline of revenue from new customers will not materialise during 2019 leading to expected revenues of £19m and a consequent impact on EBITDA. This performance, combined with the full strategic product review that we have now completed, has led us to initiate a comprehensive new strategic plan. This is focussed on nurturing our customers, improving execution fundamentals, expanding our reach and ensuring we secure our market leadership position during this exciting time in the trading and risk management industry. With this new strategy and a new and experienced board in place, we believe we are well-positioned to deliver a scalable, predictable and sustainable business."

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