The Company announces that revenues for the year ended 31 December 2018 are expected to be approximately £23m and adjusted EBITDA is expected to be around £2.6m, which are broadly in line with consensus market expectations. Net cash at the year end was £4.6m (31 December 2017: £4.4m net cash). Recurring revenues make up approximately 70% of the revenue number.
In 2018, Brady continued to make significant progress in delivering on its strategy, including several customer-focused projects. The outlook for the Company in 2019 continues to be positive as we look to benefit from the groundwork laid not just during 2018 but also in previous years.
The new customers we have engaged with and, as importantly, the ones with whom we have been working with for years, are a testament to the increasing strength of our offering. We have made substantial progress in evolving our technology solutions and have extended the scope of the value proposition we can deliver to our customers.
As announced on the 19th of December, Carmen Carey will commence as CEO with effect from 18th February 2019. The Board is confident that she will provide the leadership skills required to drive our focus on customers and innovation underpinned by the quality of our people.