Brady plc (BRY.L), a leading global provider of trading, risk management and settlement solutions to the energy and commodities sectors, announces that, over the course of the first half of 2019, Brady has had positive engagements with existing customers, and the recurring revenue is in line with expectations. However, the pipeline of revenue from new customers forecasted will not materialise during fiscal 2019, although new business bookings are anticipated in the second half. As such, the Board has concluded that full year revenue will be circa £19m, and this will have a consequent impact on EBITDA performance.
The turnaround of the business since the appointment of Carmen Carey as CEO has continued to build momentum focused on customer engagements, delivering major contracts and maturing the new business pipeline. In addition, the strategic product review has concluded, informing the going forward business strategy to align, optimise and advance the product portfolio and conclude the transformation work underway when Carey joined.
Brady will announce its Interim Results for the six months to 30 June 2019 on Monday 23 September.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
Carmen Carey, Chief Executive Officer
Martin Thorneycroft, Chief Financial Officer
Telephone: +44(0)1223 479479
Cenkos Securities plc - NOMAD and broker
Stephen Keys / Mark Connelly / Cameron MacRitchie
Telephone: +44 (0)20 7397 8900
Bob Huxford / Ian Silvera/ Megan Kovach
Telephone: +44 (0)20 7382 4730
Brady plc (BRY.L) is the largest European-headquartered provider of trading and risk management software to the global commodity and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined, soft commodities and agriculturals.
Brady has 30 years' expertise in the commodity markets with some 300 customers worldwide, who depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest financial institutions, trading companies, miners, refiners and producers, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers.
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