Brady annual pre-tax profit rises on higher revenue

16th Mar 2015 10:44

Higher revenue and lower expenses saw risk management and settlement services group Brady post an increase in its annual pre-tax profit.The group said its annual operating profit after exceptional costs rose 22.2% to £1.03m, despite the group reporting a £2.1m goodwill charge on the consolidation of its energy businesses in Switzerland and Norway.Without considering the goodwill charge, earnings before interest, tax, depreciation and amortisation rose 80% to £6.3m, while revenue climbed 5.44% to £31m on the back of new contract wins and a solid performance in the group's energy business."Brady is well placed to grow further, both organically, and by acquisition, thanks to a balance sheet dominated by cash," said group chairman Paul Fullagar."There is real momentum behind the business and we look forward to both keeping our shareholders informed of our progress, and rewarding them for their support with a progressive dividend that exceeds the market average."On a consistent currency basis revenues were higher by 13% to £31m.The company increased its final dividend by 8.82% to 1.85p, which will be the total dividend for the year as the group does not pay an interim dividend.Net cash at year-end increased by £2.4m to reach £9.6m.Brady shares were down 0.52% to 95.00p at 11:14 on Monday.