Brady increases profit by one-quarter

20th Jan 2011 15:13

Commodity risk management software provider Brady says that its profit will be 25% higher in 2010.AIM-quoted Brady says that revenue growth will be more than 30%. Edison Investment Research forecasts a rise in revenues from £8.2m to £10.7m and an improvement in profit from £1.34m to £1.76m. The profit figure does not include £990,000 of exceptional acquisition costs. The figures include a full year contribution from Comsoft and nine months from Brady Switz. Brady had net cash of £11.6m at the end of 2010 but £2m has since been paid out to the vendors of Viz Risk Management Services as part of the purchase cost. Viz was acquired for a total of £9.6m at the end of 2010 and did not make a trading contribution. At the same time, £13.9m net was raised at 59p a share. In 2011, Brady has already won a new contract with Norway-based M3 Capital. The 2010 figures are dueto be announced on 16 March.