Brady swings to profit, upbeat about 2019

25th Mar 2019 12:18

(Sharecast News) - Risk management software provider Brady said on Monday that it swung to a profit last year as revenue edged up and costs declined.In the year to the end of December 2018, adjusted earnings before interest, tax, depreciation and amortisation came in at £2.6m versus a £0.3m loss the year before, with revenues up 4% to £23.2m. The company said its revenue performance was driven by a focus on servicing its existing client base and achieving revenue recognition milestones on several long-term implementations.Gross profit rose 15% to £13.9m and the company's cash costs reduced by £1.1m.Brady said it started 2019 with committed recurring revenues and contracted development and services revenues of about £18m and cash on hand of £4.6m."Implementation of the plan set out in the last two annual reports remains on track as we leverage the foundations we have established to deliver high quality customer relationships and growth in line with commitments made to our employees, customers and shareholders," Brady said."Going into 2019, we look to the future with confidence."Carmen Carey, who was appointed chief executive on 18 February, said: "I am delighted to join Brady as CEO and look forward to leading the team as we look ahead to 2019 and beyond. We have exceptional people and world-class customers, providing us with a strong foundation for high quality customer relationships, growth and innovation."At 1415 GMT, the shares were up 2.7% at 58.02p.