Brady – 96.5p

23 January 2013 – full year trading statement

The global provider of trading, risk management and settlement solutions in the energy, metals and commodities sectors put out  a solid trading update today. Full year results are expected to be in line with expectation with earnings of 5.7p. Revenue is forecast to grow by 47% to £28m supported by the three acquisitions made during 2012. Although the group’s  revenue mix was weighted to the license model rather than rental, the group continue to pursue the transition to rental to increase its recurring revenue base. Over the year the group have made good progress in winning new contracts. The  group won 20 new substantial contracts and has seen the trend for larger contracts. The shares have been weak of late, on a rating of 14.5x the shares are still not cheap but we feel the sell off has been over done and move our rating to BUY.

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