Brady – 93.5p

11th March 2013 – final results

Brady the global provider of trading, risk management and settlement solutions to the energy, metals and recycling sectors put out a good set of results. Revenue increased 47% to £28.1m (2011: £19.1m), with operating profit before exceptional costs increasing  40% to £3.3m (2011: £2.3m) and adjusted earnings per share increasing 8% to 5.9p (2011: 5.5p). During the year the group made transformational acquisitions which enhanced the group’s Energy offering and gave the group a position in the recycling market. Over the year 20 significant new license contracts were signed, compared to 14 the previous year. We believe that further progress can be made. On a rating of 14x, the shares are not cheap, however if the group continues to make progress upgrades are likely. We retain our BUY recommendation.

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