Proactiveinvestors United Kingdom Brady PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Brady PLC RSS feed en Sun, 16 Jun 2019 21:41:06 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190530154658_14092950/ Thu, 30 May 2019 15:46:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190530154658_14092950/ <![CDATA[News - Brady trading in line as sales pipeline builds ]]> https://www.proactiveinvestors.co.uk/companies/news/221197/brady-trading-in-line-as-sales-pipeline-builds-221197.html Brady PLC (LON:BRY) shares edged higher on Thursday as the provider of trading and risk management solutions to the energy and commodities sectors said it has traded in line with expectations this year.

In a statement issued ahead of its annual general meeting today, Ian Jenks, Brady's chairman, said the company had made substantial progress in the first four month of the year.

READ Brady moves back into profit

“Under the leadership of our new chief executive, Carmen Carey, our new sales pipeline is building, and I look forward to providing a further update in the interim results, which we expect to be released in September,” Jenks’s said in the AGM statement.

“In March 2019 we strengthened our board with the non-executive appointments of Dan Look (former head of the commodity and energy trading consulting group at Baringa) and Iain Greig (former CTO of LME Clear). Their market and technical expertise, together with their enthusiasm is already starting to have a positive effect within the company," the chairman added.

In late morning trading, shares in Brady were 0.4% higher at 58p.

 -- Adds share price --

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Thu, 30 May 2019 08:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221197/brady-trading-in-line-as-sales-pipeline-builds-221197.html
<![CDATA[RNS press release - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190530070003_14091579/ Thu, 30 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190530070003_14091579/ <![CDATA[News - Brady continues strategy implementation after return to profit ]]> https://www.proactiveinvestors.co.uk/companies/news/220452/brady-continues-strategy-implementation-after-return-to-profit-220452.html • Focuses on Commodity and Energy markets
• 200 customers worldwide What Brady does

Brady PLC (LON:BRY) provides trading and risk management software for the Commodity and Energy markets covering the entire trading operation from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined metals, soft commodities and agriculturals.

The company says it has 200 customers worldwide, including some of the largest global financial institutions and corporations.

Inflexion points

• In its full year results for 2018, Brady posted adjusted underlying earnings (EBITDA) of £2.6mln, compared to a loss in 2017 of £307,000. Revenues rose 4% to £23.2mln from £22.2mln the year before. Recurring revenues increased by 2% to £16mln. Committed revenues for the current year are already up to around £18mln

• In February, Carmen Carey became the company’s new chief executive while its executive chairman Ian Jenks switched into a non-executive role

• Carey previously served as chief operating officer (COO) of artificial intelligence company Unbabel and a former winner of the Bronze Stevie Award for Most Innovative Woman of the Year in Technology, one of the world's top honours for female executives

Blue Sky

In its 2018 results, the company said a plan set out in its last two annual reports remained on track as the company leveraged its foundations to “deliver high-quality customer relationships and growth in line with commitments made to our employees, customers and shareholders”.

“Going into 2019, we look to the future with confidence,” the company said.

With shares trading at around 57.8p as of 16 May 2019, Brady carries a market cap of £48.1mln.

CEO Interview - Carmen Carey

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Thu, 16 May 2019 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220452/brady-continues-strategy-implementation-after-return-to-profit-220452.html
<![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190503100132_14062454/ Fri, 03 May 2019 10:01:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190503100132_14062454/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190501154650_14059893/ Wed, 01 May 2019 15:46:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190501154650_14059893/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190404070012_14028212/ Thu, 04 Apr 2019 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190404070012_14028212/ <![CDATA[Media files - Brady Plc's new CEO Carmen Carey outlines 2019 strategic objectives ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12712/brady-plc-s-new-ceo-carmen-carey-outlines-2019-strategic-objectives-12712.html Mon, 25 Mar 2019 11:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12712/brady-plc-s-new-ceo-carmen-carey-outlines-2019-strategic-objectives-12712.html <![CDATA[News - Brady moves back into profit ]]> https://www.proactiveinvestors.co.uk/companies/news/217087/brady-moves-back-into-profit-217087.html Excluding exceptional items, trading and risk management software provider Brady Plc (LON:BRY) moved back into profit in 2018.

The fintech, which underwent a restructuring and management overhaul last year, posted adjusted underlying earnings (EBITDA) of £2.6mln, compared to a loss in 2017 of £307,000.

WATCH: Brady Plc's new CEO Carmen Carey outlines 2019 strategic objectives

Loss before tax and exceptional items narrowed substantially to £870,000 from £4.53mln the previous year; including exceptional items, the loss was £1.14mln versus a loss the preceding year of £6.97mln.

Revenues rose 4% to £23.2mln from £22.2mln the year before. Recurring revenues increased by 2% to £16mln. Committed revenues for the current year are already up to around £18mln.

Cash costs in the year were reduced by £1.1mln and the group ended the year with net cash of £4.6mln, up from £4.1mln a year earlier, helped by the £2.9mln cash proceeds from the sale of the company's Recycling business.

We will be at E-world, and this year we have our own stand!

We invite you to visit us and meet with our experts to discuss current market trends and learn how Brady’s products can help you meet the challenges ahead.@EworldEssen #energy #riskmanagement https://t.co/teHjPj8uaW pic.twitter.com/sxKoPle9vf

— Brady Plc (@Bradyplc) January 11, 2019

“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. Going into 2019, we look to the future with confidence,” the company said.

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Mon, 25 Mar 2019 07:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217087/brady-moves-back-into-profit-217087.html
<![CDATA[RNS press release - Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190325070011_14013384/ Mon, 25 Mar 2019 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190325070011_14013384/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190306070007_13991514/ Wed, 06 Mar 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190306070007_13991514/ <![CDATA[RNS press release - Directorate Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190304070008_13988254/ Mon, 04 Mar 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190304070008_13988254/ <![CDATA[Media files - 2018: 'A year of delivery' for Brady Plc - Chairman Ian Jenks ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12021/2018--a-year-of-delivery--for-brady-plc---chairman-ian-jenks-12021.html Tue, 29 Jan 2019 14:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12021/2018--a-year-of-delivery--for-brady-plc---chairman-ian-jenks-12021.html <![CDATA[News - Brady sees “positive” outlook for 2019 following in line trading update ]]> https://www.proactiveinvestors.co.uk/companies/news/213474/brady-sees-positive-outlook-for-2019-following-in-line-trading-update-213474.html Brady Plc (LON:BRY) has said its outlook for 2019 “continues to be positive” as it issued an in line trading update for the year ended 31 December.

The firm, which provides trading and risk management software, said it expected underlying earnings (EBITDA) for the year of around £2.6mln with revenues of £23mln, broadly in line with market expectations, with recurring revenues making up 70% of the total.

READ: Brady appoints new chief executive as executive chairman switches to non-exec

Net cash at year end was £4.6mln, up slightly on the total of £4.4mln a year ago.

The company also said that its new chief executive, Carmen Carey, would take the reins from 18 February following an announcement in December when it said its executive chairman Ian Jenks would switch to a non-executive role.

“The new customers we have engaged with and, as importantly, the ones with whom we have been working with for years, are a testament to the increasing strength of our offering. We have made substantial progress in evolving our technology solutions and have extended the scope of the value proposition we can deliver to our customers”, the company said.

In early trading Tuesday, Brady shares were flat at 63.5p.

--Adds share price--

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Tue, 29 Jan 2019 07:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213474/brady-sees-positive-outlook-for-2019-following-in-line-trading-update-213474.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190129070004_13949488/ Tue, 29 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20190129070004_13949488/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181221111500_13913273/ Fri, 21 Dec 2018 11:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181221111500_13913273/ <![CDATA[News - Brady appoints new chief executive as executive chairman switches to non-exec ]]> https://www.proactiveinvestors.co.uk/companies/news/211465/brady-appoints-new-chief-executive-as-executive-chairman-switches-to-non-exec-211465.html Brady Plc (LON:BRY) has appointed a new chief executive (CEO) while its executive chairman will switch into a non-executive role.

The trading and risk management software provider said it had appointed Carmen Carey as its new CEO with effect from 18 February 2019, having initially joined the board as a non-executive director in March 2017.

READ: Brady launches new regulatory and compliance software

Carey previously served as chief operating officer (COO) of artificial intelligence company Unbabel and is a former winner of the Bronze Stevie Award for Most Innovative Woman of the Year in Technology, one of the world's top honours for female executives.

Carey has also served as CEO of application testing firm Apica, CEO of Big Data Partnership, COO of e-commerce group MetaPack, CEO of IT service management firm ControlCircle, COO of software group MessageLabs and Vice-President of Global Services at software vendor BroadVision.

The company also said its current executive chairman, Ian Jenks, would switch to the role of non-executive chairman from 1 April 2019, adding that it was currently in the process of recruiting additional non-executive directors.

Jenks said: “It is a testament to Brady's strength, position and products that Carmen wanted to make the transition from Non-Executive Director to Chief Executive”.

Carey added: “The opportunities available to the Company are substantial and I am confident that my experience gained across a wide range of technology businesses will help Brady realise its full potential."

In early trading Wednesday, shares were steady around 64.2p.

--Adds share price--

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Wed, 19 Dec 2018 08:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211465/brady-appoints-new-chief-executive-as-executive-chairman-switches-to-non-exec-211465.html
<![CDATA[RNS press release - Directorate Changes ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181219070004_13908841/ Wed, 19 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181219070004_13908841/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181210113815_13897709/ Mon, 10 Dec 2018 11:38:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181210113815_13897709/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181106115628_13856901/ Tue, 06 Nov 2018 11:56:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20181106115628_13856901/ <![CDATA[News - Brady launches new software solution as it begins new chapter following restructuring ]]> https://www.proactiveinvestors.co.uk/companies/news/208630/brady-launches-new-software-solution-as-it-begins-new-chapter-following-restructuring-208630.html In October, commodity trading software group Brady Plc (LON:BRY) launched a new cloud-based compliance software solution designed to support global commodity and energy firms manage risk across their organisations.

The product - Brady Accountability Compliance - will help companies in the commodities and energy sectors by automating the processes required to ensure compliance with the requirements of the Financial Conduct Authority's senior managers regime, certification regime and conduct rules (SM&CR).

Brady also said the accountability compliance software could be implemented either as either a cloud hosted or on-premise solution in a very short space of time, ensuring that frameworks, data, records and appropriate outcomes can be put into place quickly.

The launch is the firm’s first new product since completing a restructuring earlier this year.

The root and branch overhaul saw the group’s US recycling business sold in order to focus on power trading software including an off-the-shelf energy trading and risk management solution.

This is used by some of Europe’s largest energy companies to automate logistical tasks and trade commodities across markets.

In short, they help the companies that keep the lights on…keep the lights on.

Deficit slashed

In its half-year results in September, Brady reported that its underlying losses had fallen to £424,000 from £1.24mln with flat revenues of £10.5mln as the benefits of the restructuring actions taken last year began to come through.

Four new contracts were renewed in the first half worth £2.8mln, with two additions worth £0.6mln. Gross margins improved slightly to 55% while recurring revenues held at 74% of the total.

The company has also retained some of its existing clientele through the restructuring, with the trading arm of German energy giant RWE renewing its license to use Brady’s Credit Risk software in November 2017 for a further 5 years.

At the time, Brady chief executive Ian Jenks said the results had been “reassuringly boring” with a “substantial improvement” in the group’s overall performance.

Jenks added that the firm now has visibility over 95% of its revenues into the second half, with the main priorities for the rest of 2018 including completion of several legacy projects before focusing on “new and innovative products”.

With shares trading at around 65p, Brady carries a market cap of £54.3mln.

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Tue, 06 Nov 2018 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208630/brady-launches-new-software-solution-as-it-begins-new-chapter-following-restructuring-208630.html
<![CDATA[News - Brady launches new regulatory and compliance software ]]> https://www.proactiveinvestors.co.uk/companies/news/206304/brady-launches-new-regulatory-and-compliance-software-206304.html Commodity trading software group Brady PLC (LON:BRY) has launched a new cloud-based compliance software solution designed to support global commodity and energy firms manage risk across their organisations.

The product - Brady Accountability Compliance - will help companies in the commodities and energy sectors by automating the processes required to ensure compliance with the requirements of the Financial Conduct Authority's senior managers regime, certification regime and conduct rules (SM&CR).

READ: Brady slashes deficit as restructuring benefits come through

The SM&CR requires companies to provide a high level of transparency across their organisations, even down to individual accountabilities and responsibilities. This includes providing documented evidence that they have taken reasonable steps to meet their regulatory obligations.

“This is placing mounting pressure on senior managers who currently struggle to meet the regulatory requirements via mostly manual and disjointed solutions,” Libby Koehn, Brady’s chief product officer said. “Without the correct tools to manage the reporting requirements senior managers could end up exposing themselves and their company to risks from non-compliance,” she added.

The company, which provides trading, risk management and settlement solutions to the energy and commodities sectors, has partnered with compliance technology firm Trailight to offer a solution specifically tailored to the needs of the energy and commodity sectors.

Brady said its accountability compliance software can be implemented either as either a cloud hosted or on-premise solution in a very short space of time, ensuring that frameworks, data, records and appropriate outcomes can be put into place quickly.

Shares in Brady were 0.4% up at 66.75p in mid-afternoon trade.

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Wed, 03 Oct 2018 13:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206304/brady-launches-new-regulatory-and-compliance-software-206304.html
<![CDATA[Media files - Brady Plc sees 'substantial improvement' in performance after restructure ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10424/brady-plc-sees-substantial-improvement-in-performance-after-restructure-10424.html Mon, 10 Sep 2018 16:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10424/brady-plc-sees-substantial-improvement-in-performance-after-restructure-10424.html <![CDATA[News - Brady slashes deficit as restructuring benefits come through ]]> https://www.proactiveinvestors.co.uk/companies/news/204502/brady-slashes-deficit-as-restructuring-benefits-come-through-204502.html Commodity trading software group Brady Plc (LON:BRY) cut its losses as the benefits of restructuring measures taken last year started to come through.

“We are doing exactly what we said we would, including an investment in new products, the removal of costs, creating long-term solutions with the customer at the centre and a continual transition away from the group's legacy contract model,” said Ian Jenks, executive chairman.

READ: Brady sets eyes on transformation as it completes restructuring

“This has put us on a strong footing reflected in the fact that we have also secured new contract wins and retained all business that came up for renewal during the period.”

Turnover for the half year to June was flat at £10.5mln, while underlying losses dropped to £424,000 from £1.24mln.  Interim losses were £2.04mln (£3.52mln). Four new contracts were renewed in the first half worth £2.8mln, with two additions worth £0.6mln. Gross margins improved slightly to 55% while recurring revenues held at 74% of the total.

“With 95% visibility of our 2018 revenues and a cost base that is now aligned with our strategic goals, we expect our full year results to be in line with market expectations," added Jenks.

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Mon, 10 Sep 2018 07:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204502/brady-slashes-deficit-as-restructuring-benefits-come-through-204502.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180910070006_13783829/ Mon, 10 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180910070006_13783829/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180823113152_13766264/ Thu, 23 Aug 2018 11:31:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180823113152_13766264/ <![CDATA[News - Brady sets eyes on transformation as it completes restructuring ]]> https://www.proactiveinvestors.co.uk/companies/news/198777/brady-sets-eyes-on-transformation-as-it-completes-restructuring-198777.html Brady Plc’s (LON:BRY) share price has rallied since it completed a restructuring in March.

That root and branch overhaul saw the US recycling business sold to leave the focus on power trading software including an off-the-shelf energy trading and risk management solution.

READ: Brady sees “substantial progress” in first four months of 2018

This is used by some of Europe’s largest energy companies to automate logistical tasks and trade commodities across markets.

In short, they help the companies that keep the lights on…keep the lights on.

Transition to SaaS model

Following the recycling sale, the company has proceeded rapidly to a software-as-a-service (SaaS) model, with the focus squarely on its commodities trading technology services.

At the time, Brady’s executive chairman Ian Jenks said: "The sale of our US recycling business means Brady will now have approximately £8mln in cash on the balance sheet."

And it seems that cash is being put to good use.

In an AGM statement at the end of May, Jenks said the group had struck a deal with NoRWEgian utility company Ustekveikja Energi to support its physical power output in the Nordic region.

Brady is also retaining some of its existing clientele through the transition, as the trading arm of German energy giant RWE renewed its license to use Brady’s Credit Risk software last November for a further 5 years.

Jenks also says that an uptick in commodity prices is giving the company an added boost to its fortunes.

“Overall commodity prices have risen in the last 18 months, and that generally means there’s more cash about and people are more willing to spend…that’s good for us and we’re definitely seeing an uptick in activity,” Jenks said in March.

“The restructuring is behind us, but the transformation starts this year” says Jenks, adding that 2018 is all about transforming the business and refocusing on customers to maintain its SaaS model.

“Brady has a long and proud history of being a technology innovator…you’ll start to see a lot more product innovations” Jenks told Proactive.

WATCH: Brady chief eyes recovery after root and branch overhaul

One of the latest products to come out of the company is its FAST START implementation offering, announced in May, which serves as a preconfigured cloud-based solution for the metals trading lifecycle, allowing clients to trade immediately.

In terms of the motivation behind the restructuring, it’s all about scalability.

“We have recruited new people, considerably streamlined the organisation and we are now seeing the results of this…as we continue to move towards our goal of being a high quality, scalable software business” said Jenks.

At 66p, compared to 55p in February, Brady is valued at £54mln.

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Wed, 13 Jun 2018 10:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198777/brady-sets-eyes-on-transformation-as-it-completes-restructuring-198777.html
<![CDATA[RNS press release - Capital Markets Day ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180605070003_13666527/ Tue, 05 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180605070003_13666527/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180531160548_13662327/ Thu, 31 May 2018 16:05:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180531160548_13662327/ <![CDATA[News - Brady sees “substantial progress” in first four months of 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/197978/brady-sees-substantial-progress-in-first-four-months-of-2018-197978.html Brady Plc (LON:BRY) has seen “substantial progress” in the four months of the year following the completion of a restructuring in March, according to executive chairman Ian Jenks.

In a statement to be read at the annual general meeting, Jenks said the AIM-listed trading and risk management software provider had seen trading in-line with management expectations and had continued to invest in core technology.

READ: Brady says restructuring complete, expects improvement

Jenks also highlighted a deal struck in March with Norwegian utility company Ustekveikja Energi AS for Brady to support its physical power market in the Nordic region.

He added that the company had also launched its new FAST START implementation offering for metals trading lifecycle management in May, a preconfigured cloud-based solution which enables clients to trade immediately.

Jenks said: “We have recruited new people, considerably streamlined the organisation and we are now seeing the results of this across the business as we continue to move towards our goal of being a high quality, scalable software business.”

In March, Jenks said that: “The period of consolidation and re-structuring is complete; in 2018 we expect to resume progress in both sales and profitability and look to the future of the group with confidence.”

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Thu, 31 May 2018 07:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197978/brady-sees-substantial-progress-in-first-four-months-of-2018-197978.html
<![CDATA[RNS press release - AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180531070005_13660727/ Thu, 31 May 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180531070005_13660727/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180510070010_13635570/ Thu, 10 May 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180510070010_13635570/ <![CDATA[RNS press release - Notice of AGM and Resignation of Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180504133001_13630922/ Fri, 04 May 2018 13:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180504133001_13630922/ <![CDATA[RNS press release - TR-1: Notification of Major Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180426145303_13620446/ Thu, 26 Apr 2018 14:53:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180426145303_13620446/ <![CDATA[RNS press release - Ustekveikja Energi Selects Brady EDM ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180326070006_13580298/ Mon, 26 Mar 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180326070006_13580298/ <![CDATA[Media files - Brady chief eyes recovery after root and branch overhaul ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8870/brady-chief-eyes-recovery-after-root-and-branch-overhaul-8870.html Tue, 13 Mar 2018 11:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8870/brady-chief-eyes-recovery-after-root-and-branch-overhaul-8870.html <![CDATA[News - Brady says restructuring complete, expects improvement ]]> https://www.proactiveinvestors.co.uk/companies/news/193054/brady-says-restructuring-complete-expects-improvement-193054.html Commodities trading software specialist Brady Plc (LON:BRY) has completed most of its ‘streamlining and re-calibration’, said Ian Jenks, executive chairman.

The group recently sold its US recycling business, which has bolstered a year-end cash position of £4.1mln by an additional £3.6mln, he added.

WATCH: Brady chief eyes recovery after root and branch overhaul

“The fundamental pillars of the plan that we set out in last years' annual report have continued and, as a result, we are firmly on course to deliver a growth company with strong IP, a strong base of blue chip customers, a high-quality revenue stream and a high level of recurring earnings". 

Net losses in 2017 rose to £6.3mln (£2.7mln) on revenues of £22.9mln (£25.4mln).

For 2018, the group has committed revenues of approximately £19mln, Jenks added.

“The period of consolidation and re-structuring is complete; in 2018 we expect to resume progress in both sales and profitability and look to the future of the group with confidence.”

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Tue, 13 Mar 2018 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193054/brady-says-restructuring-complete-expects-improvement-193054.html
<![CDATA[RNS press release - Preliminary Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180313070006_13564153/ Tue, 13 Mar 2018 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180313070006_13564153/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180228070009_13548364/ Wed, 28 Feb 2018 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180228070009_13548364/ <![CDATA[News - Brady sells US recycling business ]]> https://www.proactiveinvestors.co.uk/companies/news/190612/brady-sells-us-recycling-business-190612.html Trading and risk management software provider Brady PLC (LON:BRY) continues to make rapid progress in its transition to a software-as-a-service (SaaS) model.

The board revealed in a trading statement that recurring revenues in 2017 represented 67% of total sales.

READ: Trading arm of German energy giant RWE to use Brady’s Credit Risk software for another five years

The transition away from a one-off licence sale model to the SaaS model is known to hit revenues in the early years as the company sacrifices big upfront payments for regular income, and in Brady's case this means that it has foregone £1.7mln of one-off licence revenues and will receive instead £0.8mln of recurring licence revenues each year over an initial five-year term, with the licence period set to roll-over thereafter.

Delay in recognising revenue for two existing customer contracts​

Revenue for the year is expected to clock in at around £27mln, with the board revealing it now expects to recognise revenue of around £800,000 in respect of work performed on two existing customer contracts in the first half of 2018 rather than in 2017.

Adjusted underlying earnings (EBITDA) for 2017 is expected to fall within the range of £500,000 and £700,000, with the group recognising exceptional costs of around £2mln related to the restructuring of the business.

"The group has substantially achieved the transition of its business to a recurring revenue model. This has inevitably impacted short-term performance; however, the board is confident that the business is well positioned for sustainable, long-term predictable growth," said Ian Jenks, the executive chairman of Brady.

Sale of US recycling business to AMCS Group​

Brady said it has offloaded its US recycling business for up to £4.6mln in cash to AMCS Group. The consideration is subject to an adjustment for any excess of current liabilities over current assets.

Brady will receive around £3.6mln in upfront cash payments, with the balance payable in 18 months following completion.

In 2016 [sic], the US recycling business generated revenues of £4.9mln and an operating profit of £800,000; the 2017 operating profit is expected to be in the region of £300,000.

"The sale of our US recycling business means Brady will now have approximately £8m in cash on the balance sheet and that the business is well funded to continue its strategy of moving to a recurring revenue model and investing in our continued product leadership," Jenks said.

Shares in Brady were down 9.2% at 56.5p in early deals.

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Thu, 25 Jan 2018 08:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190612/brady-sells-us-recycling-business-190612.html
<![CDATA[RNS press release - Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180125070005_13508762/ Thu, 25 Jan 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180125070005_13508762/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180115143334_13496832/ Mon, 15 Jan 2018 14:33:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180115143334_13496832/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180112145405_13495151/ Fri, 12 Jan 2018 14:54:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20180112145405_13495151/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20171116092142_13433920/ Thu, 16 Nov 2017 09:21:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20171116092142_13433920/ <![CDATA[News - Trading arm of German energy giant RWE to use Brady’s Credit Risk software for another five years ]]> https://www.proactiveinvestors.co.uk/companies/news/187070/trading-arm-of-german-energy-giant-rwe-to-use-bradys-credit-risk-software-for-another-five-years-187070.html The trading arm of German energy giant RWE has renewed its licence to use Brady Plc’s (LON:BRY) Credit Risk software for another five years.

RWE Supply and Trading will pay an annual recurring fee rarher than a one-off upfront payment, giving Brady greater visibility over its revenues.

READ: Brady says awarded a contract by Ireland's Gaelectric Trading and Market Services for its I-SEM cloud solution product

RWEST uses Brady’s software to manage multiple corporate counterparties with various different margining agreements that result in a daily exchange of collateral worth hundreds of millions of dollars.

The ratings derived using the scoring module help RWEST to set credit limits for the counterparties and helps it to implement its limit policies with trading desks.

WATCH: Transition to SaaS model 'going very well' for Brady Plc

"We are delighted to renew our agreement with RWEST. Moving from a one-off licence model to charging on an annual recurring fee basis allows us to build a more predictable business,” said chairman Ian Jenks.

Shares opened 0.8% higher at 66p on Friday.

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Fri, 10 Nov 2017 08:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187070/trading-arm-of-german-energy-giant-rwe-to-use-bradys-credit-risk-software-for-another-five-years-187070.html
<![CDATA[RNS press release - RWE Renews Agreement with Brady PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20171110070004_13427028/ Fri, 10 Nov 2017 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20171110070004_13427028/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20171017152852_13399726/ Tue, 17 Oct 2017 15:28:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20171017152852_13399726/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20170925143902_13374474/ Mon, 25 Sep 2017 14:39:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20170925143902_13374474/ <![CDATA[RNS press release - TR-1: Notification of major holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20170925143205_13374462/ Mon, 25 Sep 2017 14:32:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20170925143205_13374462/ <![CDATA[RNS press release - TR-1 ]]> https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20170919154158_13368200/ Tue, 19 Sep 2017 15:41:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/10718/LSE20170919154158_13368200/