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.
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.
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.