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Brady moves back into profit

Net cash inflow from operations in 2018 was £0.9 million, compared to a net outflow in 2017 of £0.1mln
Recycled metal
The Recycling business has ... er ... been recycled (into new ownership)

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.

“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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Brady PLC Timeline

March 25 2019

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