Brady, a leading global provider of trading and risk management solutions for metals, recycling, energy and soft commodities, reports an improvement in profitability with growth in overall revenue, EBITDA and cash generation in the six months to the end of June.
Revenues rose by 5% to £14.8m and EBITDA increased 72% to £2.04 m from £1.18m with recurring revenues increasing to 60% (from 55%).
- Cash cost reduction of £1.6m in H1
- Net Cash £6.4m (£6.2m)
- Net cash generated £1m
- Adjusted EPS 1.05p (0.53p)
Executive chairman Ian Jenks said: "We are very pleased to have achieved the improvement in profitability with growth in overall revenue, EBITDA and cash generation despite the continued difficult market conditions. At the end of 2015 the Company initiated a programme which has successfully delivered significant cost reductions. We are now focused on pursuing further opportunities to drive effectiveness and efficiency across the Group over the coming period." "The Company has leading market positions and best in class solutions which form a solid foundation to build upon. We believe our initiatives will fuel an efficient engine to facilitate growth and position the business to take advantage of any market upturn."