Brady, a commodity risk management software provider, has reported a rise of 72 per cent in its full year revenue to £19.16 million, up from £11.12 million in 2010, including an increase in recurring revenues of 147 per cent to £9.79 million.
Earnings before income, tax, depreciation and amortisation (EBITDA) before exceptional transaction costs rose 78 per cent to £3.70 million, compared to £2.08 million in 2010.
Brady is very pleased with its FY 2011 development with 14 important new licence contracts and 25 installations or upgrades, it continues to demonstrate the growth of the group's plan. The commercial focus has delivered strong revenue and profitability growth and is well placed to deliver further momentum in development during 2012 and beyond.
For the year ended 31 December 2011, the group's basic earnings per share increased to 3.57 pence, up 111 per cent when compared to 1.69 pence in 2010. On a fully diluted basis this equates to growth of 112 per cent to 3.45 pence (2010:1.62 pence). It also proposed a final dividend 1.5 pence per share. The group's trading to date remains in line with the group's expectations.
While commenting on FY 2011 results, Chairman Paul Fullagar said: "The group has continued to deliver strong growth in both
revenue and underlying profitability in 2011 and has secured an increased number of new client wins, all the more encouraging given the generally challenging economic conditions. The group's acquisition of Brady Energy in December 2010 has continued to exceed expectations and we are delighted with the shareholder support we received for the recent £18 million share placing which allowed us to complete the transformational acquisition of Navita in March 2012."