Brady Plc (BRY.L), a provider of trading and risk management software, reported Monday a sharp decline in fiscal 2012 profit, hurt by exceptional charges. Adjusted profit increased on higher revenues.
Separately, Brady announced that Brian Collins has been promoted to CEO of the Brady Physicals business unit, effective April 2. He will report to Brady CEO Gavin Lavelle. He has resigned from the Board as Executive Director of Product Management.
Collins, aged 47, joined the Board following Brady’s acquisition of Colplan Systems Limited in 2004, of which Brian was co-founder and Managing Director.
In the year 2012, the company’s pre-tax profit plunged to 804 thousand pounds from last year’s 2.10 million pounds. Earnings per share were 0.59 pence, lower than 3.45 pence a year ago.
The latest results included exceptional charges of 2.56 million pounds, compared to last year’s charges of 326 thousand pounds.
Adjusted pre-tax profit, which excluded items, increased to 3.37 million pounds from 2.42 million pounds in the prior year.
Revenue increased 47 percent to 28.14 million pounds, including an increase in recurring revenues of 48 percent to 14.49 million pounds.
EBITDA before exceptional costs increased 52 percent to 5.6 million pounds.
Further, the company proposed a 7 percent increase in final dividend to 1.6 pence per share.
Regarding its current trading, the company said its trading to date remains in line with the Board’s expectations.
Paul Fullagar Chairman added, “We look forward to building on the success achieved in 2012 and reporting positive progress during 2013”.
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by RTT Staff Writer
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