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Trading, risk management and settlement solutions software provider Brady had a rewarding half year (to June 30 2012) as far as top line figures are concerned with revenue up 37%, although that only takes it to £12.11m and it did benefit from the Navita and syseca acquisitions. Recurring revenues now account for a reassuring £6.7m (55%) of business. Other positive operational signs include a doubling of the average deal size compared to H1 2011, despite the obligatory management cautions around tough market conditions.
Brady still experienced pain during the half year. The £740,000 profit achieved this time last year, dropped to a £695,000 loss, due in part to a dispute with a customer (see Brady ponders bad debt), which could cost Brady £0.72m (it has made provision for the bad debt in its results statement). Nevertheless, management says trading is still in line with expectations for the full year.
