Brady, supplier of trading and risk management software for metals, recycling, energy and soft commodities, reports continued top-line growth in the six months to end of June 2013. First half revenue increased by 23% over the first half of 2012, although that only takes it to around £15m and much of the growth must have been inorganic given the acquisition of US-based energy trading supplier SAI in November last year. Other positives include an increase in recurring revenue to 57% of the total (55% in H1 12) and a strong cash position with net cash of £5.7m and no debt at the end of June, ahead of expectations.
Licence revenue is up 9% on the same period last year and the group signed six ‘significant’ new licence deals in the period. The non-Energy business units performed best with an 8% increase in revenue on a like-for-like basis. The figures for the Energy business unit, which underwent substantial reorganisation during 2012, aren’t provided but the Board claims to be ‘pleased with the progress’ it has made nonetheless. We’ll have to wait for the interim results in September for the full picture. In the meantime, Brady expects to deliver further growth in the second half despite a more challenging commodities market and more difficulty predicting the timing of signing new deals.