Brady plc (BRY.L), a leading global provider of trading, risk management and settlement solutions to the energy and commodities sectors, announces that, over the course of the first half of 2019, Brady has had positive engagements with existing customers, and the recurring revenue is in line with expectations. However, the pipeline of revenue from new customers forecasted will not materialise during fiscal 2019, although new business bookings are anticipated in the second half. As such, the Board has concluded that full year revenue will be circa £19m, and this will have a consequent impact on EBITDA performance.
The turnaround of the business since the appointment of Carmen Carey as CEO has continued to build momentum focused on customer engagements, delivering major contracts and maturing the new business pipeline. In addition, the strategic product review has concluded, informing the going forward business strategy to align, optimise and advance the product portfolio and conclude the transformation work underway when Carey joined.
Brady will announce its Interim Results for the six months to 30 June 2019 on Monday 23 September.
brady