Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Cheap money dulls Brady
Lower returns on cash balances have flattened commodity trading software specialist Brady’s annual pre-tax profits to £1 million.
The AIM-quoted company, which provides trading, risk management and settlement ‘solutions’ to the metals and commodity trading industries, increased operating profits 43 per cent to £998,000 last year, on turnover up 33 per cent to £8.2 million. But Cambridge-based Brady, which successfully integrated its £1.5 million Comsoft raw material IT software acquisition and ended 2009 with net cash down 25 per cent to £5.9 million, suffered as the low interest rate environment saw finance income plunge 87 per cent to £45,000.
Chief executive officer Gavin Lavelle points to two ‘major’ gold deals, one with Japan’s leading bullion trader Mitsubishi and with a top German gold-dealing bank. He says the company’s gold side is doing well, while ‘base metals have rebounded’, stresses that what will help Brady is continuing volatility in its markets and says in future ‘we’ll see more focus on risk management and compliance'.
Floated at 81p six years ago, Brady shares have traded between 73p and 43.25p over the past 12 months. Now 66p, they value the company at £18.2 million.
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