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Brady holding firm
Brady (BRY), the supplier of software to the commodity sector is to report a 70 per cent rise in sales following the acquisition of Norwegian concern Viz.
In a trading update for the year to December the AIM-quoted concern saw sales climb by 70 per cent, with like for likes rising by 10 per cent. Recurring revenues grew by 145 per cent, representing 52 per cent of turnover in 2011 as opposed to the 36 per cent reported in 2010.
The Cambridge-headquartered venture acquired Norwegian risk specialist Viz Risk Management in 2010 in a deal worth £9.5 million, noting it has 'continued to trade ahead of expectations' but that despite this Brady 'remains active in seeking further complementary acquisition opportunities'. Net cash stood at £10.5 million.
In an interview with Growth Company Investor chief executive officer Gavin Lavelle enthused that Brady is operating in a 'buoyant and volatile' commodity sector adding that it is 'Growing organically and bringing relevant products to the market'.
Looking ahead he pointed to the groups strong growth in the Asia Pacific region, noting that Asia 'As a region has been less affected (by the economic downturn) and is a region where we have seen good growth'.
Analysts at Cenkos are forecasting pre-tax profits of £3.4 million (EPS: 5.2p) on sales of £18.9 million for the year to December 2011. In 2012 profits of £3.3 million (EPS: 5p) on revenues of £20.2 million are pencilled in. A dividend of 1.5p and 1.6p are forecast for 2011 and 2012, respectively.
Last recommended by Growth Company Investor this September at 72p the shares currently trade at 80p. One of the strong companies in what is a weak software sector, the cash-rich dividend paying concern is well placed to benefit from further activity in the commodity markets, with its Norwegian acquisition presenting further opportunities for regional (Scandinavia and Russia) growth. We remain fans. Buy.
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