There was interesting news this morning through financial market sources that Brady has sold it US recycling business to AMCS Group for up to 4.6m GBP. According to these sources, Brady will receive around £3.6mln in upfront cash payments, with the balance payable in 18 months following completion. In 2016, the US recycling business generated revenues of £4.9mln and an operating profit of £800,000; the 2017 operating profit is expected to be in the region of £300,000. “The sale of our US recycling business means Brady will now have approximately £8m in cash on the balance sheet and that the business is well funded to continue its strategy of moving to a recurring revenue model and investing in our continued product leadership,” Ian Jenks, Brady Chairman stated. Brady spent much of 2017 restructuring recognizing around 2m GBP is costs associated with those efforts and apparently expects to report revenues of around 27m GBP. Recurring revenues now make up around 2/3rds of its revenue stream according to the same source. It expects to have an EBITDA of around 0.5 to 0.7M GBP for the year. Martin Thorneycroft, CFO, told me this afternoon that “Brady now has 8m GBP sitting on the balance sheet and
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