Highlights Brady PLC released its interim results for the 6-months through 30th June today. The company saw a slight increase in revenues up 5% to 14.758m GBP while cost cutting measures meant EBITDA was up 72% to 2.04m GBP for the same period. Brady reported 10 new license deals in the period but noted than none were of a comparable size to some of the deals it signed in H1 2015 and license sales declined accordingly. Meanwhile, recurring revenues increased to 60% of total revenues as 70% of its new business was deployed in the cloud. It’s energy business continued to see improvement and its contribution increased slightly. The acquisition of Energycredit has afforded Brady opportunities to up sell and cross sell its customers. It’s commodities business saw a fall in sales by comparison but strong cloud interest especially in the metals side saw the company sign several deals there. CEO, Gavin Lavelle has stepped down recently and an interim CEO is now in charge while a new CEO is sought. Analysis Although on the face of it, these are not startling results there are more or less what should have been expected considering the slow start to 2016 generally.
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