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Brady returns to profitability

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Software provider Brady has reported that trading is in line with expectations and it has returned to profitability through cost-cutting.

The announcement came in the company’s half-year update on its global business which covers the energy, commodity and recycling sectors.

“The group is pleased to report that trading is in line with management’s expectations. Revenues are 4% ahead of last year, including revenues from the acquisitions,” the report says.

“The impact of ongoing cost-cutting exercises has resulted in a return to profitability. Net cash at 30 June is in excess of £6m. This is against the background of continuing difficult market conditions in the commodity sectors in which our clients operate.”

Brady says the weakening of Sterling following the referendum was been “marginally positive” in the first six months of the year because revenues in other currencies exceeded costs in those currencies.

During those six months, Brady won nine contracts across the three business sectors, of which seven were ‘cloud-based’.

“The ability to offer cloud-deployed solutions is becoming a key differentiator from the competition. Our cloud solutions allow customers a cost efficient and quickly deployed alternative to traditional client installed models.

Gavin Lavelle, chief executive said: “Our cloud strategy is clearly yielding results and is a key differentiator in our market and increasingly our new deployments are cloud-based.

“With cash on the balance sheet and no debt, we are uniquely placed in our industry to provide great service to our customers and enjoy their support in the marketplace.”

Shanks Group has acquired the commercial waste collection operations of Leiden in the Netherlands. Shanks’ subsidiary business Vliko will collect from more than 1,500 customers.

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