Revenue at Brady rose 4% to £29.35m last year and the firm signed 16 new contracts during the period, including two major wins in the US and Asia.
EBITDA (earnings before interest, taxes, depreciation, and amortization) at the energy, recycling and commodity trading company was down to £3.5m, compared to £5.6m the previous year, according to preliminary results.
The company said this was a result of the timing of contract wins and cost base before saving initiatives were established.
Recurring revenues were up 14.7% year on year. The business expanded its global reach with 50% of new licences signed outside Europe, Middle East and Africa (EMEA).
The group’s revenues are now spread across EMEA (72% of Group revenues), the Americas (23%) and Asia (5%).
The company also said it had fully integrated the Brady Recycling business which it acquired last year, and had achieved seven “significant” deals.
Brady chairman Paul Fullagar said he was confident that profitability would be significantly higher this year. “The group signed substantial business in the second half, including two record global deals. Due to the size and scope of these deals, they took longer to negotiate, and have had negligible impact on 2013 revenues.
“While we did not meet our expectations for the year, there is strong underlying momentum in the business, strong recurring revenues, record licence backlog going into 2014 and beyond. In addition the Group has reduced costs by £2.2million allowing us to focus resources on growth areas.”