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Brady falls to half-year loss

Brady has posted a pre-tax loss of £363,000 for the first six months of 2015.

Brady PLC

The return for the first half of 2015 is a sharp drop compared with the £1.45m profit recorded for the previous year.

The firm, which provides trading and risk management services for metals, recycling energy and soft commodities, also suffered a £1.5m drop in revenues year-on-year to £14.2m.

The firm attributed £500,000 of the fall to foreign exchange movements, as well as the timing of licence sales.

Recurring revenue for the period was £7.8m (£8.2m at consistent currency rates) compared with £7.9m in the prior period, representing organic growth of 4% year on year in underlying operations. Brady also announced the acquisiton of US-based scrap metal systems provider ScrapRunner for $1.8m (£1.2m).

Brady chairman Paul Fullagar said: “I am pleased to see that our investments continue to pay off. This is evidenced by the ability to sign global contracts with the best names in the marketplace, and endorses our investment in product and demonstrates our ability to service and support our clients around the world.

“Having established leadership in the metals market, the group can now demonstrate global expansion with world leading clients in the recycling industry. Our transactions are increasing in value which is a reflection of our brand value.”

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