Brady, which provides software applications for metals and commodity trading, says revenues in 2006 were 10% higher than current market forecasts and that profit before tax will at least meet market expectations.
Brady adds that it has gained three new contracts for its flagship front-to-back office software application, Trinity version 600, in addition to the previous six wins of 2006.
Mitsubishi International Corporation, one of the largest Japanese general trading companies, has selected Trinity version 600. The initial implementation will support the customer’s precious metal and derivative trading activities based in New York . An unnamed “leading producer of aluminium rolled sheet and recycler of aluminium products with operations on four continents” has also selected the latest version of Trinity to support its global logistics and risk management operations.
Glencore International AG has selected Trinity version 600 for base metal trading and hedging activities.
Lastly, Opval, Brady’s option trading solution for metal, energy, and power, has been selected by a hedge fund to facilitate its trading and risk management operations.
The firm says these contracts underpin current market expectations for 2007.
The company has also fully and finally settled its contractual dispute with Sempra Metals Ltd on agreed terms, without any admission of liability by either party.
Lastly, Brady has appointed Peter Harverson, non-executive director and consultant to the business, with a specific remit to assist the planning, execution and control of the growth of the company’s sales and distribution operations. He is a non-executive director of Ubisense Ltd and Aspex Semiconductor Ltd, and an advisor to Pulsic Ltd. Previously he held senior executive roles with Sun Microsystems, Cadence Design Systems and Intel Corporation. .
The company’s cash position on 31 December 2006 was £4.9 million, of which £570,000 was milestone payments received in 2006 but not yet recognised.