Update: Double-digit organic revenue growth
Brady reported a strong performance in H1, with organic revenue growth of 12% driven by the successful delivery of the large deals signed in late FY13, along with increased deal activity this year. Adjusted EBITDA (Edison basis) rose by 130% to £2.6m, helped by the cost cutting in H213, and the EBITDA margin rose to 16.9%. The group has a strong pipeline, with several deals at an advanced stage and anticipates a strong H2. Hence, in our view, the shares look good value on c 12x our cash-adjusted FY15 EPS if the group can maintain the deal-signing momentum.Brady is engaged in the provision of integrated trading, process and risk management software solutions for global commodity, recycling and energy trading companies.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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