Brady - Positioning for new technologies
Brady has undergone a significant transition into a leaner, more focused business. Costs have been taken out and the recycling business sold earlier this year as it did not fit well with the business. The main priorities are delivering on legacy contracts while significant resources are being used to refresh the product, with c 25% of FY18 sales expected to be spent on R&D. Consequently near-term ratings remain elevated. However, the market opportunity is substantial and we believe Brady is well positioned to benefit from the significant sector consolidation.Brady is engaged in the provision of integrated trading, process and risk management software solutions for global commodity, recycling and energy trading companies.
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