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Risk management software provider Brady grew its revenues and operating profit by one-fifth in the first half of 2010.
There will be exceptional transaction costs relating to the £2.3m purchase of Viveo Switzerland in March. Viveo is trading better than expected and has already won three new licence deals. Brady has secured three more new licence deals of its own.
Recurring revenues are growing and trading is in line with expectations. Net cash was £3.2m at the end of 2010. The cash figure could rise to £4.6m by the end of the year. This provides scope to increase the dividend from 1.3p a share and still finance further acquisitions.
Edison Investment Research forecasts a profit of £1.7m for 2010.
At 65p a share, Brady is valued at £18.4m.The shares are trading on 14 times prospective 2010 earnings.
The interim figures will be published on 6 September.
Download the July edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2010_10.pdf
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