After seeing their stock get hit pretty hard after a revision to their full year 2015 guidance in late November/early December, Brady appears to have rebounded rather nicely according to an updated “Trading Statement” they issued this morning. Gavin Lavelle, Brady’s CEO, notes that within the last month, they’ve signed 4 new contracts, including a couple of Swiss traders, a Norwegian renewable company and “a Chinese-owned company based in Singapore”. In addition their cash position is ahead of expectations. The full text of the update is: 18 January 2016: Trading Statement for Full Year 2015 Highlights: Trading in line with market expectations Four new contract wins since 17 December Cash ahead of market expectations Cost cutting initiatives that were notified in the 30 November Trading Update have now been completed Brady, the leading global provider of trading risk management and settlement solutions to the energy, commodities and recycling sectors, is pleased to report that it has secured four new contracts since its last update on 17 December 2015. Recent contract wins were geographically diverse and include: a deal with a Chinese-owned company based in Singapore, a renewable energy company in Norway and two significant trading teams based in Switzerland.
Source: CTRM Center