Bravura Solutions has maintained its profit and revenue in the 2008-09 financial year, despite a reduced number of contract renewals compared to the previous corresponding period.
The firm recorded an unchanged profit of $1.6 million and slight revenue drop of 2 per cent to $133.5 million. Bravura has also increased its cash flow to more than $5 million over the year. Operating costs were flat, at $117.4 million.
However, Bravura’s result was impacted by restructuring costs of $9.3 million, while its Australian and New Zealand revenue dropped by $6.4 million. The key reason for the fall in revenue was due to the ending of a number of client contracts, the statement said.
The firm also attributed a $3.9 million fall in revenue to the strengthening of the Australian dollar, which caused a change in the foreign exchange.
Bravura chief executive Iain Dunstan said the result was very credible in the current environment, and was a testament to its strategy of diversifying its presence and its strong financial software offering.
