Bravura earnings up, profit down
Big financial services platform provider, Bravura Solutions, has validated its expansionary strategy by posting a solid 87 per cent increase in earning, albeit that its net profit after tax took a hit declining 55 per cent to $1.594 million.
Commenting on the result, Bravura chief executive and managing director Iain Dunstan said the company’s business plan and its ongoing successful executive had been clearly demonstrated in a number of key areas.
“We have successfully delivered on our major new platform with Perpetual, which is already attracting new business interest from other financial service companies who have become more focused on cost control in the current market environment,” he said.
“Our cashflows are strong, and we have had four major new client wins including an extension of the BNY Mellon contract out to 2013,” Dunstan said.
He said the company was on track to meet its 2008 financial year forecasts and confirmed its revenue and earnings guidance of approximately $26 million to $29 million.
“There are clear tends in the industry which place Bravura on a solid footing going forward,” Dunstan said.
“We are seeing significant changes in the global wealth management market and an increased focus on back-office costs and the incentive to outsource.”
AUTHOR
Mike Taylor
Recommended for you
In this week’s episode of Relative Return Insider, Professor Robert Brooks of Monash Business School joins the show to unpack the economic and market implications of rising tensions between Israel and Iran.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
