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, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a look at the Reserve Bank’s latest rate cut call, the factors influencing the unanimous decision, and what economists expect from the rest of the year.
In this episode of Relative Return Insider, host Keith Ford is joined by Accountants Daily journalist Imogen Wilson to take a look at why there has been such broad support for a more comprehensive tax reform discussion at the Treasurer’s economic roundtable.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
