Regulatory upheaval boosts Bravura's bottom line
Bravura Solutions has posted a $5.4 million net profit after tax, turning around a poor performance in the previous financial year (which featured a loss of $21.1 million) by helping clients deal with new regulations.
Sales revenue was up 5 per cent to $126.6 million and earnings before interest, taxes, depreciation and amortisation increased 22 per cent or $4.2 million to $23.2 million.
Operating cashflow improved 29 per cent to $20.7 million.
Bravura highlighted the current wave of financial services regulatory change as positively influencing the business through driving associated revenue opportunities by helping clients comply with new legislation.
"It has been a strong year for us, backed with heightened stability instilled across the business, leaving us on an excellent footing going into the new financial year," chief executive and managing director Tony Klim said.
"The board has maintained a steady focus on cost management, and our expansion into offshore markets in Poland and India to utilise lower cost resources and improve our client servicing and focus has been met with resounding success," he said.
In a statement to the Australian Securities Exchange, Bravura said it will "continue to nurture and extend its business relationships with existing key blue chip clients, as they increasingly utilise the company's software offering across a broader range of products".
Bravura said it will also focus on winning new business, signing agreements with new clients across multiple geographic regions and extending existing contracts.
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