Bravura announces CEO transition

Tony Klim will depart as Bravura Solutions chief executive after 13 years in the role as global chief operating officer (COO), Nick Parsons, will succeed him from 3 September, 2021.

Parson’s remuneration would be £375,000 ($709,460) with a short-term incentive plan of 100% cash of his standard remuneration.

Klim said: “Given his deep industry expertise, outstanding client relationships and long term tenure with bravura I've every confidence and Nick will champion the needs of clients, employees and shareholders to the future”.

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Parsons joined Bravura as its chief technology officer in 2007 and had undertaken a range of senior leadership roles in the business during his tenure, including business development director and more recently as global COO.

Megan Owen would take over Parson’s role as global COO.

Based in London, Parsons had over 30 years of experience in the IT industry specialising in financial sector solutions and was chief technology officer for DST Global Solutions before he joined Bravura.

Parsons said: “Under Tony's outstanding leadership Bravura has enjoyed excellent growth entering new markets and bringing new products on stream.

“Bravura is strategically well positioned for the future and I look forward to working together with my management team and colleagues globally to deliver exceptional results for our clients and our shareholders.”

FY21 Results

In its announcement to the Australian Securities Exchange (ASX), the group’s net profits after tax (NPAT) was down 14% to $34.6 million.

Revenue was down 11% to $243 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) was down 15% to $49.3 million.

However, Klim said the firm had achieved its guidance on what had been a challenging year due to the COVID-19 pandemic.

“Despite the impact, we have responded to changing market conditions and evolved Bravura’s strategy to stay well ahead of client needs,” Klim said.

“This will lead to greater flexibility for clients in the speed of their implementation and will help them smooth their IT spend.

“In doing, so Bravura also expands its totally addressable market and moves towards a higher proportion of concentrated recurring revenue.”

The firm said it had a strong financial position with $73.6 million in cash.

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