New management puts zip into Brady

Cambridge-based Brady looks a much better business since new management came in around 12 months ago. You don’t see much evidence of a tsunami of change in the latest half-year results to end-June 2008: operating profits only rose from £3,000 to £34,000 while much larger interest receipts accounted for the balance. But you do see it in, for example, the fact that it now employs six sales staff against two 12 months ago. The extra cost has been covered by a reduced development spend. In 2007 Brady signed three licences against six the year before and none in 2005. Already this year five licences have been signed. One with a broker, one with a bank, one with giant metals producer Xstrata and two with cable manufacturers based in Dubai and Europe. None of these deals came into the interim numbers and demand for Brady’s front-to-back real time office systems should not lessen even if metal prices fall further. As importantly, in the latest half-year, recurring maintenance income from 55 clients rose £300,000 to £1m or 40 per cent of total revenues.