LONDON (ShareCast) - Acquisitions and increased new business bolstered Brady (NYSE: BRC - news) 's revenue growth in 2012, the AIM-listed company said on Wednesday.
Brady, which provides trading, risk management and settlement solutions to the energy, metals, recycling and commodities sectors, said that revenues were up 47%, supported by the acquisitions of Navita, syseca and SAI last year.
Recurring revenues increased by 48% in 2012 and now represent 52% of total sales, up from 51% in 2011.
The firm said that the revenue mix was weighted towards licence revenue "reflecting a slower transition from an upfront licence model to the rental model than initially anticipated". However, it said it continues to adopt a rental model and intends to accelerate the pace of transition during 2013.
Nevertheless, Brady said it saw average licence deal values increase by around 75% year-on-year.
A record 20 substantial new licence contracts were secured last year, including new clients in South America, Africa, Asia and the US. 12 of these were signed in the second half and the group said it is seeing "increased momentum" in signing new business.
"I am pleased to show continued growth in new business wins despite the severe macroeconomic headwinds," said Chief Executive Officer Gavin Lavelle.
"Brady continues to execute on its plan of leadership in selected markets combined with strategic acquisitions to augment its client base, solution portfolio, geographic reach and domain knowledge."