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Bravura earnings dip 13 per cent

Bravura Solutions has recorded a 13 per cent drop in earnings before interest, taxes, depreciation and amortisation and a 2 per drop in revenue for the financial year ending June 30.

In its financial results for July 2008 to June 2009 the technology firm saw EBITDA drop to £8.2m, or AUS$16.1m, from £9.5m, or AUS$18.6m, the previous year.

Revenue dipped 2 per cent from £69.6m, or AUS$135.8, in 2008 to £68.4m, or AUS$133.5m, this year, while net profit remained the same at £819,000, or AUS$1.6m.

In May Bravura lowered its revenue forecasts
for the financial year by £1.3m from around £68.1m-£70.6m to £66.8m-£69m, and revised its EBITDA from £9.4m-£11.9m to £7.9m-£9.4m.

Bravura group chief executive and managing director Iain Dunstan says: “Bravura has delivered a very credible result in a difficult operating environment.

“The robustness of our revenue is a testament to our strategy of diversifying our geographic presence, developing our strong product offering, and delivering quality financial software to our expanding client base.”

Bravura currently powers the Aviva Wrap and the Nucleus wrap.

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