Bravura’s big year keeps on getting bigger

Bravura Solutions, the recently listed financial services systems provider, has beaten its prospectus forecast for earnings after a big increase in revenue in the past 12 months.

The company, whose shares have been moving up over recent weeks, supported by buying from institutions including QIC, announced after the close of trading yesterday that net profit was $1.96 million in the year to June, compared with a prospectus forecast of $1.68 million. Revenue more than tripled, from $9.76 million to $30.25 million on the back of two acquisitions prior to the IPO – the New Zealnad-based Tacit Group and Adelaide-based Essential Computer Systems – as well as an Indian joint venture. Funds under administration with the company’s systems rose from $200 billion to $320 billion during the year. Staff has grown from 122 to 265. Iain Dunstan, the managing director, said that recent growth for the company was particularly evident in the UK where Bravura had made four “major sales” in the last four months. “Our growth reflects a sound business model and strategy,” he said. “It also reflects both the growth in the global market for wealth management software and services to support rising retirement savings balances and increased government focus around the world on long term savings. “As a scale provider we are uniquely placed to meet the needs of the global retirement savings market, thanks in part to the relative sophistication and longevity of the Australian superannuation regime.” Bravura listed on June 28, with an issue price of $1.12. It peaked at $1.51 last week, after QIC had lifted its stake from 5.1 per cent to 6.07 per cent, but slipped 2c ahead of the result yesterday to $1.49.