9 September 2009
INTERIM RESULTS
For the six months to 30 June 2009
Brady plc ("Brady", the "Company" or the "Group"), the global provider of
trading, risk management and settlement solutions to the metals and commodities
sectors, announces its interim results for the six months to 30 June 2009.
Financial Summary:
(Unaudited) (Unaudited) (Audited)
6 months to 6 months to Year to
30 June 30 June 31 December
2009 2008 2008
£'000 £'000 £'000
Sales revenue 3,691 2,475 6,167
Operating profit 274 34 698
Profit for the period before 309 218 1,039
taxation
Profit for the period after 222 168 750
taxation
Cash and cash equivalents 5,814 6,714 7,828
Basic earnings per share (pence) 0.80 0.61 2.73
Diluted earnings per share (pence) 0.70 0.56 2.49
Financial Highlights:
* Sales up 49% to £3,691,000 compared to £2,475,000 for H1 2008
* Recurring maintenance revenues up 38% to £1.4 million compared to £1.0
million for H1 2008
* Operating profit up 706% to £274,000 compared to £34,000 for H1 2008 and
profit before taxation up 42% to £309,000 compared to £218,000 for H1 2008
in spite of significantly reduced interest income earned from cash balances
* Earnings per share up 31% to 0.80 pence per share compared to 0.61 pence
per share for H1 2008
* £5.8 million of net cash as at 30 June 2009 (equivalent to 21 pence per
share) after investing activities totalling £2.0 million in the period and
£6.2 million of cash resources as at 31 August 2009 (equivalent to 22 pence
per share)
Operational Highlights:
* Successful integration of Comsoft acquisition
* Three significant new contracts signed in H1 of 2009 compared to one
significant new contract in H1 2008
* Seven more clients have reached project acceptance or have gone live
For further information please contact:
Brady plc Telephone: +44(0)1223 479479
Gavin Lavelle, Chief Executive Officer
Tony Ratcliffe, Finance Director
Cenkos Securities Telephone: +44(0)20 7397 8900
Ivonne Cantu
Alex Aylen
Paul Fullagar, Chairman of Brady plc, commented:
"The Group has delivered strong growth in both revenues and operating profits
in the first half of 2009. This demonstrates the continued success and momentum
following the reorganisation in 2007 and execution of the new business plan set
out in 2008.
The sales organisation has been strengthened and a focus on our core business
has generated improved operating margins which has been further complemented by
the addition of Comsoft. Comsoft was acquired and successfully integrated in
the period, and continues to perform above its plan.
The Board has confidence that the Group will meet its expectations for the full
year and remains well placed for future growth."
Chief Executive Officer's Commentary
I am pleased to provide a summary of the financial and operational highlights
at Brady in the first half of 2009, together with the outlook for the rest of
2009 and beyond.
New Contracts
The Group has announced three significant new licence contracts in the first
half of 2009, which in deal flow terms compared to the signing of one
significant new contract in the first half of 2008. In March 2009 Xstrata
Copper, one of the commodity business units within the major global diversified
mining group Xstrata plc, selected Brady's Aquarius solution to supply the
organisation's metal trading business. Xstrata Copper is the world's fourth
largest copper producer with mining and processing facilities located in
Australia, Chile, Peru, Argentina and Canada. This represented the Group's
first sale of Aquarius since Brady acquired the specialist metals trading
technology through its acquisition of Comsoft in January 2009. Aquarius is also
being implemented by Asarco, a fully integrated miner, smelter and refiner of
copper, in the United States.
In June 2009 the Group signed two further significant licence deals. The first
was with a leading global investment bank and member of London Precious Metals
Clearing Limited who signed a contract to use Brady's technology for precious
metals inventory management and connection to the Aurum clearing system. The
second was with Japan's largest general trading company, who signed a contract
to extend the use of Brady's trading and risk technology to include all of
their global trading of both physical and derivative precious metals.
These contracts also demonstrate the Group's ability to provide solutions to
address the increasing focus and attention on gold.
Market Outlook
Brady's focus is on the commodities markets in general, with a particular focus
on metals, both base and precious. These markets have received significant
attention from the world's investors given the dramatic price changes in recent
years. There have been more entrants to the London Metal Exchange, ("LME")
which is a core market for the Group, creating an increase in activity in this
area, which appears particularly strong relative to other asset classes and
bearing in mind the global credit crunch in general. Both prices and volumes in
LME metals have increased in the year to date. We have also seen an increase in
electronic trading, especially in the LME, which has seen growth in LME Select
transactions, which is driving the need for new systems. The introduction of
the new LME SMART settlement system, coming later in 2009, is also providing a
driver for change. Gold prices have also remained firm given the continued
uncertainty in the global markets. There seems to have been some respite in
concern about the health of the financial system but this could change quickly.
Gold remains the ultimate safe haven.
The Group anticipates that there will be continuing pressure for our customers
to address increasing regulatory and accounting compliance requirements,
providing a strong market driver for them to improve their internal trading and
risk managements solutions, or to move away from internal legacy systems or
spreadsheets.
Strategy and Operations
Following the completion of the commercial restructuring at the end of 2007 and
the investment in building the global sales teams during 2008, the Group is
encouraged to see a stronger and more advanced pipeline and a general trend
towards higher value licence deals.
Approximately 50% of our revenues derive from Europe, 40% from North America
and the remainder from Asia. The Group strengthened its presence in continental
Europe and the Americas during 2008 and in January 2009 established local
operations in Asia in order to better support strategically important Asian and
global clients. Early success from this initial presence in Asia has been
demonstrated by the two of the three new licence deals already secured in 2009
coming from this region. We continue to believe the rewards will be maximised
by having sales and service personnel located close to our key customers.
The Group has continued to invest significantly in product development, most
notably in functionality that supports a SMART interface for the LME,
increasing trade automation, physical gold trading and enhanced value at risk
capability.
The Group has demonstrated it's commitment to operational excellence on a
global basis with seven clients going live. This includes clients in New York,
Canada, Italy and London.
Commodities Software (UK) Ltd ("Comsoft") acquisition
The Group completed its acquisition of Comsoft in January 2009. The team has
been successfully integrated within Brady and the team has already been doubled
in order to support the growth in the business that has already been secured.
The Xstrata deal secured in March 2009 demonstrates the commercial potential of
providing a fully integrated single-source solution for trading, risk
management and complete contract management of raw materials, including
contract capture, invoicing, QP schedule, mark-to-market, assaying, hedging,
financing and credit and market risk in a combined Trinity and Aquarius
solution. The Group has commenced the integration of its Trinity offering with
Comsoft's Aquarius offering.
Financial Results
Total revenues for the first half of 2009 were £3.7 million, an increase of 49%
on the £2.5 million for the first half of 2008. Within the total, £1.4 million
(37% of total revenue) was recurring support revenue, an increase of 38% on the
£1.0 million for the same period in 2008. This increase is a consequence of the
Group's increased customer installed base. A further £1.0 million (27% of total
revenue) was for licence sales, an increase of 82% on the £0.5 million for the
same period in 2008. This revenue arose primarily from the revenue recognition
from three of the new licence deals secured in 2008. The licence revenue is yet
to be recognised from one licence deal secured in 2008 and from all three
significant licence deals secured in the first half of 2009, with these amounts
included within deferred income. These licence revenues are anticipated to be
recognised in the second half of 2009. At the first half of 2008, there existed
deferred licence revenue in respect of only one licence deal. Finally, £1.3
million (38% of total revenue) was for professional services and development
revenues, an increase of 42% on the £1.0 million for the same period in 2008.
This increase derived from increased workload in delivering the new software
that had been contracted in 2008 and from further billable work secured from
the existing customer base.
The gross margin for the first half of 2009 increased to 56% compared to 49%
for the first half of 2008, primarily as a result of a higher proportion of
revenues being licence revenues and general scale efficiencies in delivering
services and support.
The Board has successfully managed the Group's cost base. Expenses incurred in
the first half of 2009 were £1.8 million, an increase of 30% on the £1.4m for
the same period in 2008. The full year impact of the new hires recruited in
2008 and the inclusion of the Comsoft acquisition from January 2009 contributed
to this increase. The Group continues to focus on maintaining a tight expense
base, with new recruitment heavily focussed to commercial and revenue
generating roles. In addition, expenditure in relation to strategic development
programmes totalled £0.2 million, compared to £0.1 million for the same period
in 2008, which, under IAS 38, were required to be capitalised, The Group
remains committed to a programme of continuing development and upgrade of its
solutions in order to continue to meet customer requirements and to remain at
the forefront of technological advancements.
Operating profit for the first half of 2009 was £274,000 compared to £34,000
for the first half of 2008, an increase of 706%. The operating margin for the
first half of 2009 was 7%, a significant increase compared to the operating
margin of 1% for the first half of 2008.
Profit before taxation for the first half of 2009 was £309,000 compared to £
218,000 for the first half of 2008, an increase of 42%. The profit before tax
margin for the first half of 2009 was 8%, consistent with the rate of 2008,
despite the reduction in interest income as a consequence of reduced interest
rates. For the first half of 2009, interest income comprised 11% of the Group's
profit before tax compared to 84% of the Group's profit before tax for the
first half of 2008.
The effective tax rate for the first half of 2009 was estimated at 28% compared
to an effective tax rate of 23% for the first half of 2008.
Profit after taxation for the first half of 2009 was £222,000, compared to £
168,000 for the first half of 2008, an increase of 32%.
Basic earnings per share for the first half of 2008 increased to 0.80 pence
from 0.61 pence for the first half of 2008. Diluted earnings per share for the
first half of 2009 increased to 0.70 pence from 0.56 pence for the first half
of 2008.
The Group's cash balances at 30 June 2009 were £5.8 million, a reduction of £
2.0 million from 31 December 2008. This is largely due to investing activities
totalling £2.0 million, including the acquisition of Comsoft for £1.7 million.
Anticipated deferred contingent payments of £0.5m have yet to be made in
respect of the acquisition, of which £0.4 million is held within an escrow bank
account and has been excluded from the Group's cash balances. The Group's cash
balances at 31 August 2009 had increased to £6.2 million.
The Group continues to enjoy a very strong balance sheet and maintains a tight
control over its cash and working capital balances. The Group continues to have
no debt.
Consistent with prior years, the Board is not recommending the payment of an
interim dividend for 2009.
Board Changes
In June 2009, the Group announced that Dr. Robert Brady, currently Chief
Technology Officer, will become a non-executive director of the Company, with
effect from 30 September 2009. Dr. Brady remains a major shareholder in the
Company.
Outlook
The Board is very pleased with the Group's progress in the first half of 2009
which, following the announcement of three significant new licence contacts
signed in the first half of the year, continues to demonstrate success
following the reorganisation, the investment in a sales force and the
commercial focus on revenue growth and bottom line performance.
In spite of generally challenging business conditions, the Group expects to
build further growth of the sales opportunity pipeline and to translate this
into the execution of further licence contracts, as well as to complete a
number of implementations during the remainder of 2009. The revenue associated
with these and other activities in the second half of 2009 provides confidence
in the Group meeting both its revenue and profit expectations for the full
year.
Overall, the Board believes that there remains a very positive market
opportunity and there is evidence of strong continuing interest in the Group's
product offerings. The Board remains convinced that the Group has built a
strong foundation to support ongoing growth in the remainder of 2009 and
beyond.
The Board also believes that the management have shown an ability to identify,
execute, integrate and deliver enhanced performance from the acquisition of
Comsoft. The Group continues to look for further opportunities and is actively
engaged with a number of potential candidates, in order to enhance its product
offering and build on its customer base through selective further acquisitions.
Having demonstrated a successful 2008, the Board is pleased to see the momentum
continue and believes that the Group is well placed to capitalise on
substantial and attractive market opportunities, having a leading position
within commodities, in particular the metals and mining sector.
Gavin Lavelle
Chief Executive
Consolidated interim statement of comprehensive income
For the six months ended 30 June 2009
Six months Six months
30 June 2009 30 June 2008 Year ended
(unaudited) (unaudited) 31 Dec 2008
Notes £'000 £'000 £'000
Sales revenue 4 3,691 2,475 6,167
Cost of sales (1,628) (1,073) (2,484)
Gross profit 2,063 1,402 3,683
Selling and administrative (1,789) (1,368) (2,985)
expenses
Operating result 274 34 698
Finance income 35 184 341
Result for the period before 309 218 1,039
taxation
Tax expense, net (87) (50) (289)
Profit for the period 222 168 750
Other comprehensive income
Exchange differences on (9) - (19)
translation of foreign
operations
Other comprehensive income, net (9) - (19)
of tax
Total comprehensive income for 213 168 731
the period
Profit for the period, a 222 168 750
ttributable to
shareholders of Brady plc
Total comprehensive income for 213 168 731
the period,
attributable to shareholders of
Brady plc
Earnings per share (pence) 6
Basic 0.80 0.61 2.73
Diluted 0.70 0.56 2.49
All of the above relates to continuing operations.
Consolidated interim statement of financial position
30 June 2009
30 June 2009 30 June 2008
(unaudited) (unaudited) 31 Dec 2008
£'000 £'000 £'000
Assets
Non-current assets
Goodwill 1,502 243 243
Other intangible assets 1,286 135 247
Property, plant and equipment 303 264 301
3,091 642 791
Current assets
Trade and other receivables 1,936 934 1,526
Accrued income 304 14 225
Cash and cash equivalents 5,814 6,714 7,828
8,054 7,662 9,579
Total assets 11,145 8,304 10,370
Equity
Share capital 282 275 276
Share premium account 4,038 3,804 3,817
Merger reserve 680 680 680
Equity reserve 239 255 309
Foreign exchange reserve (28) - (19)
Capital reserve 1 1 1
Retained earnings 1,886 1,309 1,896
7,098 6,324 6,960
Liabilities
Current liabilities
Trade and other payables 1,222 870 1,392
Deferred income 2,000 664 1,534
Current tax payable 594 446 484
3,816 1,980 3,410
Non-current liabilities
Deferred tax liabilities 231 - -
Total liabilities 4,047 1,980 3,410
Total equity and liabilities 11,145 8,304 10,370
Consolidated interim statement of changes in equity
30 June 2009
Share Foreign
Share premium Merger Equity exchange Capital Retained Total
capital account reserve reserve reserve reserve earnings equity
Equity attributable to
equity holders
of Brady plc: £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2008 274 3,762 680 216 - 1 1,447 6,380
Dividends - - - - - - (301) (301)
Increase in equity reserve - - - 39 - - - 39
in relation to options issued
Allotment of shares 1 42 - - - - - 43
following exercise
of share options
Transactions with owners 1 42 - 39 1 - (301) (219)
Profit for the period - - - - - - 168 168
Other comprehensive income:
Exchange difference on - - - - - - (5) (5)
translation of
foreign operations
Total comprehensive income - - - - - - 163 163
for the period
Balance at 30 June 2008 275 3,804 680 255 - 1 1,309 6,324
Increase in equity reserve - - - 54 - - - 54
in relation to options issued
Allotment of shares 1 13 - - - - - 14
following exercise
of share options
Transactions with owners 1 13 - 54 - - - 68
Profit for the period - - - - - - 587 587
Other comprehensive income:
Exchange difference on - - - - (19) - - (19)
translation of
foreign operations
Total comprehensive income - - - - (19) - 587 568
for the period
Balance at 31 December 2008 276 3,817 680 309 (19) 1 1,896 6,960
Dividends - - - - - - (336) (336)
Increase in equity reserve - - - 34 - - - 34
in relation to options issued
Exercise and cancellation - - - (104) - - 104 -
of share options
Allotment of shares 6 221 - - - - - 227
following exercise of
share options
Transactions with owners 6 221 - (70) - - (232) (75)
Profit for the period - - - - - - 222 222
Other comprehensive income:
Exchange difference on - - - - (9) - - (9)
translation of
foreign operations
Total comprehensive - - - - (9) - 222 213
income for the period
Balance at 30 June 2009 282 4,038 680 239 (28) 1 1,886 7,098
Consolidated interim statement of cash flows
For the six months ended 30 June 2009
Six months Six months
30 June 2009 30 June 2008 Year ended
(unaudited) (unaudited) 31 Dec 2008
£'000 £'000 £'000
Operating activities
Profit for the period 222 168 750
Depreciation of property, 86 64 140
plant and equipment
Amortisation of intangible 62 - -
assets
Impairment of long term - 15 15
financial assets
Interest receivable (35) (184) (341)
Employee equity settled share 34 39 93
options
Changes in trade and other (280) 1,062 259
receivables
Change in trade and other 49 (173) 1,477
payables
Taxes (paid) or refunded (49) 21 (199)
Exchange differences on (9) (5) (19)
consolidation
Net cash from operating 80 1,007 2,175
activities
Investing activities
Acquisition of subsidiary (1,701) - -
(net of cash acquired)
Additions to property, (86) (41) (154)
plant and equipment
Additions to capitalised (233) (135) (247)
development
Interest received 35 184 341
Net cash from investing (1,985) 8 (60)
activities
Financing activities
Proceeds from share issues 227 43 57
Dividends paid (336) (301) (301)
Net cash from financing (109) (258) (244)
activities
Net changes in cash and (2,014) 757 1,871
cash equivalents
Cash and cash equivalents, 7,828 5,957 5,957
beginning of period
Cash and cash equivalents, 5,814 6,714 7,828
end of period
Selected explanatory notes
1. Nature of operations and general information
Brady plc and its subsidiaries' principal activity is the provision of risk
management, trading and settlement solutions to the metals and commodities
industries, through the delivery of customer focused software and services.
The Group provides the leading trading and risk management software for global
commodity markets. The Group provides a complete integrated solution supporting
entire commodities trading operations.
Brady plc, a limited liability company, is the Group's ultimate parent company.
It is registered in England and Wales. The address of Brady plc's registered
office, which is also its principal place of business, is 281 Cambridge Science
Park, Milton Road, Cambridge, CB4 0WE.
These condensed consolidated interim financial statements have been prepared
using the recognition and measurement principles of International Financial
Reporting Standards ("IFRS") as adopted by the European Union and as issued by
the International Accounting Standards Board. They do not include all of the
information required for full annual financial statements and should be read in
conjunction with the Consolidated Financial Statements of the Group as at and
for the year ended 31 December 2008. The auditors' report on those financial
statements was unqualified and did not contain a statement under Section 237(2)
or Section 237(3) of the Companies Act 1985. The Consolidated Financial
Statements have been filed with the Registrar of Companies and are available on
the Group's website, www.bradyplc.com.
Brady plc's shares are listed on the London Stock Exchange's Alternative
Investment Market (AIM). Brady plc's consolidated interim financial statements
are presented in British pounds (£), which is also the functional currency of
the ultimate parent company.
2. Accounting policies
The accounting policies applied by the Group are the same as those applied by
the Group in its consolidated financial statements as at and for the year ended
31 December 2008, except for the adoption of IAS 1 Presentation of Financial
Statements (Revised 2007) and IFRS 8 Operating Segments.
The adoption of IAS 1 Presentation of Financial Statements (Revised 2007) does
not affect the financial position or profits of the Group, but gives rise to
additional disclosures. The measurement and recognition of the Group's assets,
liabilities, income and expenses is unchanged, however some items that were
recognised directly in equity are now recognised in other comprehensive income,
for example, foreign exchange differences that arise on the retranslation of
foreign operations. IAS 1 Presentation of Financial Statements (Revised 2007)
affects the presentation of owner changes in equity and introduces a 'Statement
of comprehensive income'.
The Directors believe that the Group has only one segment and therefore there
has been no additional disclosure under IFRS 8 Operating Segments in the
interim financial statements.
The accounting policies have been applied consistently throughout the Group for
the purposes of preparation of these condensed consolidated interim financial
statements.
3. Sales revenue fluctuations
The ability to predict the timing of large contract closures is inherently
difficult. The Group's principal product offerings, Trinity and Aquarius, are
important software applications and new customers need to carefully evaluate
the software before placing an order. This, together with the Group's revenue
recognition policy, creates long lead times and the potential for unpredictable
fluctuations in sales revenue.
4. Segment analysis reporting
The Group has one operating segment of developing and selling trading, risk
management and settlement solutions to the metals and commodities sectors and
makes sales to a variety of global destinations. An analysis of sales revenue
by geographical market is given below:
Six months Six months
30 June 2009 30 June 2008 Year ended
(unaudited) (unaudited) 31 Dec 2008
£'000 £'000 £'000
United Kingdom 1,608 1,212 2,592
Rest of Europe 394 199 528
North America 1,225 1,015 2,587
Rest of World 464 49 460
3,691 2,475 6,167
5. Share issues
During the period under review, share options under Brady plc's share option
schemes have been exercised. This increased Brady plc's ordinary shares issued
and fully paid at the end of the period under review by 572,366 (year ended 31
December 2008: 210,000).
6. Earnings per share
The calculation of the basic earnings per share is based on the profits
attributable to the shareholders of Brady plc divided by the weighted average
number of shares in issue during the period. All earnings per share
calculations relate to continuing operations of the Group.
Profits Weighted Basic
attributable average earnings per
to number share amount
shareholders of shares in pence
Six months ended 30 June 2009 222,000 27,705,347 0.80
Six months ended 30 June 2008 168,000 27,418,172 0.61
Year ended 31 December 2008 750,000 27,519,550 2.73
The calculation of the diluted earnings per share is based on the profits
attributable to the shareholders of Brady plc divided by the weighted average
number of shares in issue during the period, as adjusted for dilutive share
options. All earnings per share calculations relate to continuing operations of
the Group.
Diluted
earnings per
Dilutive Anti-dilutive share amount
options options in pence
Six months ended 30 June 2009 3,963,474 200,000 0.70
Six months ended 30 June 2008 2,470,891 1,569,000 0.56
Year ended 31 December 2008 2,575,853 1,571,526 2.49
7. Dividends
During the period ended 30 June 2009, Brady plc paid dividends of £336,000 to
its equity shareholders (period ended 30 June 2008: £301,000)
8. Acquisition
On 9 January 2009 the Group acquired the entire issued share capital of
Comsoft, a company incorporated in England & Wales. Comsoft provides software
for the risk management and administration of raw materials or concentrates'
for the metals market and has been operating since 1994 and has clients based
in Europe and North America.
The net assets and liabilities acquired were as follows:
Book Fair value Provisions
value adjustments fair
at value
acquisition
£'000 £'000 £'000
Non current assets
Property, plant and equipment 2 - 2
Intangible assets - 868 868
Current assets
Cash and cash equivalents 504 - 504
Trade and other receivables 309 (100) 209
Total assets 815 768 1,583
Liabilities
Trade and other payables (394) - (394)
Deferred tax liability - (243) (243)
Net assets acquired 421 525 946
Goodwill 1,259
Consideration and cost of investment 2,205
Satisfied by:
Initial cash consideration 625
Cash consideration in relation to surplus 419
working capital
Deferred cash consideration 987
2,031
Direct costs of acquisition 174
Total consideration 2,205
The fair value adjustment of £100,000 was made to align Comsoft's revenue
recognition policies with those of the Group. In addition, following a detailed
review of the fair value of assets and liabilities acquired, in accordance with
IFRS3 Business Combinations the Group has recognised two intangible assets
totalling £868,000, which are customer contracts and software, both of which
are being amortised over their estimated economic lives of ten years. The
customer contracts have been valued at £248,000 and the software has been
valued at £620,000.
Goodwill of £1,259,000 represents the excess of the purchase price over the
fair value of the net tangible and intangible assets acquired. The goodwill
arising on the acquisition is largely attributable to the incremental sales
synergies anticipated to be associated with being part of the Group.
As part of the acquisition of Comsoft, the Group agreed to pay additional
consideration against achievement of certain performance targets during the two
years following the date of acquisition. £450,000 has already been paid in this
regard, with estimated further amounts payable of £537,000. Of this amount, £
425,000 is held within an escrow bank account and, although not remitted to the
vendors of Comsoft, has been eliminated from the Group's balance sheet and a
further £112,000 is included within current liabilities in the Group's balance
sheet.
As part of the acquisition of Comsoft, the Group agreed to pay additional
consideration against surplus working capital above an agreed threshold that
was retained in the business at completion. Following a completion accounts
verification process during the half year period, an amount of £419,000 was
paid to the vendors of Comsoft in relation to this surplus working capital.
From the date of acquisition to 30 June 2009, Comsoft contributed £364,000 to
revenue and £122,000 to profit before taxation and contributed £122,000 to the
Group's net operating cashflows. In the last financial year, being the year
ended 31 March 2008, Comsoft made a loss before taxation of £57,000 and,
adjusting for exceptional amortisation charges and the inclusion of directors'
remuneration, Comsoft reported a comparable adjusted profit before taxation of
£173,000. From 1 April 2008 to the date of acquisition, Comsoft made a profit
before taxation of £353,000 and, adjusting for amortisation charges and the
inclusion of directors' remuneration, Comsoft reported a comparable adjusted
profit before taxation of £103,000.
9. Financial Statements
The financial information for the year ended 31 December 2008 set out in this
interim report included in this report does not constitute statutory accounts
as defined in Section 240 of the Companies Act 1985. The Group's statutory
accounts for the year ended 31 December 2008 have been filed with the Registrar
of Companies. This statement can be obtained from the Company's registered
office at 281 Cambridge Science Park, Milton Road, Cambridge, CB4 0WE and will
be available on the Company's website www.bradyplc.com.
END
BRADY PLC
