Bravura earnings up, profit down
Big financial services platform provider, Bravura Solutions, has validated its expansionary strategy by posting a solid 87 per cent increase in earning, albeit that its net profit after tax took a hit declining 55 per cent to $1.594 million.
Commenting on the result, Bravura chief executive and managing director Iain Dunstan said the company’s business plan and its ongoing successful executive had been clearly demonstrated in a number of key areas.
“We have successfully delivered on our major new platform with Perpetual, which is already attracting new business interest from other financial service companies who have become more focused on cost control in the current market environment,” he said.
“Our cashflows are strong, and we have had four major new client wins including an extension of the BNY Mellon contract out to 2013,” Dunstan said.
He said the company was on track to meet its 2008 financial year forecasts and confirmed its revenue and earnings guidance of approximately $26 million to $29 million.
“There are clear tends in the industry which place Bravura on a solid footing going forward,” Dunstan said.
“We are seeing significant changes in the global wealth management market and an increased focus on back-office costs and the incentive to outsource.”
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Chris McGibbon, global head of real estate at Nuveen, about the long-term outlook and why the “knife has stopped falling” in property.
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
