Regulatory upheaval boosts Bravura's bottom line

australian securities exchange chief executive

23 August 2012
| By Staff |
image
image
expand image

Bravura Solutions has posted a $5.4 million net profit after tax, turning around a poor performance in the previous financial year (which featured a loss of $21.1 million) by helping clients deal with new regulations.

Sales revenue was up 5 per cent to $126.6 million and earnings before interest, taxes, depreciation and amortisation increased 22 per cent or $4.2 million to $23.2 million.

Operating cashflow improved 29 per cent to $20.7 million.

Bravura highlighted the current wave of financial services regulatory change as positively influencing the business through driving associated revenue opportunities by helping clients comply with new legislation.

"It has been a strong year for us, backed with heightened stability instilled across the business, leaving us on an excellent footing going into the new financial year," chief executive and managing director Tony Klim said.

"The board has maintained a steady focus on cost management, and our expansion into offshore markets in Poland and India to utilise lower cost resources and improve our client servicing and focus has been met with resounding success," he said.

In a statement to the Australian Securities Exchange, Bravura said it will "continue to nurture and extend its business relationships with existing key blue chip clients, as they increasingly utilise the company's software offering across a broader range of products".

Bravura said it will also focus on winning new business, signing agreements with new clients across multiple geographic regions and extending existing contracts. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 days 16 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 6 days ago