European expansion drives Bravura bottom line

Iain Dunstan

Recently-listed wealth management solutions provider Bravura has reported a strong first half, announcing a net profit after tax of $3.5 million on the back of a 118 per cent increase in earnings to $31,977,000.

Bravura Group chief executive Iain Dunstan said the company had transformed over the past six months into a global player as a result of acquisitions and client wins.

He said the revenue results were in line with forecasts, taking into account the seasonal nature of wealth management software revenues, where revenues for the January through to June period were historically higher than those for the first six-month period.

Dunstan’s analysis made clear that Bravura intended deriving the majority of its revenue offshore in future, with 65 per cent of revenue expected to be garnered from the United Kingdom and Europe during the current financial year compared to 24 per cent from Australia.

He said acquisitions and the significant contract wins recorded by Bravura had resulted in an increased cost base, predominantly associated with the integration of the new businesses and employment costs associated with a growing head count.