Market goes down; Bravura’s revenue goes up
Technology specialist Bravura Solutions experienced a 15.6 per cent increase in revenue during the last quarter as financial institutions turned to software to help them improve efficiencies in the face of a challenging market. During the quarter ended September 30, 2008, Bravura’s revenue increased from the $26.8 million taken in the previous corresponding quarter to $31 million.
Group chief executive officer and managing director Iain Dunstan believes this reflects the difficult market conditions.
“The slowdown has highlighted that some of the systems are old and expensive to run,” he said.
He said it was mainly the larger institutions that had increased their focus on software systems, with many accelerating projects that were already in the pipeline.
“When financial institutions are faced with cost cutting pressures, one way to achieve this reduction in cost is through improvements to technology,” Dunstan said.
With demand increasing for software programs, such as those that assist with product launches and the implementation of commission structures to replace legacy systems, Dunstan predicted Bravura’s revenue would continue to experience solid growth into the second quarter of FY2009.
“Our business tends to be counter cyclical — so our revenue opportunities increase in tougher times.”
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