Brady (LON:BRY) - Strong growth in FY11

Monday, Jan 16 2012 by

Jan 16th 2012 - Edison Investment Research today published a report on Brady (BRY.L, LSE:BRY, LON:BRY) entitled "Strong Growth In FY11". In summary, the report says:

Brady has released a healthy trading update this morning, which indicates that FY11 numbers will be slightly ahead of our forecasts, with headline revenue growth of c 70% and like-for-like growth of c 10%. The group won 14 significant new contracts in FY11, compared with 10 in FY10 and over half of revenues are now recurring in nature. Following a consultation process last year, the group will, over a period of time, evolve all new business to a rental model. In our view this will widen the group’s addressable market while improving both visibility and quality of earnings.

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