Bravura Solutions earnings update

16 June 2008 Bravura Solutions earnings update

Sydney, 16 June 2008 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of wealth management applications and professional services – today announces an update on expected earnings for the 2008 financial year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are now expected to be in the range of $22.5 million to $26.5 million. Previous earnings guidance of approximately $26 million to $29 million was provided at the half-year.

With more than 70 per cent of Bravura’s revenue generated from international contracts denominated in non-Australian dollar currencies, expected earnings have been impacted for accounting purposes by foreign exchange translation adjustments, caused by the strong Australian dollar.

Group CEO and Managing Director, Iain Dunstan, said; “that while it is unfortunate that issues such as currency fluctuations that are outside our control have affected our forecasts, the company is continuing to win new business and is on track to deliver on excellent growth potential in FY09 and beyond.”

To achieve the expected EBITDA, uncontracted forecasted revenue for contracts still being negotiated will need to be derived before the period ending 30 June 2008. A number of contracts are at an advanced stage of negotiation and are expected to be signed by 30 June 2008. There can be no guarantee that such contracts will be finalised on or before 30 June 2008, any delays in the finalisation of such contracts (which would cause reductions in 2008 EBITDA) will be reported in the succeeding reporting period.

As per the announcement on 5 May 2008 Bravura is subject to a proposed Scheme of Arrangement from private equity fund Ironbridge Capital which has been recommended for acceptance by the Board (in the absence of a superior proposal and subject to the receipt of an independent expert's report that the proposed transaction is in the best interests of Bravura shareholders). Bravura believes that the EBITDA condition in the Ironbridge proposal (which is subject to certain agreed adjustments) is currently on track to be achieved.