Market update: Record first quarter performance

01 October 2008 Market update: Record first quarter performance

Sydney, 1 October 2008 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of wealth management applications and professional services – wishes to update the market on its performance for the first quarter ended 30 September 2008.

Bravura is pleased to report strong revenue growth despite current difficult market conditions.

Revenue increased by 15.6 per cent, to $31.0 million in the current quarter, compared to $26.8 million in the previous corresponding quarter.

 Commenting on the unaudited results, Iain Dunstan, Group CEO and Managing Director, said: “We are extremely pleased with our strong performance this quarter under tough economic conditions. Even more so, considering the first quarter of each financial year is traditionally a slow one due to reporting season constraints on system changes and upgrades.

“Our business tends to be counter cyclical - so our revenue opportunities can increase in tougher times. When financial institutions are faced with cost cutting pressures, one way to achieve this reduction in cost is through improvements to technology. We are seeing the revenue benefits of upgrades, and our customers are enjoying the benefits of increased operational efficiency and decreased costs.”

Bravura believes it should continue to experience solid revenue growth for the remainder of the financial year and continues into the second quarter of FY2009 with a strong sales pipeline.