Sydney, 28 May 2009 (ASX: BVA/OTCQX: BRVSY) – Bravura Solutions (Bravura) – a leading global supplier of wealth management applications and professional services – wishes to provide an update to the market regarding its Revenue and EBITDA forecasts for the financial year ending 30 June 2009.
Revenue was previously forecast to be in the range of $137.7 million to $142.7 million and EBITDA was forecast to be in the range of $19 million to $24 million. Revenue for the financial year ending 30 June 2009 is now forecast to be in the range of $135 million to $140 million and EBITDA is forecast to be in the range of $16 million to $19 million.
To achieve the expected Revenue and EBITDA, uncontracted forecast revenue for contracts still being negotiated will need to be derived before the period ending 30 June 2009. A number of contracts are at an advanced stage of negotiation and are expected to be signed by 30 June 2009. However, there can be no guarantee that such contracts will be finalised on or before this date. Any delays in the finalisation of such contracts (which would cause reductions in 2009 Revenue and EBITDA) will be reported in the succeeding reporting period.
Deteriorating global economic conditions have significantly impacted the financial services industry across the globe. Bravura’s client base has been adversely affected by the global financial crisis and, as a consequence, the decision making and approval process within financial services organisations for capital expenditure commitments is generally impeded.
This in turn has resulted in a longer sales cycle for Bravura. Specifically, the conclusion of new licence agreements has been impacted in the short term, with the signing of new licence agreements being delayed rather than foregone.
Iain Dunstan, Group CEO and Managing Director said: “Despite the revised forecasts we are still particularly pleased with our strong performance given the current global financial crisis. Our Revenue and EBITDA results are expected to very closely match those from the previous financial year.
“In 2009 alone, we have already signed deals with three new clients. The quality of our pipeline of opportunities remains strong, and we are confident in the long-term sustainability of the Company and our ability to deliver,” said Iain.
Bravura’s full year results will be available to shareholders by the 31 August 2009.