16 June 2010 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a global supplier of transfer agency and wealth management software applications and professional services – wishes to provide guidance to the market regarding its EBITDA for the financial year ending 30 June 2010 (FY10).
Based on updates received by Bravura in recent days regarding discussions with two customers for new licence revenue, the Board met yesterday to assess the impact of these developments outlined below and expects EBITDA for FY10 to be approximately $10 million.
In respect of these developments, one client has delayed the closing of a new licence contract prior to 30 June 2010 and a second client has made the decision to remain on an existing Bravura software platform instead of upgrading to a more recent version of the software. Each client remains a customer of Bravura.
Despite lengthy sales processes as a consequence of the current financial climate, Bravura continues to notice a strengthening of its qualified sales pipeline.
Bravura’s acquisition of MFT will complete shortly. Once the acquisition of MFT is complete there will be increased certainty and stability of reoccurring annuity revenue streams that will assist Bravura’s predictability of its earnings.