Sydney, 27 July 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of transfer agency and wealth management software applications and professional services – today announced its anticipated results for the financial year ended 30 June 2011.
Bravura wishes to advise that, subject to finalisation of its preliminary results and its final audit review, it expects EBITDA for FY2011 to be approximately $19m, which compared to the unaudited EBITDA for the previous financial year of $10m is an increase of 90%. This increase is due in part to the effect of the acquisition by Bravura of Mutual Fund Technologies Limited in June 2010. A provision resulting from a major client withdrawing from the Asia Pacific market had a one-off negative impact on the result of approximately $1m.
The audited results for the full year will be confirmed when Bravura releases full details of its preliminary results for FY2011 on or about 22 August 2011.
The overall outlook remains positive and the company believes that the conclusion of a number of regulatory reviews in the markets in which we operate will have a positive impact on the company’s business over the coming year.