Bravura Solutions Ltd (ASX: BVS) shares have jumped, up 9.72% or 35 cents to $3.95 after announcing its full-year results for the period ended 30 June 2018.
• Group FY18 revenue increased 15% to A$221.5 million
• Group FY18 EBITDA increased 18% to A$38.6 million
• Group FY18 underlying NPAT increased 27% to A$27 million
• Group FY18 underlying EPS increased 27% to 12.6 cents per share
• Final unfranked dividend declared of 4.5 cents per share
Bravura said its Sonata wealth management administration system has underpinned its FY18 performance. Sonata revenue increased 32% to A$122.5 million, representing 55% of group revenue.
The overall Wealth Management segment’s revenue increased by 26% to A$155.1 million and EBITDA increased 52% to A$46.2 million.
Meanwhile, Funds Administration revenue decreased 4% to A$66.4 million and EBITDA decreased 16% to A$26.7 million. Bravura says the performance reflects the impact of the previously flagged contract expiry in 1H18.
CEO Anthony Klim said: “Bravura has delivered an outstanding set of financial results in FY18. We have seen robust demand from both existing and new clients, resulting in strong revenue growth. Combined with natural operating leverage, the business has seen significant earnings growth and excellent shareholder returns.”
Mr Klim said: “With a strong pipeline of client opportunities, a solid balance sheet position and increasing scale benefits, Bravura enters FY19 in a compelling position to capitalise on further sales and investment opportunities.”
The company said that as a result of strong recurring revenue and new sales opportunities, full-year 2019 EPS growth is expected to be in the mid-teens.
Since the beginning of 2018, the Bravura Solutions Ltd share price has climbed 126.59% higher, compared to the S&P/ASX 200 Index which has gained 4.02% in the period.