Global software company Bravura Solutions has announced a net profit after tax of $5.4 million for the 2007 financial year, a 170 per cent increase on the corresponding period.
Operating expenses for the Australian Securities Exchange (ASX) listed company increased more than threefold to $86.5 million, compared to $25.7 million for the 2006 financial year.
This reflects infrastructure and integration expenses following Bravura Solutions’ thrust into key European and Asian markets.
In Australia, organic growth sparked by superannuation legislation changes fuelled a revenue boost of 14 per cent to $24.9 million.
Similarly in New Zealand, revenue expanded by 98 per cent to $4.4 million.
Bravura Solutions bought software providers Rufus, AB Prodata and Garradin during the 2007 financial year, investing $64.7 million.
Assets at June 30, 2007, were $177.1 million, financed by shareholders’ funds of $90.3 million.
“Within the Asia Pacific region, the Australian business will focus on consolidating its dominant market position and improving profitability in a volatile market,” a Bravura Solutions statement to the ASX said.
Bravura Solutions provides professional services and wealth management applications to more than 175 financial institutions.
More than 18 million pension, life insurance and investment accounts are administered on Bravura software, with more than $850 billion in funds under management.
