Bravura forecasts $9-10m ebitda for 1H11

Financial software developer Bravura (ASX:BVA) – which reported $10m ebitda for the whole of FY10 - is expecting an ebitda of between $9-10 million in 1H11

Financial software and services company Bravura Solutions (ASX:BVA) has forecast an ebitda of between $9 million and $10 million for the first half of FY11.

In a presentation at the company's AGM, chairman, Brian Mitchell, said he expects to see the business develop a more stable footing following a restructuring.

“We believe that our revised structure and market focus will allow us to better deliver our financial software solutions to our current and future client base,” he said.

He warned that the external environment remained challenging, and recovery for the financial services industry has been slow, but added that Bravura is seeing consistent signs of improvement and a growing pipeline of possible deals.

The acquisition of the London-based Mutual Fund Technologies, which closed in June, will further increase earnings potential and give Bravura the chance to improve its market share in Europe, he added.

Bravura recorded ebitda of $10 million for the entire FY10, a $6.1 million decline from the prior year.

Excluding licence fees, ebitda was just $3 million, although this represented a $13.1 million improvement on FY09.

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