Bravura estimates 90% FY11 ebitda growth

Bravura Solutions (ASX:BVA) anticipates recording a 90% higher ebitda of $19m for FY11, due to the 2010 purchase of Mutual Fund Technologies

Financial software and services company Bravura Solutions (ASX:BVA) expects to book a 90 per cent increase in FY11 ebitda, thanks to the positive impact of a recent acquisition.

The company has disclosed that preliminary accounting shows an ebitda of $19 million, and attributed the gain to benefits arising from the $32.1 million acquisition of the UK’s Mutual Fund Technologies in June 2010.

But a major client withdrawing from the APAC market forced Bravura to take a provision that is thought to have impaired ebitda by around $1 million.

The lost contract notwithstanding, Bravura said its overall outlook remains positive, and that it expects to benefit from the conclusion of regulatory reviews in a number of the markets in which it operates.

Bravura swung to a $13.2 million loss in FY10, but in October had advised investors it was anticipating a more solid result for FY11.

The company will publish its full-year results on or around August 22.

BVA shares fell 3.45 per cent in Wednesday's trading to $0.140.

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