Earnings before interest, taxes, depreciation and amortisation (EBITDA) was $22.3 million for 2012/2013, a drop of 3.9 per cent on the previous financial year.
Bravura chief executive and managing director Tony Klim said the decline in EBITDA was due to the increased investment required to bring the Sonata solution to market in Asia Pacific, Europe, the Middle East and Africa.
Sales revenue also saw a drop, down 1.8 per cent on the 2011/2012 financial year to $124.3 million. In a statement to the Australian Securities Exchange (ASX), the decline was attributed to a number of new sales being delayed until the second half of the financial year – as well as being a reflection of current markets.
Operating cash flow also saw an increase of 23.7 per cent to $25.6 million.
“We are pleased with the improvement in operating cash flow for the sixth consecutive period,” said Mr Klim.
Expenses incurred by Bravura decreased marginally from $103.4 million in 2011/2012 to $102.1 million in 2012/2013.
Despite the significant drop in net profit, comprehensive profit – which includes the effect of exchange differences when taking foreign operations into consideration – was $4.9 million for 2012/2013 – up 22.5 per cent.
Bravura also managed 33 client implementation projects and 56 client upgrade projects globally in the last 12 months, according to the ASX statement.
Ironbridge Capital entered into an agreement to purchase 100 per cent of the shares of Bravura Solutions in July 2013.
