Bravura Solutions, the software provider underpinning UK investment platforms including Fidelity International’s adviser offering, has booked a profit.
The Australia-based company reported earnings of $25.8m (£13.2m) for its 2024 financial year, up $26.1m (£13.4m) versus 2023, when it made a small loss.
Bravura and Fidelity International revealed last week that they had agreed a £29m deal for the investment platform to develop Bravura’s Sonata software.
Bravura also provides various software products to wealth managers and other financial services firms including fund administrators.
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Gross revenue was $250.4m (£129m), while operating expenses fell from to $231m (£119m) as a result of a reduction in head count, reorganisation of occupancy requirements and cuts to external costs.
In a stock exchange statement the firm said: “Bravura is now stable, well capitalised, and profitable. We have announced a capital management strategy. This comprises a proposed capital return of up to $75.3m (£38m), an on market buy back of $20m (£10m) and an intention to reinstate dividend payments once sustained profitability has been achieved.”
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