In a brief AGM update, Brady Corporation (NYSE:BRC) said that trading has been in line. Following a period of significant change, with new people hired and the business having been streamlined, the primary focus has shifted to re-engineering the software. The initial outcome of this was shown with the launch of the group’s first FAST START implementation offering in May. We will review our forecasts following tomorrow’s capital markets day. If Brady can successfully transition to the cloud, there is a lot to go for as E/CTRM is an attractive growth industry and Brady has a high-quality customer base.
Trading update: In line, substantial internal changes
According to Brady, it has made substantial progress in the first four months of the year and trading was in line with management's expectations. The company has continued to invest in the core technology that it believes will drive the business forward in the longer term and is starting to see the benefits of this investment. A Q1 highlight was a contact win with Ustekveikja Energi, a municipal-owned Norwegian utility, which has selected Brady EDM to support its physical power market operations in the Nordics.
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