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Bravura Solutions Limited - Report FY19 Results

Jordan Baird

Jordan Baird is the head ASR Wealth Advisers client services desk and has been with the organisation since 2017. He first started investing in his early years. While he believes that investors should leave no stone unturned he has a particular interest in trading based on broad macroeconomic trends along with specific analysis of innovative up-and-coming companies.

Bravura Solutions Limited (ASX: BVS) is a software development company that provides products tailored to wealth management industries including; superannuation, pension, life insurance, investment and private funds. The Company was founded in 2004 and has since become a full services provider for the administration of various firms through their software applications, management systems and professional services.

BVS - FY19 results


What are the FY19 results for BVS?

This morning (23rd August 2019) BVS reported its FY19 results that are highlighted below:

  • Group revenue increase of 16% to $257.7m
  • Group EBITDA increase of 27% to $49.1m
  • Group NPAT increase of 21% to $32.8m
  • Unfranked final dividend distribution of 4.8 cents per share, with a full year dividend payout ratio of 70%
  • Acquisition of Midwinter Financial services for $50m.


What are the key drivers of this result?

Bravura’s wealth management sector reported strong revenue growth up 14% to $155.1m, this was driven by the introduction of new customers and the commencement of additional projects for existing customers. This was achieved through Bravura’s Sonata product that allows wealth managers to engage with their clients in real time and respond to their needs and market conditions efficiently. Bravura’s fund administration sector also reported strong revenue growth up 22% to $80.9m, benefiting from increased projects with existing and new international clients as well as a reduction in costs after a one-off investment in early FY19, needed to increase output to meet demand.


What is the future outlook for BVS?

Bravura’s software reduces costs considerably for wealth and fund managers, many of whom still operate using dated technology that will require inevitable replacement positioning BVS well to generate continued revenue. Additionally, the Company’s continued investment into its Sonata product will deliver it increase leverage in the future as it generates significant market knowledge and expertise that the firm can capitalise from in the future. BVS has offered FY 2020 guidance of Net profit after tax (NPAT) growth in the mid-teens as a result of continued recurring revenue and new sales opportunities.


How has the market responded?

Bravura’s share price responded strongly opening 6% up this morning before an investor sell off pushing the price down 9.17% to a price of $4.26, this is in response to the announcement of Chairman Brian Mitchells retirement.




This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)

(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).

This article is provided for informational purpose only and does not purport to contain all matters relevant to any particular investment or financial instrument. Any market commentary in this communication is not intended to constitute “research” as defined by applicable regulations. Whilst information published on or accessed via this website is believed to be reliable, as far as permitted by law we make no representations as to its ongoing availability, accuracy or completeness. Any quotes or prices used herein are current at the time of preparation. This document and its contents are proprietary information and products of our firm and may not be reproduced or otherwise disseminated in whole or in part without our written consent unless required to by judicial or administrative proceeding. The ultimate decision to proceed with any transaction rests solely with you. We are not acting as your advisor in relation to any information contained herein. Any projections are estimates only and may not be realised in the future.

ASR has no position in any of the stocks mentioned.

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