Bravura promises better after big loss

Bravura Solutions has sought to promise better times ahead after reporting a significant full-year loss.

The company reported a 1,038% decline in net profit after tax to a loss of $280 mniullion and a 117.8% decline in EBITDA however it told investors that Bravura “remains a strong business with great technology, customers and people”.

“Our focus will be to rebuild trust and value to shareholders,” the company said. “Bravura is now well-capitalised and has the leadership capability to implement the change required to restore value to shareholders.”

It said that the plan was to achieve positive cash EBITDA run rate by the end of FY24 noting that “our forecast cash burn in FY24 is $30-$35million, including circa $24 million in restructuring costs.”.

Bravura chief executive and chairman, Matthew Quinn said the 2023 performance had been disappointing and acknowledged it would take time to rebuild trust.

However he said that following the company’s $80 million capital raise in March it was well capitalised and progress was being made.