Why the Bravura share price just hit another record high

The Bravura Solutions Ltd (ASX: BVS) share price hit a record high of $5.68 this morning despite the Sydney-based company releasing no specific news to the market.

The Bravura share price is now up around 140% over the past year alone and part of the S&P/ ASX200 (ASX: XJO) index of leading Australian companies.

It operates in the popular “fintech” space alongside the likes of Iress Ltd (ASX: IRE), GBST Holdings Ltd (ASX: GBT), Hub24 Ltd (ASX: HUB) and Netwealth Ltd (ASX: NWT).

For the six-months ending December 31 2018 Bravura delivered a net profit of $16.3 million on revenue of $127.4 million, which were up 15% and 24% respectively over the prior corresponding period.

Like Iress and GBST, Bravura has identified the large UK financial services and pensions market as a growth target and is forecasting full year earnings per share growth in the mid-to-high teens. The strong forecast and outlook is probably combining to lift the share price higher.

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Bravura Solutions Ltd. The Motley Fool Australia has recommended GBST Holdings Limited and IRESS Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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