Bravura Solutions Ltd (ASX: BVS) shares hit a new 12-month high on Wednesday after the company upgraded its revenue and profit projections for the year.
The financial services software firm said in a statement to the ASX that it expected FY26 revenue to be between $265 million and $275 million, where previously it was expected to be in line with last year's result of $256.8 million
This would translate into cash EBITDA of between $55 million and $65 million, where previously the company was projecting $50 million.
The stock hit an early high of $3.07, a 12-month high and more than 21% up for the day, before settling back slightly to be changing hands for $3.01.
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Exchange rates and better revenue drive upgrade
The key drivers of the upgrade, Bravura said, were the continued strength of the British pound, a continued focus on efficiency, and a higher level of project revenues, "particularly with our Wealth customers in EMEA (Europe, the Middle East and Africa)".
E&P Capital analysts, in a note to clients, said they understood the revenue upgrade "is driven mainly by stronger professional service revenue and to a lesser extent by better commercial outcomes on recurring revenue from contract renewals''.
Bravura shares were sold down following the company's release of its full-year results in August, falling to levels below $2, however, they have staged a strong return since then.
The company also earlier this week announced the appointment of a new London-based Chief Executive Officer, Colin Greenhill, who will start with the business from January 1 2026.
Mr Greenhill was recently Chief Executive Officer at SSP Worldwide, a global supplier of software to the insurance industry, and led an international portfolio of banking, wealth management, and insurance software businesses, Bravura told the ASX on Monday.
Mr Greenhill will be paid a base salary of £367,500 with the ability to earn incentives as a mixture of cash and shares on top of that.
Bravura provides software solutions for financial services companies in areas such as pensions, life insurance, and other wealth and retirement products.
The company's website says it runs back office solutions for more than 100 clients, and its software processes more than US$1 trillion in investment value each month.
Bravura reported full-year underlying revenue of $256.8 million, up 3.1%, in August, and an underlying net profit of $24.4 million, representing a $15.6 million increase from the previous year.
The company declared an unfranked final dividend of 2.92 cents per share and a special dividend of 1.79 cents per share.
Bravura was included in the S&P/ASX 300 Index (ASX: XKO) on September 22. At the close of trade on Tuesday, the company was valued at $1.13 billion.
