Financial software and services company Bravura Solutions (ASX:BVA) expects to book a 90% increase in FY11 ebitda, thanks to the positive impact of a recent acquisition.
The company has disclosed that preliminary accounting shows an ebitda of $19 million, and attributed the gain to benefits arising from the $32.1 million acquisition of the UK’s Mutual Fund Technologies in June 2010.
But a major client withdrawing from the APAC market forced Bravura to take a provision that is thought to have impaired ebitda by around $1 million.
The lost contract notwithstanding, Bravura said its overall outlook remains positive, and that it expects to benefit from the conclusion of regulatory reviews in a number of the markets in which it operates.
Bravura swung to a $13.2 million loss in FY10, but in October had advised investors it was anticipating a more solid result for FY11.
The company will publish its full-year results on or around August 22.
BVA shares fell 3.45% in Wednesday's trading to $0.140.