Brady PLC (LON:BRY) has said it is advancing funding initiatives to secure around £1.5mln in order to meet its working capital requirements and support operations until 30 November.

READ: Brady determined to demonstrate leadership in its market

The risk management software firm also said it intended to pursue financing options for its strategic product plan, which is estimated to cost up to £15mln and intended to enhance its execution fundamentals and expand its market reach.

In late-afternoon trading, Brady shares were 13.4% lower at 20.8p.