SciSys plc (AIM : SSY), ('SciSys' or the
'Company') - the supplier of bespoke software
systems, IT based solutions and support services to the
Media Broadcast, Space, Government & Defence, Environment
and Applications Support sectors is providing a trading
update for the year ending 31 December 2011 prior to
entering its close period.
Trading
The Board is pleased to report that the Company performed
in line with expectations in the second half of the year
despite the on-going uncertain and difficult market
conditions. It expects to report adjusted EBITA for the
year consistent with market expectations and to report a
further improvement in net operating margins.
Significantly, cash inflows have remained healthy and the
Company's balance sheet has further strengthened such that
borrowings secured to fund the acquisition of the Company's
head office freehold premises during the year for £5.0m
were balanced by cash deposits at the year end. Earnings
are likely to continue to benefit from an overall low
effective corporation tax rate and the Board anticipates
that it will maintain its progressive dividend policy.
Order Book
The Board is also pleased to report a comfortable opening
order book position for 2012. Investors will be aware from
a number of recent announcements that SciSys secured a
number of important new business gains during the last
quarter of 2011. These include significant defence work
alongside Lockheed Martin and a number of substantial
contract wins in the Space sector.
The Space and Government & Defence divisions finished 2011
on a strong footing with a number of key contract wins
underpinning their prospects for 2012 and beyond. The
Environment division's short term order book remains less
certain, although its prospective new business pipeline, as
illustrated by the recent award of contracts by the UK Met
Office, enables the Board to feel optimistic that the
division will achieve its targets for the year. Following
good performances from the Applications Support and Media
Broadcast divisions in 2011, the Board anticipates that
these divisions will continue to perform positively and in
line with expectations for 2012; both are also entering
2012 with healthy opening order books. The Board maintains
its close scrutiny of the Company's cost base and will
continue to ensure a judicious balance between capacity and
demand for resources.
Outlook
Overall, SciSys is encouraged at the progress made in the
last quarter of 2011 on order intake. This leads the Board
to believe that the business is likely to enjoy further
growth in sales, profits and net margins in 2012. Foreign
currency hedging arrangements are in place to protect the
Company from any unexpected rapid appreciation of Sterling
against the Euro.
Commenting, Chairman of SciSys, Mike Love, said:
"In a repeat of our experience of 2010, our interim
accounts for 2011 reported favourable first half results
whilst issuing a note of caution about potential challenges
to be overcome during the second half. I am pleased that
our full year results for 2011 are in line with
expectations and that the Company has been able to deliver
a good performance, yet again demonstrating the underlying
resilience of the SciSys business. The recently announced
Board changes will ensure continuity in the progress that
the business is making."
Results
SciSys expects to report its preliminary results for the
year ended 31 December 2011 on 22 March 2012.
For further information please contact:
Winningtons: Tom Cooper Tel : +44 (0) 797 1221972
Canaccord Genuity: Simon Bridges orCameron Duncan Tel
: +44 (0) 20 7050 6500
About SciSys plc
Employing nearly 450 staff, SciSys is a leading developer
of Information and Communications Technology services,
e-Business and advanced technology solutions. The Company
operates in a broad spectrum of market sectors including
Media Broadcast, Space, Government & Defence, Environment
and Applications Support sectors. SciSys clients are
predominantly blue chip and public sector organizations.
Customers include Environment Agency, the Ministry of
Defence, Astrium, Arqiva, Cable & Wireless, the European
Space Agency, Eumetsat, the BBC, the National Archives and
Transport for London. The Company has UK offices in
Chippenham, Bristol and Reading and three offices located
in Germany. More information is available at
www.scisys.co.uk.
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