SSY.L Share News (SSY)

LONDON (Alliance News) - SCISYS PLC on Tuesday said its outlook for the year ahead is "very encouraging", after reporting a rise in revenue and profit for 2017.

The information technology services company said revenue rose 25% to GBP57.2 million for 2017 from GBP45.7 million in 2016, as pretax profit rose to GBP3.9 million from GBP2.6 million. The year-end order book was 41% year-on-year, standing at GBP91.3 million.

"Our strong second-half trading performance, combined with steadily reducing levels of net debt and a record year-end order book provides a solid platform to deliver further progress in 2018 and beyond," the company said.

Net debt was reduced to GBP5.9 million from GBP10.2 million at the end of 2016, and the company's adjusted operating margin increased to 8% from 7%.

The company said its outlook going into 2018 is "very encouraging", with the firm well positioned to deliver further progress.

SCISYS proposed a final dividend of 1.57p per share, bringing its total dividend for 2017 to 2.16p, up from 1.96p for 2016.

"Our optimism and guidance for 2017 was well placed with the group delivering a strong overall performance and entering 2018 with a record order book. Buoyant operational cash flows resulted in a substantial reduction in net debt and underpinned a healthy uplift in the recommended final dividend," said Chairman Mike Love.

Shares in SCISYS were up 3.7% at 132.18 pence on Tuesday.