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SCISYS Stock Up As It Resolves Issue With Client Over Problem Project

Wed, 14th Oct 2015 10:35

LONDON (Alliance News) - SCISYS PLC Wednesday said it has reached an agreement with the unnamed client with which it was having issues over a project, and that both parties have come to a "mutually satisfactory conclusion".

The software and IT services company had previously reported issues with the client over a project in its Enterprise Solutions & Defence division, which led it to issue a profit warning in June.

In September, SCISYS said it was making "constructive progress" with the client to resolve the issues, and on Wednesday said it has reached an agreement with the client.

"Consequently, the board is confident that the company will achieve at least the revised profit guidance published in June. Short-term opportunities to utilise resources previously absorbed by the remedial works on the problem project will govern the extent of any performance improvement in the remainder of the financial year," SCISYS said in a statement.

Shares in SCISYS were trading up 6.1% at 70.00 pence Wednesday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews