LONDON (Alliance News) - Scisys PLC Thursday said it expects to meet market expectations as it reported a swing to an interim profit for the first half of 2016, and reinstated its interim dividend.
The software and IT systems provider reported a pretax profit of GBP973,000 for the half year to the end of June, swung from a pretax loss of GBP1.2 million, on revenue of GBP22.2 million, up from GBP16.5 million.
Scisys said the interim results demonstrated that it had bounced back from setbacks last year, and built on its recovery in the second half of 2015. Revenue was driven by a strong performance from the company's professional fees segment.
The company said it continues to look for acquisition opportunities, and that it also expects to see a boost to profit if the weakness in sterling continues in the second half of the year.
"We are pleased with this bounce back to profitability and healthy organic growth in revenues at the half-year mark. At this point in time we fully anticipate that we can achieve the uplift in full year market expectations as announced in our trading update in August," said Chairman Mike Love in a statement.
It reinstated its interim dividend at 0.53 pence, having suspended its interim payout the prior year.
Shares in Scisys were up 3.5% at 88.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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