9 Jun 2016 07:00
SCISYS PLC
AGM TRADING STATEMENT
SCISYS PLC ('SCISYS', the 'Group' or the 'Company'), the supplier of bespoke software systems, IT-based solutions, web and mobile application development, and support services to the Space, Defence, Media & Broadcast, Government and Commercial sectors is pleased to release the following trading statement which will be read out at its AGM to be held at 12.00 noon today:
SCISYS can report that it has made an encouraging start to 2016, in line with the outlook statement released earlier this year, both in terms of order intake and timely performance on existing contracts across all divisions.
In particular, our Media & Broadcast division has secured contracts with an aggregate value of over £3.5m with a combination of existing clients and one major new one; the South African Broadcast Corporation. Additionally, our Space division has secured over £3.2m of new contracts, mainly from existing programmes, including the European satellite-navigation system, Galileo; and the European Space Agency's rover mission to Mars, Exomars. Of these multi-year contracts, £4.1m is expected to be recognised in 2016, with the remainder being delivered in subsequent years.
These wins demonstrate SCISYS' ability to apply its niche capabilities across a wide spectrum of markets and blue-chip customers; some existing clients and some new. The Group's total order book at the end of the first quarter was £35.5m, within 5% of the record high position at December 2015 and 21% ahead of the equivalent date year on year.
Group cashflow for the year to date has reflected the timely performance on existing contracts by all divisions and the continued robust recovery of the business. Having opened the year with £1.0m of net debt, the position had improved to £0.3m of net cash by the end of April. It should be noted that trading and cashflow for the second half of the year is usually stronger than the first half.
SCISYS continues to regard the acquisition of complementary businesses as a key element in its growth strategy. The Board can report that it has an active pipeline of potential acquisitions however it continues to maintain a highly selective approach and will remain patient until it identifies a compelling opportunity.
Based on the performance to date, a strong order book and an encouraging pipeline of opportunities for new business, the Directors are confident that the Company is well on track to meet full year market expectations and to report further excellent progress in returning to its previous levels of profitability.
For further information please contact:
SCISYS PLC | +44 (0)1249 466 466 | |
Mike Love | Chairman | |
Klaus Heidrich | Chief Executive Officer | |
Chris Cheetham | Finance Director | |
finnCap (NomAd & Broker) | +44 (0)20 7220 0500 | |
Julian Blunt | Corporate Finance | |
Mia Gardner | Corporate Broking | |
Walbrook PR Tom Cooper/Paul Vann | +44 (0)20 3176 4722 +44 (0)797 122 1972 tom.cooper@walbrookpr.com |
About SCISYS:
Employing nearly 450 staff, SCISYS group is a leading developer of Information and Communications Technology services, e-Business, web and mobile applications and advanced technology solutions. The Company operates in a broad spectrum of market sectors including Media & Broadcast, Space, Government and Defence and Commercial sectors. SCISYS clients are predominantly blue chip and public sector organisations. Customers include the Environment Agency, the Ministry of Defence, Airbus Defence & Space, Arqiva, Vodafone, the European Space Agency, Eumetsat, the BBC, RNLI, AON, Halfords, Interflora and the National Trust. The Company has UK offices in Chippenham, Bristol, Leicester and Reading and two offices located in Germany. More information is available at www.scisys.co.uk