30 Sep 2008 16:42
SciSys plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008 - Amendment
The following replaces the interim results announcement released at 07:00 on 30 September 2008 under RNS number 6232E. The only amendment is the correction of the final bullet point in the highlights section which should read "Group term debt", not "Group net debt" as originally stated. The rest of the announcement remains unchanged and the full amended text appears below.
SciSys plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2008
SciSys plc ("SciSys" or "the Group") announces its un-audited results for the six months ended 30 June 2008.
With headquarters in Chippenham, Wiltshire, SciSys supplies bespoke IT services and solutions to clients primarily in the Space, Government and Media/Broadcast sectors. SciSys' clients are predominantly blue chip companies, government and quasi-government organisations. Customers include the Environment Agency, the Ministry of Defence, Astrium, Arqiva, Cable & Wireless, the European Space Agency, Eumetsat, the Metropolitan Police, the BBC, the National Archives and Transport for London.
SciSys is listed on the AIM (stock code SSY).
Highlights
Mike Love, Chairman of SciSys, commenting on the results, said:
"Our results for the period show the steady progress being made in our drive to return the Group to sustained profitable trading. Revenues are ahead of expectations and profits are broadly in line with expectations. We have a solid order book for the second half of the year and have restored control to the projects which were the cause of our difficulties. Our focus is on the continued improvement in margins and securing a strong opening order book position for 2009."
For further information please contact:
| SciSys plc | ||
| Mike Love | Executive Chairman | Tel : +44 (0) 1249 466 466 |
| Chris Cheetham | Finance Director | |
| Winningtons | Tom Cooper | T : +44 (0) 797 1221972 |
| Landsbanki | Simon Bridges Cameron Duncan | T : +44 (0) 20 7426 9000 |
Executive Chairman's Statement
In our AGM trading update in June 2008 we reported good progress on the Group's recovery following the problems encountered during 2007. I am pleased to confirm at the Interim stage that the improvements within the business and the move back into profitability are continuing positively.
The Group has produced a good turn-around performance in the first half of 2008 with positive adjusted operating profits and growing revenues. We continue to have a strong balance sheet and have benefited from steady cash flows. The period has seen high levels of repeat business from our established client base and some significant new client wins.
SciSys is now organised around four divisions, each managed as a profit centre with its own executive team responsible for the profit and loss performance of the division. The first half of 2008 has seen a mixed performance across the divisions.
The Media and Broadcast Division experienced a number of clients delaying procurement decisions on major projects in the first half of 2008. The division reacted by reducing its cost base with a limited number of redundancies and a renewed focus on established account prospects. It secured an important contract win with Deutsche Welle in the second quarter of 2008 and its outlook for the second half of 2008 is encouraging. Results from this division for the full year are currently expected to be close to plan.
Our Government Division has been focussed on delivering a number of major projects to key clients including the Environment Agency, Arqiva and the Ministry of Defence amongst others. While solid progress is being made on all projects, delivery timescale pressures necessitated the short term engagement of external contractors during the first half. The additional costs incurred resulted in the Division falling behind plan at the half year point. Following completion of the development work, the contractors have been released from the business and operating margins have subsequently recovered. An improved divisional performance is anticipated for the second half of the year. In addition to securing substantial new volumes of work with the Environment Agency for its key business regulatory compliance systems, important project wins were recorded with the Metropolitan Police, Transport for London and for the Mid and South Bedfordshire District Councils .
The Space Division was reorganised during the first half of 2008 to maximise the synergies between the SpaceCom business of VCS and the SciSys UK and SciSys German space businesses. Ownership of SciSys GmbH was transferred from SciSys UK Ltd to VCS AG in June with a view to SciSys GmbH being merged into VCS in the second half of 2008. The SciSys brand name will remain highly visible in the German space market and be our predominant brand in the wider European Space market. This division has delivered a strong performance during the first half of the year and looks set to deliver a continued strong performance in the second half. Major programmes are continuing on schedule including the Aeolus, Lisa Pathfinder and Galileo programmes. The Galileo program will provide Europe's own global navigation satellite system, providing a highly accurate, guaranteed global positioning service under civilian control. With the European Union allocated budget agreed for the full operational phase of the programme for delivery by 2013, SciSys expects to be substantially involved in major parts of the programme for this phase. The division has recently announced a major contract win on this programme for the Galileo Network Monitoring facility. Another recent contract win will result in SciSys providing specialist resources at the European Space Operations Centre (ESOC) under the provision of a new spacecraft operations services frame agreement which runs until 2013.
Our Support Division has also delivered a strong first half performance and is well set to maintain the pattern in the second half. It benefits from high levels of repeat business but has also been successful in winning new project work from a number of clients, such as the Public Carriage Office.
In our Annual Report for 2007 SciSys acknowledged that, as a consequence of the restructuring to address its loss making businesses, it no longer had independent non-executive directors on the Board. It indicated that it was considering making appointments during 2008 and I am pleased to confirm that we are well advanced in this process and anticipate making a further announcement on this matter before the end of 2008.
The Board announced at the end of June the appointment of Dr. Horst Wulf of VCS, as of 1st September 2008, to assume the position of Director of Operations for the Space Division in preparation for Dr John Haynes' planned retirement later in the year. Dr. Wulf has worked at VCS in the capacity as the head of its SpaceCom business since 1991 and has in-depth experience of the Space market sector. John Haynes is continuing in the business to support Horst as part of the transition until the end of 2008.
The Directors also confirmed at the AGM that the Board was suspending the payment of a final dividend for 2007 and that future payments would be reviewed following an assessment of the level of improvement in performance at the time of announcing the interim results for 2008. While the half year results show an improvement, the Directors nevertheless believe it would not be prudent to pay an Interim dividend at this time.
Finance Director's Statement
The total revenue for the Group was £19.4m (June 2007: £10.3m). Adjusted operating profit, before amortisation, share based payment charges and non-recurring items, was £0.3m (June 2007: £1.4m loss) and adjusted basic earnings per share was 1.6p (June 2007: 5.2p loss). The statutory loss from operations was £1.0m (June 2007: £1.4m). The loss before tax for the period was £1.1m (June 2007: £1.3m) and the basic loss per share was 2.7p (June 2007: 5.4p).
There were two principal factors which contributed to the improvement in revenues and return to profitability at the adjusted operating level. Firstly, the results from VCS AG, acquired in September 2007, were consolidated in the Group accounts for the first time. Secondly, the figures reflected a welcome turnaround in the performance of the Group's Space division under the interim management of a former director.
The amortisation charge shown on the face of the Income Statement relates to intangible assets recognised on the acquisition of VCS under IFRS. The share based payment charge reflects the notional costs of the Group's Executive Share Ownership Plan and Enterprise Management Incentive schemes. Neither charge affected Group cashflow.
Non-recurring items, comprising charges for restructuring and interim management, did have a cash effect. However, it is encouraging that the costs were more than covered by the adjusted operating profit.
At the end of the reporting period, the Group had net cash (comprising cash and cash equivalents less overdrafts) of £0.9m (December 2007: £1.7m; June 2007: £5.9m) and unutilised working capital facilities totalling £1.7m (December 2007: £2.4m; June 2007: £nil).
Group debt at the period end was £1.9m (December 2007: £2.4m; June 2007: £nil). SciSys has continued to reduce the debt burden taken on to fund the VCS acquisition in accordance with the originally planned repayment profile.
In February 2008, the SciSys Employee Share Trust repaid a loan to the Group of £0.7m together with interest of £0.1m. This resulted from the sale of the Trust's holding of CODA plc shares. To the extent that the beneficiaries of the shares were SciSys employees, the shares were shown as investments in the comparative Balance Sheet figures in June and December 2007.
SciSys continues to benefit from the tax credit system for expenditure on Research & Development. The effective tax rate for the Group was a credit of 29.9% for the half year (June 2007: credit 2.7%; December 2007, full year: charge of 14.7%). No deferred tax asset has been recognised in relation to the loss for the period.
The half year accounts are presented on a basis consistent with policies adopted for the Report and Accounts for the year ended 31 December 2007. This has required a restatement of some comparative Balance Sheet figures for the half year ended 30 June 2007 in relation to investments held by the Employee Share Trust. The Income Statement was unaffected.
Outlook
We are mindful of the uncertain market conditions which currently prevail across the software and IT services sector and necessarily are taking a cautious view on our trading outlook. SciSys nevertheless is positioned relatively well to withstand the market uncertainty as a high percentage of our business is derived from long term projects with government and quasi-government organisations.
The Group is moving steadily back to the levels of financial performance that shareholders have historically expected. SciSys' prime focus remains on the delivery of existing programmes, on securing a good opening order book position for 2009, on improving net margins within the business and on delivering a consistent financial performance.
Consolidated Income Statement
| Unaudited Six months to 30 June 2008 £000 |
Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Revenue (note 2) | 19,422 | 10,257 | 25,601 |
| Net operating costs | (20,378) | (11,686) | (28,256) |
| Operating loss | (956) | (1,429) | (2,655) |
| "Adjusted operating profit /(loss)" being operating profit / (loss) before amortisation, share based payments and non recurring items | 253 | (1,377) | (1,440) |
| Amortisation of Intangible Assets | (900) | - | (600) |
| Share based payments | (62) | (52) | (119) |
| Non recurring items (note 3) | (247) | - | (496) |
| Operating loss | (956) | (1,429) | (2,655) |
| Finance costs | (314) | (4) | (127) |
| Finance income | 182 | 100 | 185 |
| Loss before tax | (1,088) | (1,333) | (2,597) |
| Tax credit / (charge) (note 4) | 325 | 36 | (383) |
| Loss for the period | (763) | (1,297) | (2,980) |
| All loss for the period is attributable to equity holders of the parent | |||
| Loss per share (note 5) | |||
| Basic | (2.7)p | (5.4)p | (12.5)p |
| Diluted | (2.7)p | (5.4)p | (12.5)p |
Consolidated Statement of Recognised Income and Expense
| Unaudited Six months to 30 June 2008 £000 |
Unaudited Six months to 30 June 2007 £000 |
Audited Year ended 31 December 2007 £000 | |
| Currency translation differences on foreign currency investments | 376 | - | 417 |
| Net income recognised directly in equity | 376 | - | 417 |
| Loss for the period | (763) | (1,297) | (2,980) |
| Total recognised income and expense for the period attributable to equity holders of the parent | (387) | (1,297) | (2,563) |
Consolidated Balance Sheet
| Unaudited 30 June 2008 £000 | Unaudited 30 June 2007 £000 |
Audited 31 December 2007 £000 | |
| Non-current assets | |||
| Property, plant and equipment | 3,807 | 1,416 | 3,800 |
| Goodwill | 5,603 | - | 5,603 |
| Other Intangible Assets | 1,841 | - | 2,747 |
| Investments in Financial Assets | - | 940 | 877 |
| Deferred tax assets | 15 | 227 | 46 |
| 11,266 | 2,583 | 13,073 | |
| Current assets | |||
| Inventories | 439 | - | 523 |
| Trade and other receivables | 13,615 | 10,892 | 11,900 |
| Income tax receivable | 276 | - | 17 |
| Cash and cash equivalents | 3,113 | 5,907 | 2,345 |
| 17,443 | 16,799 | 14,785 | |
| Total assets | 28,709 | 19,382 | 27,858 |
| Equity | |||
| Issued share capital | 7,120 | 6,414 | 7,120 |
| Share premium | 943 | - | 943 |
| Retained earnings | 5,331 | 7,130 | 5,334 |
| Translation reserve | 791 | (2) | 415 |
| Available for Resale reserve | - | 661 | 598 |
| Other reserves | 83 | 83 | 83 |
| Equity attributable to equity holders of the parent | 14,268 | 14,286 | 14,493 |
| Current liabilities | |||
| Trade and other payables | 8,731 | 4,367 | 8,338 |
| Bank overdraft and loans | 3,191 | - | 2,188 |
| Income tax payable | 32 | 276 | 278 |
| Deferred income | 804 | 453 | 713 |
| 12,758 | 5,096 | 11,517 | |
| Non-current liabilities | |||
| Bank loans | 907 | - | 869 |
| Deferred Tax | 776 | - | 979 |
| 1,683 | - | 1,848 | |
| Total liabilities | 14,441 | 5,096 | 13,365 |
| Total equity and liabilities | 28,709 | 19,382 | 27,858 |
Consolidated Cash Flow Statement
| Unaudited Six months to 30 June 2008 £000 | Unaudited Six months to 30 June 2007 £000 | Audited Year ended 30 December 2007 £000 | |
| Cash flow from operating activities | |||
| (Loss) before tax | (1,088) | (1,333) | (2,597) |
| Net finance costs / (income) | 132 | (96) | (58) |
| Operating loss | (956) | (1,429) | (2,655) |
| (Increase) / decrease in trade receivables | (1,871) | 462 | (123) |
| Increase in trade payables | 965 | 380 | 1,496 |
| Depreciation and amortisation | 1,270 | 189 | 1,097 |
| Share based payments | 62 | 52 | 119 |
| Tax (paid) / refunded | (376) | 631 | 490 |
| Net cash flow from operating activities | (906) | 285 | 424 |
| Cash flow from investing activities | |||
| Acquisition of subsidiary | - | - | (9,894) |
| Cash acquired with subsidiary | - | - | 2,079 |
| Proceeds from disposal of property, plant and equipment | 50 | - | 51 |
| Purchase of property, plant and equipment | (246) | (171) | (604) |
| Interest received | 182 | 101 | 185 |
| Net cash flow from investing activities | (14) | (70) | (8,183) |
| Cash flows from financing activities | |||
| Dividends paid | - | (238) | (385) |
| Interest paid | (314) | - | (127) |
| Disposal of own shares | 738 | - | 2,244 |
| New bank loan | - | - | 3,700 |
| Debt repayments | (624) | - | (2,214) |
| Net cash flow from financing activities | (200) | (238) | 3,218 |
| Net increase /(decrease) in cash and cash equivalents | (1,120) | (23) | (4,541) |
| Cash and cash equivalents at the start of the period | 1,700 | 5,934 | 5,934 |
| Exchange and other movements | 290 | (4) | 307 |
| Cash and cash equivalents at the end of the period | 870 | 5,907 | 1,700 |
| Cash and cash equivalent deposits held in non-UK based banks | 3,113 | 1,446 | 2,345 |
| Net bank (overdraft) / deposits with UK based banks. | (2,243) | 4,461 | (645) |
| 870 | 5,907 | 1,700 |
Notes to the Unaudited Interim Report
Basis of preparation of Interim Financial Information & Statement of Compliance
SciSys plc (the "Company") is a UK company incorporated in England & Wales. The consolidated half year financial statements of the Company for the six months to 30 June 2008 comprise the Company and its subsidiaries (together referred to as the "Group"). The Group reports its financial results in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.
This interim results announcement is prepared in accordance with the IFRS accounting policies expected to be applied by the Group at 31 December 2008. These policies are unchanged from those set out by the Group in its consolidated financial statements for the year ended 31 December 2007 and available on the Group's website at www.scisys.co.uk. As permitted, this interim report has been prepared in accordance with the AIM rules and not in accordance with IAS 34 'Interim Financial Reporting' and is therefore not fully compliant with IFRS.
The interim financial information for the six months ended 30 June 2008 is unaudited and does not include all of the information required to constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. It should therefore be read in conjunction with the audited financial statements for the year ended 31 December 2007. These published accounts have been reported on by the Group's auditors and have been delivered to the Registrar of Companies. The report of the auditors was (1) unqualified; (2) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (3) did not contain a statement under sections 237(2) or (3) of the Companies Act 1985.
The preparation of these consolidated half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these consolidated half year financial statements, the significant judgements made by management in applying the Group's accounting policies and the key areas of estimation were the same as those that applied to the consolidated financial statements for the year ended 31 December 2007.
The Interim Report was approved by the Directors on 29 September 2008.
2. Segmental analysis
The Group operates in one segment, that of providing IT services to large corporations and
public sector organisations, within the following territories and market sectors:
| Analysis by operating division: | |||||||
| June 2008 | Space | Govern- ment | Media Broadcast | Support | Central | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | ||
| Revenue | 8,738 | 5,549 | 3,135 | 1,612 | 388 | 19,422 | |
| Divisional contribution | 2,061 | 469 | 724 | 892 | - | 4,146 | |
| Unallocated expenses | (5,102) | ||||||
| Operating loss | (956) | ||||||
| Net financing costs | (132) | ||||||
| Income tax credit | 325 | ||||||
| Loss for the year | (763) | ||||||
| June 2007 | Space | Govern- ment | Media Broadcast | Support | Central | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | ||
| Revenue | 3,702 | 5,010 | - | 1,545 | - | 10,257 | |
| Divisional contribution | (76) | 1,042 | - | 825 | - | 1,791 | |
| Unallocated expenses | (3,220) | ||||||
| Operating loss | (1,429) | ||||||
| Net financing income | 96 | ||||||
| Income tax credit | 36 | ||||||
| Loss for the year | (1,297) | ||||||
| December 2007 | Space | Govern- ment | Media Broadcast | Support | Central | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | ||
| Revenue | 8,857 | 10,055 | 3,058 | 3,003 | 628 | 25,601 | |
| Divisional contribution | 589 | 2,045 | 1,113 | 1,595 | - | 5,342 | |
| Unallocated expenses | (7,997) | ||||||
| Operating loss | (2,655) | ||||||
| Net financing income | 58 | ||||||
| Income tax expense | (383) | ||||||
| Loss for the year | (2,980) | ||||||
| June 2008 | Space | Govern- ment | Media Broadcast | Support | Central | Total | |||
| £000 | £000 | £000 | £000 | £000 | £000 | ||||
| Divisional assets | 5,217 | 4,665 | 1,923 | 540 | 16,364 | 28,709 | |||
| Divisional liabilities | (1,137) | (285) | (1,047) | (470) | (11,502) | (14,441) | |||
| Depreciation | 344 | 344 | |||||||
| Amortisation | 926 | 926 | |||||||
| Capital expenditure | 246 | 246 | |||||||
| June 2007 | Space | Govern- ment | Media Broadcast | Support | Central | Total | |||
| £000 | £000 | £000 | £000 | £000 | £000 | ||||
| Divisional assets | 3,594 | 3,715 | - | 465 | 11,608 | 19,382 | |||
| Divisional liabilities | (826) | (320) | - | (506) | (3,444) | (5,096) | |||
| Depreciation | 189 | 189 | |||||||
| Amortisation | - | - | |||||||
| Capital expenditure | 171 | 171 | |||||||
| December 2007 | Space | Govern- ment | Media Broadcast | Support | Central | Total | |||
| £000 | £000 | £000 | £000 | £000 | £000 | ||||
| Divisional assets | 4,263 | 3,456 | 2,849 | 682 | 16,608 | 27,858 | |||
| Divisional liabilities | (1,479) | (152) | (397) | (310) | (11,027) | (13,365) | |||
| Depreciation | 480 | 480 | |||||||
| Amortisation | 617 | 617 | |||||||
| Capital expenditure | 604 | 604 | |||||||
| Analysis by geographical segment: | |||||||||
| June 2008 | UK | Europe | Rest of the world | Total | |||||
| £000 | £000 | £000 | £000 | ||||||
| Revenue by location of customer | 8,679 | 10,422 | 321 | 19,422 | |||||
| Divisional assets by location of assets | 15,504 | 13,205 | - | 28,709 | |||||
| Capital expenditure by location of assets | 71 | 175 | - | 246 | |||||
| June 2007 | UK | Europe | Rest of the world | Total | |||||
| £000 | £000 | £000 | £000 | ||||||
| Revenue by location of customer | 6,703 | 3,554 | - | 10,257 | |||||
| Divisional assets by location of assets | 13,247 | 6,135 | - | 19,382 | |||||
| Capital expenditure by location of assets | 166 | 5 | - | 171 | |||||
| December 2007 | UK | Europe | Rest of the world | Total | ||||
| £000 | £000 | £000 | £000 | |||||
| Revenue by location of customer | 15,628 | 9,789 | 184 | 25,601 | ||||
| Divisional assets by location of assets | 14,455 | 13,403 | - | 27,858 | ||||
| Capital expenditure by location of assets | 396 | 208 | - | 604 | ||||
3. Non-recurring items
| Unaudited Six months to 30 June 2008 £000 | Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Restructuring costs | 247 | - | 496 |
Restructuring costs comprise severance payments to employees who left the Group on grounds of redundancy under a programme commenced in September 2007 to align operating costs with projected revenues, together with directly attributable professional advisors fees and external consultancy costs for short term strengthening of the management team.
4. Taxation
| Unaudited Six months to 30 June 2008 £000 | Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Current tax (credit) / charge | (135) | 20 | 452 |
| Deferred tax (credit) / charge | (190) | (56) | (69) |
| Total | (325) | (36) | 383 |
The charge for taxation for the six months ended 30 June 2008 reflects the anticipated effective rate for the period.
5. Earnings per share
The calculation of the Group basic and diluted earnings per ordinary share is based on the following data:
| Unaudited Six months to 30 June 2008 £000 |
Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Loss attributable to shareholders | (763) | (1,297) | (2,980) |
| Number of shares | '000 | '000 | '000 |
| Basic weighted average number of shares | 27,837 | 23,851 | 24,694 |
| Diluted weighted average number of shares | 28,848 | 25,841 | 26,777 |
The weighted average number of shares for the calculation of basic earnings per share excludes own shares held in the SciSys No1 Employee Share Trust which have been awarded under the Executive Share Ownership Plan.
The weighted average number of shares for the calculation of diluted earnings per share includes own shares held in the SciSys No1 Employee Share Trust which have been awarded under the Executive Share Ownership Plan and Enterprise Management Incentive scheme options outstanding during the period. To the extent to which these result in a lower loss per share, they are excluded from the calculation of diluted earnings per share.
6. Adjusted earnings per share
| Unaudited Six months to 30 June 2008 £000 | Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Basic | 1.6p | (5.2)p | (7.4)p |
| Diluted | 1.5p | (5.2)p | (7.4)p |
The calculation of the Group adjusted basic and diluted earnings per ordinary share for continuing operations is based on the number of shares in Note 5 and the following earnings data:
| Unaudited Six months to 30 June 2008 £000 | Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Loss on ordinary activities after taxation | (763) | (1,297) | (2,980) |
| Adjusted for: | |||
| Amortisation of intangible assets | 900 | - | 600 |
| Share based payments | 62 | 52 | 119 |
| Non-recurring items (note 3) | 247 | - | 496 |
| Adjusted earnings/(loss) | 446 | (1,245) | (1,765) |
The weighted average number of shares for the calculation of basic adjusted earnings per share excludes own shares held in the SciSys No1 Employee Share Trust which have been awarded under the Executive Share Ownership Plan.
The weighted average number of shares for the calculation of diluted adjusted earnings per share includes own shares held in the SciSys No1 Employee Share Trust which have been awarded under the Executive Share Ownership Plan and Enterprise Management Incentive scheme options outstanding during the period. To the extent to which these result in a lower loss per share, they are excluded from the calculation of diluted adjusted earnings per share.
7. Changes in shareholders' funds
| Unaudited Six months to 30 June 2008 £000 | Unaudited Six months to 30 June 2007 £000 | Audited Year ended 31 December 2007 £000 | |
| Opening shareholders' equity | 14,493 | 15,698 | 15,698 |
| Loss for the period attributable to shareholders | (763) | (1,297) | (2,980) |
| Dividends | - | (238) | (385) |
| New share capital issued (net of expenses) | - | - | 706 |
| Premium on issue of new shares | - | - | 943 |
| Charge for share based payments | 62 | 52 | 119 |
| Increase in cash settled share based payment liability | - | (42) | (81) |
| Remeasurement of available for sale reserve | - | 113 | 50 |
| Post demerger true up of Employee Share Trust loans | 100 | - | - |
| Foreign currency translation | 376 | - | 417 |
| Other | - | - | 6 |
| Closing shareholders' equity | 14,268 | 14,286 | 14,493 |
8. Dividends
The final dividend for the year ended 31 December 2006, of 1p per share, was paid on 21 June 2007.
An interim dividend for the year ended 31 December 2007 of 0.55p per share was paid on 25 October 2007.
No final dividend was paid in respect of 2007 and the Board is not recommending payment of an interim dividend for 2008.
Interim Report
The Interim Report will be posted to shareholders shortly and copies will be available from SciSys plc's Registered Office at Methuen Park, Chippenham, Wiltshire, SN14 0GB. It will also be available on the SciSys website at www.scisys.co.uk.