SSY.L Regulatory News (SSY)

25 Sep 2006 07:02

CODASciSys PLC25 September 2006 FOR IMMEDIATE RELEASE 25 September 2006 CODASciSys plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006 CODASciSys plc ("CODASciSys") announces its unaudited results for the six monthsended 30 June 2006. Quoted on the Alternative Investment Market (AIM) - stockcode: CSY - CODASciSys has its headquarters in Chippenham and is a supplier ofspecialist software, consultancy and IT services. This is the final Interim Report for the CODASciSys Group. On 26 September2006, the CODA Division, together with Business Collaborator Limited, SciSysCommercial Limited and certain other non-trading subsidiary companies willdemerge from CODASciSys plc to form CODA plc ("the new CODA Group"), which willbe separately quoted on AIM (stock code CODA). Shares in the CODA Group will beissued on the basis of 3 new ordinary shares in CODA plc for every 1 share inCODASciSys plc. CODASciSys plc will continue trading on AIM and will change itsname to SciSys plc on 26 September 2006. For trading purposes, this name changewill take effect on 27 September 2006, at which point the stock code of SciSysplc will be SSY. CODA provides business software and services to deliver enhanced financialmanagement, based around accounting transactions, financial analysis andbusiness process control. SciSys provides IT services, bespoke software and applications management tolarge corporations and government organisations. Business Collaborator sells collaboration software and services, primarily tothe UK construction industry and related sectors. Highlights for the period • Operating profit before tax, goodwill amortisation and share based payment charges increased by 8.5% to £5.1m (June 2005: £4.7m). Of this figure, £4.9m (June 2005: £4.6m) related to the new CODA Group, and £1.0m (June 2005: £0.9m) was attributable to SciSys - both before allocation of head office costs totalling £0.8m (June 2005: £0.8m). • Profit before tax increased by 9.1% to £3.6m (June 2005: £3.3m) • Revenues increased by 11% to £39.2m (June 2005: £35.3m), of which the new CODA Group was £26.0m (June 2005: £24.2m), and the SciSys Group £13.2m (June 2005: £11.2m). • Net cash at 30 June 2006 was £15.5m (31 December 2005: £10.1m; 30 June 2005: £10.2m). • Proposed interim dividends increased by 40% to an equivalent of 2.8p per share (June 2005: 2.0 per share); to be paid from new CODA Group (0.75p per share), and the SciSys Group (0.55p per share) to shareholders registered on 13 October. • Earnings per share: o Basic earnings per share increased by 18% to 11.6p (June 2005: 9.8p) o Adjusted basic earnings per share, before goodwill amortisation, increased by 15% to 18.0p (June 2005: 15.6p). • All Divisions continue to perform in line with expectations. Mike Love, Chairman of CODASciSys, commented: "These results reinforce the Board's decision to proceed with the demerger.Both the CODA and SciSys Divisions have continued to perform strongly in theirrespective markets and the outlook for both remains extremely positive.Tomorrow sees the two companies forging their own paths as separately listedentities. We are confident that they are both well placed to continue theirimpressive performances and deliver shareholder value." FOR FURTHER INFORMATION PLEASE CONTACT: CODASciSys plc Tel. 020 7743 6679 (today)Graham Steinsberg, Group Chief Executive 01249 466466 (thereafter) Pelham Public Relations Limited Tel. 020 7743 6679 / 07802 442486Archie Berens / Philip Dennis CODASciSys plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006 Directors' interim report Introduction The Directors present their interim report for the six months ended 30 June2006. These results reflect growth and improved profitability within allOperating Divisions, providing a strong platform for the demerger of the Group. Group strategy The demerger The CODASciSys Group's strategy has principally been to make each OperatingDivision independently strong. The Board believes that this independent strengthhas now been achieved, providing a platform to deliver further shareholdervalue. The next step is to separate the two main Operating Divisions. Such aseparation will provide investors with greater visibility of the underlyingactivities of two very different businesses and will allow the respectivemanagement teams to focus on their particular areas of expertise. Business as usual It is important during any time of change that a business does not lose focusbut continues to concentrate on its normal operational activities. It istherefore pleasing to report that during the period, each Operating Divisioncontinued to grow, securing contracts from both new and existing clients andincreasing both revenues and profits. The Divisions have also concentrated onensuring that maximum return is gained from the contracts secured andacquisitions made in 2005. All acquisitions made by the CODA Division have met or exceeded ourexpectations. In particular, sales of the Swedish consolidation package, OCRA,are now being made across the territories, and CODA France secured one of itslargest ever deals with the Louvre Hotels Group. Within SciSys, revenues and profits have grown, as the major contracts announcedin late 2005 are implemented. The Integrated Regulation Programme with theEnvironment Agency, the FRES programme and Galileo projects all provided strongcontributions to this business. In the public sector, the securing of theKnowledge Network Programme was particularly notable. During the second half of the year, CODA will continue to expand its productrange and begin the next phase in enhancing its geographical presence. SciSyswill aim to capitalise on the success it has had with the recent contract winsand seek to use these as a platform for further expansion. Financial review Total revenue for the Group was £39.2m (June 2005: £35.3m). Of this, the newCODA Group's revenue rose 7.4% to £26.0m (June 2005: £24.2m) and SciSys' revenuerose 17.9% to £13.2m (June 2005 £11.2m). Operating profit before tax, goodwill amortisation and share based paymentcharges increased by 8.5% to £5.1m (June 2005: £4.7m). Of this, the new CODAGroup rose by 6.5% to £4.9m (June 2005: £4.6m), and the SciSys Group rose by11.1% to £1.0m (June 2005: £0.9m) - both before allocation of head office coststotalling £0.8m (30 June 2005: £0.8m). Profit before tax for the period rose 9.1% to £3.6m (June 2005: £3.3m) and theadjusted basic earnings per share were 18.0p (June 2005: 15.6p). Cash The Group continued to be strongly cash generative during this period. Net cashat the end of the period reached £15.5m (31 December 2005: £10.1m; 30 June 2005:£10.2m). This figure will be impacted following the end of the period by thefollowing material and exceptional costs: Special dividend paid 11 August 2006 £6.4mDemerger costs £1.5mDissolution of the Employee Benefit Trust £1.8m Taxation CODASciSys continues to benefit from the tax credit system for expenditure onResearch and Development. The effective tax rate for the Group, excludinggoodwill amortisation, was 17.2% for the half year (2005, full year: 18.0%). Deferred income At 30 June 2006, deferred income was £18.7m (31 December 2005: £19.3m; 30 June2005: £16.9m). This comprised deferred licence fees of £2.9m (31 December 2005:£3.5m; 30 June 2005: £3.5m), maintenance of £12.0m (31 December 2005: £13.1m; 30June 2005: £11.4m) and projects and consultancy payments on account of £3.8m (31December 2005: £2.7m; 30 June 2005: £2.0m). Interim dividend payment As declared at the time of the announcement of the demerger, an equivalentinterim dividend for the year ending 31 December 2006 of 2.8p per share will bepaid on 27 October 2006. This will be paid to shareholders registered on 13October 2006 and be made in the form of a payment of 0.75p per share held in thenew CODA Group on that date and 0.55p per share held in SciSys on that date.This represents an increase of 40% on the previous year, aligns the payment moreclosely with last year's full dividend of 7.0p per share, and is intended todemonstrate that the progressive dividend policy of CODASciSys will be continuedby both the new CODA Group and the SciSys Group. The shares are expected to goex-dividend on 11 October 2006. ==================================================================== Operational review CODA Division The CODA Division has enjoyed a strong first half of 2006, achieving turnovergrowth in excess of 6%. It continues to develop and release new products and tofocus on taking them to market. Management is ensuring all parts of the businessmake positive contributions and is giving particular attention to developing theoperations and products acquired during 2005. The strategy of providing world-class solutions for finance departmentscontinues. Corporate governance and associated legislation remains a key issuefor customers. The latest version of the process control tool, CODA-ControlManager, delivered in March, was therefore timely, and has already generated agrowing interest and demand. Also launched were new versions ofCODA-Intelligence using the latest Microsoft technology, and CODA-AnalyticExplorer, which together meet ever-increasing demands for managementinformation. The period also saw the launch of version 3 of the OCRA financialconsolidation suite, acquired in 2005, with sales being made to both existingand new clients. CODA's product strategy continues to focus on three key areas: accountingtransactions; analysis; and business process management (control). Theintroduction of the OCRA and CODA-Control solutions has moved CODA to a newlevel, for the first time enabling the sale of "add-on" products and services toorganisations that are not already users of CODA-Financials or Dream. They alsoprovide an important differentiator for any prospective purchasers ofCODA-Financials and Dream. CODA is seeing high levels of business from new and existing clients, with totalrevenues exceeding £25m during the six-month period for the first time. The UKsecured a number of significant contracts with new clients, including carauction business Manheim. The major deal with Louvre Hotels in Francecontributed to further growth in this key European market. The pipeline for thesecond half remains strong with a good mix of large and mid-sized opportunities.Indeed, since the period end, CODA signed an agreement with Standard LifeInvestments, to replace its finance systems following the IPO of the StandardLife Group. Marketing remains a key element in CODA's business strategy. During the period,increased focus was placed on international lead generation campaigns, eventsand public relations to build sales pipeline and develop awareness of thecompany in all geographic markets. Active involvement with trade organisations,including The European Software Association and BASDA has also generatedconsiderable press coverage and helped to increase brand awareness. Recent developments have shown an increasing consolidation of the market. Ofparticular note, is the acquisition by US private equity firms of several of ourcompetitors, such as GEAC and Systems Union. The likely effect of this isreduced capacity in our markets, for which CODA is well placed to takeadvantage. CODA recognises that a considered approach to Corporate Responsibility is animportant factor for the long-term success of the company. Recent work with anumber of community organisations, particularly in the UK and USA, has made apositive contribution to local public relations and has been well received bystaff. We are aiming to deliver a formal Corporate Responsibility policy duringthe autumn, focused on providing increased business sustainability and clarityof non-financial reporting. The demerger of CODA from the CODASciSys Group represents an important step inCODA's development, by bringing increased management focus and improved investorawareness. SciSys Division During 2006, the SciSys Division has continued its strategy of focusing on nichecapability in its target markets, securing long term contracts with existingcustomers whilst also seeking new opportunities based on the high quality of itswork and its track record of consistent delivery. SciSys continues to provideinnovative business solutions to its customers, as well as being involved inadvanced science and technology programmes across a range of sectors: Space;Defence & Aerospace; and Environmental & Other Public Services. SciSys isstructured to address each of these key markets, as well as offering ongoingsystem support. The substantial contract wins made in 2005 are delivering the anticipatedrevenues this year. Progress is good on all of these projects, which include:the Integrated Regulation programme for the Environment Agency; the GalileoGround Segment for the European Space Agency; and the FRES programme for theMoD. These projects are providing the platform for growth, which was expected,and it is pleasing to report relative improvements in revenues and operatingprofits. During the first half of 2006, SciSys secured several important new wins,including the support contract for the Cabinet Office Knowledge Network, withCable and Wireless, and the On board Software contract for the Cryosat 2spacecraft, with Astrium. SciSys has opportunities to extend its regulatoryoffering into other environment agencies, as well as other regulators. SciSysalso secured an initial contract to help shape the European GMES (GlobalMonitoring for the Environment and Security). This programme represents asignificant opportunity for SciSys and is likely to attract significantinvestment from Europe during the coming years. SciSys' close relationship withthe defence prime contractors is also leading to a range of other newopportunities, which should accelerate growth in 2007. For SciSys, the demerger represents an important step in the business'evolution. The increasing profitability during the last two years and thesignificant long-term contracts secured in the recent past have combined toprovide an excellent platform for growth. The SciSys business is now committedto delivering the results expected from the next stage of this evolution. Business Collaborator Division The Business Collaborator Division (BC) has continued the trend of sustainableprofitable growth begun during 2005. Its focus remains the generation oflong-term revenue streams from clients using the BC product to deliver projectextranets. As a result, the Division now has good visibility of over 50% of itsprojected revenues for the coming 12-month period. Through the period, BC has continued to secure contracts from new and existingclients, with contributions from Halcrow, Balfour Beatty & Costain in the AECsector, Thames Water and United Utilities in the Utilities sector and Primarkand Musgrave in the retail property sector. Within SEDEX (Supplier Ethical Data Exchange), the membership has now grown toover 7,000, with approximately 350 new sites joining monthly. Board During the period, the boards of the new CODA Group and the SciSys Group wereidentified, with appointments of Mark Wells and Mike Greig to the CODASciSysBoard being made shortly after the end of the period. They will both serve onthe new CODA Group Board following the demerger, together with Cliff Preddy,Graham Steinsberg, Bryan Hucker and Jeremy Roche. Mike Love, Mark Hampson and David Jones will comprise the SciSys Group Board,together with Steve Brignall, as Technical Director. Bryan Hucker will alsocontinue to act as Finance Director on the SciSys Board, pending the appointmentof his replacement. Outlook The new CODA Group has a strong pipeline for all product streams and across allmajor territories. The increasing trend towards consolidation in this sectorhas also effectively removed a number of the competitors that CODA hastraditionally encountered. In the case of SciSys, the work it has undertakenwith the Environment Agency on its Integrated Regulation Programme has alreadyopened other avenues for its services and we expect this trend to continue. Atthe same time the various initiatives under way within its Defence and Spacesectors indicate growth opportunities in both these areas. Following the demerger, both new groups are expected to pursue an active growthstrategy, including targeted acquisitions. The demerger should provide anatural environment for future growth of the two groups; and the outlook forboth groups remains positive. Group Profit and Loss Accountfor the six months to 30 June 2006 Restated Restated (see note 8) (see note 8) Unaudited unaudited audited Six months to Six months to Year ended 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000TurnoverExisting operations 39,221 34,469 70,450Acquisitions - 837 2,321 Total Turnover 39,221 35,306 72,771 Staff costs (22,178) (20,771) (42,928)Depreciation (788) (859) (1,605)Amortisation of goodwill (1,525) (1,374) (2,820)Other operating charges (11,403) (9,141) (18,249) Operating profitExisting operations 3,327 3,143 7,105Acquisitions - 18 64 Total operating profit 3,327 3,161 7,169 Total operating profit beforetax, goodwill amortisation 5,077 4,679 10,266and share based payment charges FRS20 Charge (225) (144) (277)Goodwill amortisation (1,525) (1,374) (2,820)Total operating profit 3,327 3,161 7,169 Net interest 289 128 220 Profit on ordinary activities beforetaxation 3,616 3,289 7,389 Tax on profit on ordinary activities (884) (985) (1,840) Profit on ordinary activities aftertaxation 2,732 2,304 5,549 Group Balance SheetAt 30 June 2006 Restated Restated (see note 8) (see note 8) Unaudited unaudited audited 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000Fixed assetsIntangible assets 38,343 37,351 39,858Tangible assets 13,364 13,028 13,202 51,707 50,379 53,060 Current assetsDebtors 21,602 19,615 24,450Cash at bank and in hand 15,522 10,227 10,097 37,124 29,842 34,547 Creditors: amounts falling due (11,332) (10,154) (10,527)within one year Net current assets 25,792 19,688 24,020 Total assets less current liabilities 77,499 70,067 77,080 Creditors: amounts falling dueAfter more than one year (690) - (1,206) Deferred income (18,714) (16,944) (19,323) Net assets 58,095 53,123 56,551 £000 £000 £000Capital and reservesCalled up share capital 6,355 6,350 6,352Share premium account 43,035 42,980 43,008Capital redemption reserve 83 83 83Profit and loss account 8,622 3,710 7,108 Total equity shareholders' funds 58,095 53,123 56,551 Group Cash Flow Statementfor the six months to 30 June 2006 Restated Restated (see note 8) (see note 8) Unaudited unaudited audited Six months to Six months to Year ended 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 Reconciliation of Operating Profit to netcash inflow from operating activities Operating profit 3,327 3,161 7,169Depreciation charge 788 859 1,605Amortisation of goodwill 1,525 1,374 2,820Exchange gains 45 134 133FRS20 Charge 225 144 277Profit on sale of fixed assets - (13) (13)Decrease / (increase) in debtors 2,693 3,736 (594)(Decrease) / increase in creditors and (1,946) (3,493) 155deferred income Net cash inflow from operating activities 6,657 5,902 11,552 Returns on investments and servicing of 289 128 220financeTaxation (289) (858) (1,687)Capital expenditure and financial (712) (623) (1,441)investmentAcquisitions and disposals (10) (1,383) (4,747)Equity dividends paid (472) (306) (1,178) Increase in cash 5,463 2,860 2,719before financing Issue of ordinary share capital 30 - 30 Increase in cash 5,493 2,860 2,749In the year Reconciliation of Movements In Shareholders' Fundsfor the six months to 30 June 2006 Restated Restated (see note 8) (see note 8) Unaudited unaudited audited Six months to Six months to Twelve months to 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 Profit for the financial period 2,732 2,304 5,549 Dividends (1,653) (1,178) (1,178) Retained profit for the period 1,079 1,126 4,371 Exchange adjustments (28) 4 (1)Issue of new shares 3 - 2Premium on issue of new shares 27 - 28Net movement of shares owned in Employee 238 19 44Share TrustFRS20 adjustment to reserves 225 144 277 Net Addition to shareholders' funds 1,544 1,293 4,721 Opening Shareholders' Funds 56,551 51,830 51,830 Closing Shareholders' Funds 58,095 53,123 56,551 Reconciliation of Net Cash Flow to movement in Net Debtfor the six months to 30 June 2006 Unaudited Unaudited Audited Six months to Six months to Twelve months to 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 Increase in cash 5,493 2,860 2,749 Exchange adjustment (68) (145) (164) Movement in net debt 5,425 2,715 2,585 Net cash 1 January 10,097 7,512 7,512 Net cash at 30 June / 31 December 15,522 10,227 10,097 Notes to the Unaudited Interim Report 1 Basis of Preparation of Interim Financial Information The interim financial information has been prepared under UK GAAP on the basisof the accounting policies set out in the Group's Annual Report and Accounts forthe year ended 31 December 2005, as adjusted for FRS 20 (see note 8). The financial information contained in this interim report does not constitutestatutory accounts as defined in section 240 of the Companies Act 1985. Thefigures for the year ended 31 December 2005, as adjusted for FRS 20 (see note8), are extracted from the statutory accounts of CODASciSys plc for that year.The statutory accounts for that year, upon which the auditors issued anunqualified opinion, have been delivered to the Registrar of Companies. 2 Turnover Unaudited Unaudited Audited Six months to Six months to Twelve months to 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 Existing operationsCODA 24,317 22,065 45,292SciSys 13,207 11,154 22,258Business Collaborator and SciSysCommercial 1,697 1,250 2,900 Total existing operations 39,221 34,469 70,450 AcquisitionsCODA - 837 2,321 Total acquisitions - 837 2,321 3 Operating Profit (Excluding Goodwill Amortisation and Share Based Payment Charges) Unaudited Unaudited Audited Six months to Six months to Twelve months to 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 Existing operationsCODA 4,564 4,372 9,203SciSys 979 858 2,007Business Collaborator and SciSysCommercial 346 155 530Group (812) (796) (1,754) Total existing operations 5,077 4,589 9,986 AcquisitionsCODA France - 90 280 Total acquisitions - 90 280 4 Operating Profit Unaudited Unaudited Audited Six months to Six months to Twelve months to 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 Existing operationsCODA 3,106 3,170 6,799SciSys 956 845 1,991Business Collaborator and SciSysCommercial 193 2 224Group (928) (874) (1,909) Total existing operations 3,327 3,143 7,105 AcquisitionsCODA France - 18 64 Total acquisitions - 18 64 5 Taxation Unaudited Unaudited Audited Six months to Six months to Twelve months to 30 June 2006 30 June 2005 31 December 2005 £000 £000 £000 UK and overseas corporation tax 1,097 1,053 2,591Adjustment relating to an earlier year (364) - (739)UK income tax - 13 39Deferred taxation 151 (81) (51) 884 985 1,840 The charge for taxation for the six months ended 30 June 2006 reflects theanticipated effective rate for the period. 6 Basic Earnings per Share Unaudited Restated Restated Six months to (see note 8) (see note 8) 30 June 2006 Unaudited Audited Six months to Twelve months to 30 June 2005 31 December 2005Basic 11.6p 9.8p 23.5pDiluted 10.7p 8.9p 21.5p Basic earnings per share are calculated by dividing the profit after taxationattributable to the shareholders of £2,732,000 (30 June 2005 £2,304,000; 31December 2005 £5,549,000) by the weighted average number of shares in issueduring the period (excluding own shares held in the Science Systems EmployeeShare Trust ("EST") and the CODASciSys No. 1 Employees' Share Trust ("No. 1Trust") which holds shares in respect of the Executive Share Ownership Plan) of23,634,806 ordinary shares (30 June 2005 23,574,569; 31 December 200523,583,905). Diluted basic earnings per ordinary share are calculated by dividing the profitafter taxation attributable to the shareholders of £2,732,000 (30 June 2005£2,304,000; 31 December 2005 £5,549,000) by the weighted average number ofshares in issue during the period (excluding own shares held in the EST, butafter taking into account options outstanding during the period) of 25,610,308ordinary shares (30 June 2005 26,001,876; 31 December 2005 25,788,245). 7 Adjusted Earnings per Share Unaudited Restated Restated Six months to (see note 8) (see note 8) 30 June 2006 Unaudited Audited Six months to Twelve months to 30 June 2005 31 December 2005Basic 18.0p 15.6p 35.5pDiluted 16.6p 14.1p 32.5p Adjusted basic earnings per ordinary share excluding amortisation of goodwillare calculated by dividing the profit after taxation excluding amortisation ofgoodwill attributable to the shareholders of £4,257,000 (30 June 2005£3,678,000; 31 December 2005 £8,369,000) by the weighted average number ofshares in issue during the period (excluding own shares held in the EST and theNo. 1 Trust) of 23,634,806 ordinary shares (30 June 2005 23,574,569; 31 December2005 23,583,905). Diluted adjusted basic earnings per share excluding amortisation of goodwill arecalculated by dividing the profit after taxation excluding amortisation ofgoodwill attributable to the shareholders of £4,257,000 (30 June 2005£3,678,000; 31 December 2005 £8,369,000) by the weighted average number ofshares in issue during the period (excluding own shares held in the EST, butafter taking into account options outstanding during the period) of 25,610,308ordinary shares (30 June 2005 26,001,876; 31 December 2005 25,788,245). 8 Prior Year Adjustments The new Accounting Standard, FRS 20 'Share-based payments' requires companies tocharge the fair value of share-based payment transactions to their profit andloss accounts over the period for which these arrangements apply. Thecomparative Profit and Loss Accounts and the Balance Sheets for the periodsended 30 June 2005 and 31 December 2005 have been restated in accordance withFRS 20. The effect of FRS 20 on each Profit and Loss Account has been to restate staffcosts, with the result that the retained profit is reduced by £144,000 for theperiod to 30 June 2005 and by £277,000 for the period to 31 December 2005. FRS 20 has no effect on each Balance Sheet due the fact that in each period theadditional charge to the profit and Loss Account gives rise to an equal andopposite adjustment to reserves. This reflects the fact that each charge isnotional and does not give rise to an actual reduction in net assets. FRS 21 was applied for the first time in June 2005. At that time, dividends werecharged to the accounts during the period in which they were proposed. Sincethat time, it has become best practice to charge interim dividends, proposed bythe directors, during the period when payment has actually been made. The effectof this restatement has been to increase the value of distributable reservesbrought forward at 1 January 2005 by £306,000 and also to increase the dividendpayable during the six months to 30 June 2005 by the same amount. 9 Statement of Total Recognised Gains and Losses Restated Restated (see note 8) (See note 8) audited Unaudited unaudited Twelve months to Six months to Six months to 31 December 2005 30 June 2006 30 June 2005 £000 £000 £000 Profit for the financial period 2,732 2,304 5,549Exchange adjustments (28) 4 (1) Total recognised gains and losses 2,704 2,308 5,548relating to the period Prior year adjustment (see note 8) (277) - - Total recognised gains and losses since 2427 2,308 5,548last report 10 Interim Dividend An interim dividend equating to a payment of 2.8p for each existing CODASciSysshare will be paid on 27 October 2006 following the Demerger on the basis of0.75p for every new CODA plc share and 0.55p for every SciSys plc share (2005:total 2.0p) to shareholders on the respective CODA and SciSys registers on 13October 2006. The shares are expected to go ex-dividend on 11 October 2006.Shareholders will be receiving three CODA shares for each existing CODASciSysshare. Interim Report The Interim Report will be posted to shareholders shortly and copies will beavailable from CODASciSys plc's Registered Office, Methuen Park, Chippenham,Wiltshire, SN14 0GB. This information is provided by RNS The company news service from the London Stock Exchange