14 Oct 2015 07:00
SCISYS PLC
Resolution of outstanding issues surrounding problematic project
SCISYS PLC ('SCISYS' or the 'Company'; AIM: SSY) - the supplier of bespoke software systems, IT based solutions, web and mobile application development and support services to the Media Broadcast, Space, Government, Defence and Commercial sectors - in its trading update in June 2015, notified the market of an isolated problematic project in its Enterprise Solutions & Defence division which would have an adverse impact on the performance of the Company.
In its interim statement on 24 September 2015, SCISYS stated that constructive progress was being made with the client to resolve the issues.
SCISYS is now pleased to confirm that it has reached an agreement with the client that has brought the project to a mutually satisfactory conclusion. This brings clarity to the uncertain position that prompted the trading update in June. 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.
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 | |
WalbrookPR Tom Cooper/Paul Vann | +44 (0) 20 7933 8780 +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 organizations. 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