SSY.L Regulatory News (SSY)

17 Jan 2005 09:00

CODASciSys PLC17 January 2005 CODASciSys plc YEAR-END TRADING UPDATE CODASciSys plc ("CODASciSys") is today providing an update on its performancefollowing the end of its financial year on 31st December 2004. Quoted on AIM(stock code: CSY), CODASciSys has its headquarters in Chippenham and is asupplier of specialist software, consultancy and IT services. CODASciSys is pleased to report that its results for the year ended 31stDecember 2004 are expected to be slightly ahead of its house broker'sexpectations for the Group as a whole and for both principal operatingdivisions. The Group has continued to generate cash with year end net cash of£7.3 million (2003: £6.8 million) after net expenditure of £3.9 million onfreehold property for its Harrogate operations during the year. The CODA Division (financial intelligence and accounting solutions) reported asmall downturn in revenues at half year compared with the same period in 2003,reflecting increased competition and pricing pressure. We are pleased to reportthat H2 has shown a reversal of this position and we now expect results for H2to be ahead of both H1 and the comparable period in 2003. Early indications arethat this improvement is being maintained into the first quarter of 2005. Recent account wins include: in the US, LIN TV, using CODA's latest release tomanage and automate the processes around Sarbanes-Oxley, in the UK, InitialStyle Conferences, AMF Bowling and Cash Converters, and in Germany our first newbusiness win - International Transport Company JF Hillebrand for implementationof its finance systems across 20 locations worldwide. This follows the openingof our new office in Germany. The SciSys Division has continued to progress throughout the period. It isparticularly pleasing to note that revenues have continued to move ahead in allkey sectors, Space, Defence and Public Sector. Revenues in the second half areexpected to show improvements both over H1 and the comparable period last time,demonstrating that the return to health of this business has been sustained.The current order book and prospect activity indicate that this position isbeing maintained into 2005. Recent business wins for SciSys include a framework contract with the EuropeanSpace Operations Centre (ESOC), giving the opportunity to bid for approximately€70M of contracts over the next five years together with one of the firstcontracts to be let under that framework (value approximately €0.9M) for thedevelopment of the Aeolus simulator. In the Defence Sector, SciSys secured aninitial contract for £0.7M where SciSys is a member of the successful consortiumwhich bid for the JETTS contract. The Preliminary Results for the year ended 31st December 2004 will be announcedon Thursday 17 March 2005. Ends________________________________________________________________________________ FOR FURTHER INFORMATION PLEASE CONTACT: Graham Steinsberg, Group Chief Executive, CODASciSys, telephone 01249 466466Barrie Newton, Rowan Dartington, telephone 0117 925 3377 This information is provided by RNS The company news service from the London Stock Exchange