Trading Update

25 May 2005 07:00

CODASciSys PLC25 May 2005 CODASciSys plc TRADING UPDATE PRIOR TO ANNUAL GENERAL MEETING CODASciSys plc ("CODASciSys"; stock code: CSY), the Chippenham-based supplier ofspecialist software, consultancy and IT services, is issuing this trading updateahead of its Annual General Meeting later today. CODASciSys is pleased to report that both the CODA and SciSys Divisions havecontinued to perform well and, at this stage of the year, the Group expects itsresults for 2005 to be in line with market expectations. The CODA Division added 33 new names to its client list in Q1 - a record for afirst quarter. Notable wins included Henderson Group plc, NovaStar FinancialInc. and Initial Style Conferences. We are also pleased to announce, today, ourlatest contract success with Four Seasons Health Care. The contract is worth£300,000 for licences and services over the next 12 months. Of particular note is that the demand for consultancy services is recoveringacross all geographies. Following its acquisition in January, CODA France isnow fully integrated into the CODA business. It is pleasing to report that itsearly results and outlook are ahead of expectations at the time of theacquisition. The new business pipeline within CODA remains strong. The SciSys Division has seen continued progress in the Space Sector with earlyinvolvement in the prestigious Galileo Programme, and several new projectsunderway for both On Board Software and Simulation. Within Defence, extensionsto existing projects for development and support of systems within the MODhelped deliver early results ahead of target. Public Sector activity isproceeding in line with expectations and the newly developed "RegulatoryCompliance Offering" is expected to deliver improvements within this sector, asthe year progresses. The outlook for the division remains healthy. The Business Collaborator Division has made advances in the early part of theyear. In its pursuit of gaining long term project revenues, it won aprestigious three-year contract to provide extranet services to Thames Water forits Asset Management Programme and a contract to provide Edmund Nuttall withlicences for the next three years. For the remainder of the year, CODASciSys will aim to achieve steady organicgrowth and use operating cash flows to undertake a considered acquisitionstrategy aimed at providing optimum scale within both major business units.SciSys is identifying acquisition opportunities which can assist its growth inthe Space, Defence and Public Sectors. CODA will continue to pursue a growthstrategy that focuses on a broadening of the "financial intelligence" productrange, as well as geographical expansion within Europe. Graham Steinsberg, Group Chief Executive, CODASciSys, telephone 01249 466466Barrie Newton, Rowan Dartington, telephone 0117 9330011 This information is provided by RNS The company news service from the London Stock Exchange