Trading Update

16 Jan 2006 07:00

CODASciSys PLC16 January 2006 Embargoed until 7.00am 16 January 2006 CODASciSys plc YEAR-END TRADING UPDATE AND CHANGE OF ADVISER CODASciSys plc ("CODASciSys") is today providing an update on its performancefollowing the end of its financial year on 31 December 2005. 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 profits before tax (EBITA) for the yearended 31 December 2005 are expected to be slightly ahead of market expectationsboth for the Group as a whole and for all operating divisions. The Group hascontinued to be cash generative and despite making acquisitions with a combinedcash outlay in the period in excess of £4.5m, net cash as at 31 December 2005increased to £10.1m (2004: £7.5 m). The CODA Division (accounting, financial intelligence and corporate compliancesolutions) reported continued strong contributions from the organic business andthe results from the acquisitions made earlier in the year are expected to be inline with expectations. Sales were evenly spread by territory, with the UK,Holland and the US particularly strong. Demand for core financial systemsremained strong, whilst the recently acquired consolidation system, OCRA,yielded early successes. The addition of the SOCETTM compliance product duringthe period contributed to a significant increase in the number of users of CODAControl - CODA's compliance application range. The pipelines remain healthyacross the product range. Recent new wins within the CODA Division include: UK loss adjuster, CunninghamLindsey, Saga Group, and The Province of South Holland, plus additional businessfrom ABN Amro. SciSys (Space, Defence and Public Sector specialists), saw positivecontributions from each of its three sectors. The major contracts announcedduring the second half, notably on the Galileo project (Space) and TheEnvironment Agency (Public Sector), began to bear fruit towards the end of theperiod. These projects have also created a solid platform for 2006 and beyond. Other key contracts secured in the Public Sector during the period includeprojects for the Debt Management Office, Highways Agency and SWeGG (the SouthWest Environmental Group). In the Space Sector SciSys has also securedextensions to two existing contracts at the European Space Operations Centre andfurther work under the Aurora programme. The Business Collaborator Division continued the progress made in the first halfof the year, with an improved positive contribution in the second half. Announcement of Preliminary Results for 2005 The Preliminary Results for the year ended 31 December 2005 will be announced onThursday 16 March 2006. Change of Adviser The Board are also pleased to announce the appointment of Bridgewell as theNominated Adviser and Broker to the Company with immediate effect. CODASciSysplc has enjoyed an excellent working relationship with Rowan Dartington sinceflotation in 1997 and expects this to continue in the future. Ends FOR FURTHER INFORMATION PLEASE CONTACT: Graham Steinsberg, Group Chief Executive, CODASciSys, telephone 01249 466466Ian Dighe, Bridgewell, 0207 003 3000Simon Bridges, Bridgewell, 0207 003 3000or email investorrelations@codascisys.co.uk Background Information The CODASciSys Group The CODASciSys Group, based in the UK, provides IT services and businesssolutions to a broad, worldwide base of clients. It comprises two maindivisions, the CODA Division (CODA) and the SciSys Division (SciSys), and iscommitted to delivering quality services, solutions and consultancy that deliverreal business benefits. CODA is focused on the delivery of financial intelligence through solutionsbased around financial analytics and accounting. SciSys concentrates ondelivering professional software services and on designing and building systemsthat incorporate third party packaged software. Each Division addresses well defined markets and together they serve a largeinternational client base. The Group supplies solutions that include financialaccounting and intelligence systems, management information systems andreal-time control systems. It supplies services that include consultancy,project management, system design, implementation and support and maintenance. The market sectors in which the Divisions operate include Utilities, Defence,Government, Communications, Retail, Business Services, Space, Transport, Bankingand Insurance. Clients are typically blue chip organisations, and largegovernment or quasi-government institutions. Within the UK, the Group has offices in Chippenham, Harrogate, Bristol, Reading and Nottingham. It services clients internationally through a network of direct offices in North America, The Netherlands, Belgium, Germany, France, Sweden, Hungary, Singapore, Malaysia and Australia and partners throughout the rest of the world. This information is provided by RNS The company news service from the London Stock Exchange