Trading Update

25 May 2006 07:01

CODASciSys PLC25 May 2006 25 May 2006 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 all Divisions have continued to performwell and, at this stage of the year, the Group expects its results for 2006 tobe in line with market expectations. The CODA Division is seeing considerable interest in its new compliance andconsolidation solutions, with sales and a growing pipeline in both the US andelsewhere. Early sales of OCRA, the Swedish financial consolidation productacquired in 2005, have now been secured in existing and new clients outside theNordic market, where sales also continue. Sales of CODA Control Assessor, aninternal controls evaluation and testing product bought last year, have alsobeen made to both existing and new clients, and demand for such solutions isgrowing. Sales of the core financial management systems remains solid, with notable winsincluding Farrow & Ball, Inspace, Ligne Roset and IXIS Securities, and there isa healthy pipeline of new and existing client business. Attention has been focused on ensuring that the operations acquired in 2005, arefully integrated and operating successfully and profitably, and this isprogressing well. Building on the new operation in Budapest, CODA opened anoffice in Prague in April, to support existing clients and exploit newopportunities in Eastern Europe. The SciSys Division is continuing to progress well with its strategy of focusedactivity in its 3 main sectors. In the public sector, the Integrated Regulationprogramme for the Environment Agency has progressed well with a team ofapproximately 50 staff now involved. This work, combined with frame contractwins under two Government Agency catalogues (Catalist and GSI) provides goodopportunities to secure further business in this sector. In Defence, we continueto work with several prime contractors on the major defence programmes includingJETTS and FRES and the strength of our third party alliances is helping securewider involvement in the programmes than originally envisaged. Within the Spaceunit, our early involvement in the Galileo programme has been converted intoseveral large projects providing for full utilisation of the team. The outlookfor the Division remains healthy. Business Collaborator has continued to deliver strong results in the period. Itcompleted the phase 1 implementations for the three Asset Management Programmesfor United Utilities, Southern Water and Thames Water. Recent further successeswithin Yorkshire and Dee Valley water have positioned BC as the clear leader inthe provision of Collaboration solutions to the Utilities market. The SEDEXinitiative continues to show strong growth with a continued increase inmembership of over 400 new sites per month. For the remainder of the year, CODASciSys will aim to achieve continued growthin shareholder value. All divisions will be aiming for organic growth and thegroup will use continued strong operating cash flows to pursue appropriateacquisitions. Ends FOR FURTHER INFORMATION PLEASE CONTACT: Graham Steinsberg, Group Chief Executive, CODASciSys, telephone 01249 466466Bridgewell 0207 003 3000 This information is provided by RNS The company news service from the London Stock Exchange