Interim results for the six months ended 30 June 2019
SCISYS Group PLC ("SCISYS" AIM SSY; ESM: SCC), the supplier of bespoke software systems, IT-based solutions and support services to the space, media & broadcast, government, defence and commerce sectors, is pleased to announce its interim results for the half year to 30 June 2019.
Financial and Operational Highlights:
· Cash offer of 254.15p per share from CGI approved by shareholders in August
· Revenues up 2% to £29.4m (2018: £28.7m)
· Adjusted operating profit at £1.2m (2018: £2.5m)
· Order book increased to £102.5m (2018: £92.2m)
· Net debt reduced to £3.0m (2018: net debt £3.3m)
· Adjusted basic earnings per share 2.2p (2018: 6.1p)
· Enterprise Solutions and Defence (ESD) division delivered record first half results, building on previous contract extensions and wins
· Space division in Germany secured further Galileo ground segment orders of €9.7m
· Media Solutions division registered a strategic win with a major European broadcaster for newsroom software
Mike Love, Chairman of SCISYS, commenting on the results, said:
"We are pleased with our continued solid operational performance and my thanks goes out to the divisions and staff for achieving these results. Understandably, the takeover offer from CGI that was announced on 14 June significantly occupied SCISYS senior management and resulted in some exceptional expenditure. Notwithstanding this, we have delivered a creditable set of results for the period.
Our shareholders voted to approve the CGI takeover on 7 August which we expect to complete in the second half of 2019; we are currently working with CGI to obtain the necessary regulatory approvals for the bid to proceed to the final Court approval stage.
The business continues to perform in line with board expectations though, as already highlighted and in common with previous years, we expect our 2019 results to be more weighted towards the second half of the financial year."