SCISYS PLC ("SCISYS"), the supplier of bespoke software systems, IT-based solutions and support services to the space, media & broadcast, government, defence and commercial sectors is pleased to announce its interim results for the half year to 30 June 2018. The Directors anticipate that SCISYS will deliver further year-on-year growth in 2018, and that trading results will be more evenly spread over the two halves of the financial year than in previous years.
Financial and Operational Highlights:
· Adjusted operating profit up to £2.5m (2017: £1.2m restated).
· Revenues up 13% to £28.7m (2017: £25.3m restated).
· Half-year order book approaching £100m (2017: £64m).
· Net debt reduced to £3.3m (2017: net debt £9.0m).
· Interim dividend up 10% at 0.65 pence per share (2017: 0.59p).
· Adjusted basic earnings per share 6.1p (2017: 1.4p).
· ESD division had a particularly strong first half year, with a number of key contract extensions.
· M&B division renewed a long-term BBC maintenance contract extension by at least 7 years.
· Early termination of Annova ring-fencing arrangements agreed with former owners to close out the earnout period and accelerate potential integration gains.
· BBC's flagship TV news programmes now running live on OpenMedia software.
· Space division had an excellent first half year and secured a €3.9m contract for the EGNOS programme.
Mike Love, Chairman of SCISYS, commenting on the results, said:
"We are delighted by our continued solid operational performance and key contract renewals. In particular, our Space division's contract win with Airbus for developing the global navigational EGNOS V3 ground segment is encouraging evidence of our ability to continue participation in EU-funded programmes. Cash flow is healthy and our balance sheet increasingly strong. We expect our financial results to be more evenly spread over the year. The board also expects, based on current performance, to deliver further year-on-year growth for 2018."