25 May 2012

SciSys turns to space for profit

29/09/2011 Ben Jaglom

Technology group SciSys (SSY) grew profits for the six months to June as its space division swung into profit.

The AIM-quoted group has declared interim pre-tax profits of £1.1 million (2010: £600,000) on turnover of £22 million (2010: £20.9 million.). Earnings per share increased from 1.9p to 2.2p while the interim dividend rose from 0.33p to 0.36p a share and net debt eased to £2.4 million (2010: £2.8 million.)

The company saw sales in its space division, which makes technology for groups such as the European Space Agency , rise from £5.67 million to £7.4 million. Sales in SciSys's government and defence division grew from £2.3 million to £3.3 million, while its 'environment' division saw turnover slip from £4 million to £2.4 million and its media and broadcast division grw turnover from £3.4 million to £3.8 million.

Chairman Mike Love argues the company's order book is 'holding up nicely' with a 'good flow of new contracts'. He points out noting SciSys has 'come into 2011 with north of 50 per cent (of the full year sales target) already secured'.

Regarding its 'media' division, which supplies technology to various media groups, he maintains that 'across Europe we are seeing a number of public sector broadcasters looking at updating their systems.'

Analysts at house broker Canaccord are forecasting pre-tax profits of £2.1 million, for earnings of 4.68p a share, on sales of £45 million for the year to December 2011. For 2012, the broker has pencilled in profits of £2.8 million, for earnings of 7.19p a share on revenues of £45.5 million.

Last rated by Growth Company Investor this July as a hold the shares currently trade at 43.25p. Though the improvement in margins driven by cost control measures are an encouraging step they do little to alter our view on the group. Hold.

Tags: Space group, Technology

Sector: Software & Computer Services

Companies: SciSys

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