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  • BY: Andrew Hore |
  • POSTED: 29/08/2007 |

IT services company SciSys is facing a bigger than expected loss on two contracts. 

SciSys had already warned that the two contracts would have a negative impact on the first half figures but now it says that it will affect both halves and be more extensive than first thought. On top of that defence contracts have been delayed. Contracts owrht £9m have been won in the first half.

Revenues of £24.5m were forecast for 2007 but they will be significantly lower than that and profits will be “materially affected”.

The shares have more than halved since accounting software provider CODA was spun off. This business has always been inconsistent but it has a strong balance sheet. Management intends to use the cash in the balance sheet to finance an acquisition which it expects to unveil by the time of the interim announcement on 18 September. The acquisition should widen the scope of the business and its customer base. 

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