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SciSys

  • BY: Andrew Hore |
  • POSTED: 03/12/2009 |

IT services provider SciSys says that its 2009 results will be ahead of market expectations.

SciSys adds that 2010 is on course to start positively.

SciSys is benefiting from cost cutting and the completion of unprofitable contracts as well as gaining new business. Underlying operating profit was originally expected to improve from 900,000 to 1.3m in 2009. The interim operating profit was 600,000.

Net cash was 1.3m at the end of June 2009 and the dividend has been reinstated.

David Jones has been appointed as chief operating officer and the operational divisions will report to him.

At 46.5p a share, up 3.5p on the day, SciSys is valued at 13.5m.

In October 2009, SciSys won a contract with AGeoBW, the German Military Geo-information Service. The total value of the contract will be around 1m. A contract of a similar value has been won with the European Space Agency. 

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