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SciSys

  • BY: Andrew Hore |
  • POSTED: 26/01/2010 |

IT services provider SciSys says that its profit and cash will be marginally better than expected.

House broker Canaccord had forecast a recovery from loss to a pre-tax profit of 500,000 in 2009. Net cash will be around 2.4m.

The company has a strong order book but management is cautious about 2010 because of the public sector uncertainty caused by the election. 

SciSys is a supplier to Capgemini for a seven year IT outsourcing contract for the public sector.

At 46.5p a share, up 1p on the day, SciSys is valued at 13.5m. The shares are trading on less than 10 times 2009 earnings, falling to eight in 2010. earnings per share growth is held back by the increasing tax charge. 

Full year figures will be published on 25 March.

Microgen has reduced its stake to below 3%.

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