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  • BY: Andrew Hore |
  • POSTED: 17/10/2010 |

IT services provider SciSys has produced strong first half figures and has a strong order book but worries about government spending have held back the share price.

A poor performance by the space division was more than made up for by good performances in the government, environmental and broadcast divisions.

SciSys reported a profit of 600,000 on revenues 3% higher at 20.9m in the six months to June 2010.

Underlying profit should edge up from 1.6m to 1.68m this year but there is a good chance of a greater improvement to 2.24m.  However, uncertainties about government spending could still prevent SciSys achieving that 2011 forecast. The shares are trading on less than nine times 2010 earnings, potentially falling to seven in 2011.

Slow payments by the European Space Agency kept down the cash balance but SciSys still had net cash of 2.8m at the end of June 2010. 

At 41.5p a share, SciSys is valued at 12m. 

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