IT services provider SciSys was cautious about its second half but it went better than expected and profits were ahead of expectations.
House broker Canaccord Genuity has increased its underlying 2010 operating profit forecast from £1.7m to £2m.
There were worries about the government and defence division but it has diversified its activities and has a number of potential projects. The environmental division has a short-term order book but there is little visibility further out.
Even so, SciSys has a “comfortable order book”. The broadcast and space divisions have good order books. Broadcast continues to win new business. The latest is with the Egyptian Radio & Television Union. Recent orders are worth €2.5m.
There was net cash of £4.8m at the end of 2010. At 48p a share, up 6p, the cash covers one-third of the company’s market value of £14m.
The full year figures will be reported on 29 March.
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