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SciSys

  • BY: Andrew Hore |
  • POSTED: 21/01/2013 |

IT services provider SciSys expects to meet profit expectations for 2012 but business in the public sector remains tough. 

Although it is tough to grow revenues SciSys is succeeding in improving margins.

The main problem area is the environment division which has limited revenue visibility. However, the overall order book is strong and all parts of the business are expected to make a positive contribution in 2013. SciSys has signed up more tenants for the spare space at its head office and the rent will contribute to overheads in 2013. 

The MakaluMedia acquisition is being integrated and the software engineer and consultancy
did not make a significant contribution in 2012.

Pre-tax profit is forecast to rise from 2.2m in 2011 to 2.4m in 2012. The revenue forecast for 2013 has been trimmed back to 4.6m but and improvement in operating margin from 6.6% to 7.1% will help profit improve to 3.1m.

At 68p a share, down 4p, SciSys is valued at 19.8m. The shares are trading on 10 times 2012 estimates, falling to eight in 2013.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2013_40.pdf

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