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  • BY: Andrew Hore |
  • POSTED: 08/04/2014 |

IT services provider SCISYS has been given a one year extension to a European Space Agency contract.

SCISYS is providing a flight dynamics operations engineering service to the operations centre in Germany. This will generate 5m in 2014, which is around 10% of the forecast revenues of 44.3m.At the end of 2013, the order book was worth around 33.7m at the end of January.

In 2013, revenues improved from 39.5m to 42.6m with the growth coming from the space systems division. Underlying profit improved from 2.45m to 3m, although this includes exceptional charges of 1.19m, up from 328,000, relating to restructuring costs. The restructuring enabled the combined enterprise solutions division to report a higher profit despite a dip in revenues. The media and broadcasting division was hit by delayed orders.

House broker finnCap forecasts an improvement in profit to 3.2m, although a higher tax charge will leave earnings per share unchanged at 8.8p a share.

At 92p a share, SCISYS is valued at 26.8m. The shares are trading on just over 10 times prospective 2014 earnings. The prospective dividend yield is 1.7% - based on 1.6p a share dividend.

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