Pre-close Trading Update
Pre-close Trading Update
SCISYS PLC ('SCISYS' or the 'Company'), the supplier of bespoke software systems, IT based solutions and support services to the Media & Broadcast, Space, Government and Defence sectors, announces a trading update for the year ended 31 December 2013 prior to entering its close period.
The Directors are pleased to report underlying results for 2013 in line with September's market guidance. Healthy order intake in the fourth quarter enables the Company to enter 2014 with a solid opening order book and an encouraging new business pipeline to underpin expectations for the year. The balance sheet remains strong.
The Enterprise Solutions & Defence (ESD) division traded with increasing confidence in the second half of 2013, securing several new contract wins in the final quarter. The Space division's performance echoed that of ESD and the improvement in order intake towards the year end provides a solid foundation for the prospects of ESD and Space for 2014 and beyond. Deferred procurement activity amongst its existing and prospective customer base continued to have an adverse impact on the order intake of the Media & Broadcast division.
The financial benefit of the restructuring actions taken during the second half year, focused on aligning the Company's cost base with changes in its operating markets, will be felt fully in 2014.
SCISYS announced on 20 December 2013 that Klaus Heidrich would take over from David Jones as Chief Executive Officer on 1 January 2014. This change was part of the Group's previously announced succession planning process. David Jones remains as an Executive Director and Deputy Chairman.
The Board believes that SCISYS can deliver further profitable progress in 2014. Acquisition opportunities will continue to be monitored by the Board during the year and will be pursued where strategically appropriate.
Commenting, Chairman of SCISYS, Mike Love, said:
"Despite several challenges during the second half I am pleased to report that our full year results for 2013 will be in line with expectations and that the Company has been able to deliver another performance which emphasises the resilience of the Group as a whole."
SCISYS expects to report its preliminary results for the year ended 31 December 2013 on 26 March 2014.
For further information please contact:
Tel : +44 (0) 1249 466 466
Chief Executive Officer
Tom Cooper / Paul Vann
Tel : +44 (0) 797 1221972
Tel : +44 (0) 207 220 0500