Space order intake lifts SciSys’ outlook at AGM but shares lose height

May 23, 2014

Shares in West specialist software and IT group SciSys, best known for its work in the space sector, dipped on Thursday despite it issuing an upbeat statement at its AGM.

The group, which has an office in Bristol and supplies highly-complex systems to the global space, defence and media industries, told shareholders it was making further profitable progress and was on track to meet its own estimates for the full year.

It had a strong balance sheet, continued to be cash generative from operations and had an order book in line with expectations, it said.

All its divisions, which are experts in their niche markets, were contributing to the progress of the group, which also has offices in Bristol and Reading and three bases Germany

The Chippenham-headquartered group, whose roots are in the space industry, has so far this year announced three contract wins in the space division worth a total of €8m (£6.48m) in revenue spread over the next few years.

Its media & broadcast division secured support and maintenance orders with a number of long-standing customers valued at around €4m (£3.24m), while its enterprise solutions & defence division had an order book that was ahead of average levels over the past 12 months and was further backed by a strong pipeline of future prospects.

By late yesterday afternoon, SciSys shares were trading down 2.5p – or 2.76% – at 88p.




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