Sep 27th 2012 - Edison Investment Research today published a report on SCISYS (SSY.L, LSE:SSY, LON:SSY) entitled "Continued Margin Improvement". In summary, the report says:
SCISYS has reported an in line set of interim results, with adjusted operating profit up 8% at £1.3m. Margins improved by 85bp as revenues dipped by 11%. The revenue decline reflected a very strong comparative period along with a reduction in low margin product re-sales and the weaker euro. The order book is healthy at £25.3m in July, up 8% over the year, with particularly strong positions in the Space and Government & Defence divisions. Our maintained profits forecasts and margin target suggests a valuation of c 87p or 53% above the current share price.
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