SCISYS (LON:SSY) - Resilient performance in FY12
Mar 21st 2013 - Edison Investment Research today published a report on SCISYS (SSY.L, LSE:SSY, LON:SSY) entitled "Resilient Performance In FY12". In summary, the report says:
SCISYS recorded a resilient performance in FY12 despite the challenging backdrop, with adjusted operating profit lifting 13% to £2.7m and operating margins approaching 7%. This was in spite of lower revenues, reflecting the planned reduction in low-margin hardware and software re-sales, along with exchange rate movements. While professional fees revenue slipped 3.5% to £25.6m, this was flat when adjusted for the 6.5% decline in the average €/£ rate from the previous year. The group continued its strong cash-generation profile of recent years, swinging from £0.8m net debt at 30 June to £1.2m net cash at year end. The shares are attractively rated and management has shown its optimism by boosting the dividend by 9% to 1.32p.
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