Business description

SCISYS provides a range of professional services in support of the planning, development and use of computer systems in the space, media/broadcast and defence sectors, as well as to other public and private sector enterprises.

Stock data

Market cap.£39.4m
Last close134.50p
High / Low (52 weeks)136.5p / 92.0p
Stock market listingLN
Forecast net debt (£m)5.9
Forecast gearing ratio (%)25

Price performance

Relative *3.719.930.5

* % Relative to local index

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Company news

Scisys Plc

Wed, 01 Jun 2011 16:35:29 GMT

Scisys' ANNOVA Acquisition Boosts Revenue But Leads To Interim Loss

Thu, 21 Sep 2017 10:07:30 GMT

Are Analysts Bullish about SciSys plc (LON:SSY) after last week?

Wed, 21 Feb 2018 15:33:45 GMT

Are Analysts Bullish SciSys plc (LON:SSY) After Last Week?

Wed, 07 Feb 2018 20:55:17 GMT

SciSys wins place on Met Police framework

Fri, 28 Apr 2017 07:23:52 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 36.1 1.5 0.6 1.3 103.5 24.8
2016A 45.7 4.0 3.0 9.2 14.6 11.3
2017E 55.2 5.6 4.0 11.2 12.0 5.1
2018E 55.8 6.0 4.4 11.8 11.4 7.0

Last updated on 15/02/2018

Investment summary

In its pre-close trading update, SCISYS said it expects "trading results will comfortably meet current market guidance". Cash flow was "particularly healthy", with end-FY17 net debt £0.6m better than we forecasted at £5.9m. The strong organic growth enjoyed in late 2017 continued into 2018. The order book is at record levels with new business across all sectors, and notably the Space division's coveted €18m contract win with OHB System. ANNOVA's integration is progressing steadily, and there have been cross-sales effected and synergies realised with Media & Broadcast. Management’s goal to achieve £60m in revenues and double-digit margins within three to five years looks conservative, and we believe the stock looks attractive on c 11x our maintained FY18e EPS.

Last updated on 02/03/2018

Industry outlook

SCISYS is a specialist provider of high-value IT solutions, focusing on specialist markets of space, media and broadcast, and defence sectors, along with other public and private sector enterprises. In recent years, weakness across the group's significant public sector customer base has been offset by strong performances from space and defence. The recent acquisition of ANNOVA Systems adds critical mass to the Media & Broadcast activities while extending the previous radio-focused offering into television and online.

Last updated on 02/03/2018

Key management

Mike Love, Chairman
Klaus Heidrich, CEO
Chris Cheetham, FD

Company address

Methuen Park
SN14 0GB
United Kingdom
+44 (0)1249 466466
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