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Scisys' FY pretax profit tumbles

By BFN News | 07:40 AM | Thursday 31 March, 2016

Scisys has booked a FY pretax profit of GBP0.6m, from GBP3.0m a year ago. Revenue totalled GBP36.1m, from GBP40.3m. Its 2016 opening order book totalled GBP37.2m, from GBP30.3m. "SCISYS advised investors in June 2015 that it was experiencing difficulties in one major fixed price development project in its Enterprise Solutions & Defence (ESD) division," the company said. "We made provisions at that juncture for the anticipated additional costs to complete the project and issued revised market guidance for the then anticipated full year's trading performance. "In the interim the issues with the problem project have been fully resolved and concluded in a manner satisfactory to both the Company and the customer. "During the second half of the year we started seeing a healthy recovery in trading with a number of significant contract wins announced at the end of 2015. "We are seeing an encouraging start to 2016 and anticipate a healthy first half. However, the volatile sterling/euro exchange rate remains a factor." Story provided by

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