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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Scisys Group Plc | LSE:SSY | London | Ordinary Share | IE00BD9PKV79 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 253.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMSSY
RNS Number : 4883K
SCISYS PLC
22 September 2016
The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).
SCISYS PLC
INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2016
SCISYS PLC, AIM stock code: SSY, ('SCISYS', the 'Group' or the 'Company') - the supplier of bespoke software systems and IT based solutions for its clients' core business processes is pleased to announce its Interim Results for the six months ended 30 June 2016.
Financial and Operational Highlights:
-- Operating profit at GBP1.1m (2015: loss of GBP1.1m).
-- Revenue up 35% to GBP22.2m (2015: GBP16.5m).
-- Strong closing half year order book of GBP35m (2015: GBP28m).
-- Net funds of GBP1.4m (2015: net debt GBP1.9m).
-- Interim dividend reinstated at 0.53 pence per share.
-- Basic earnings per share at 2.8 pence (2015: loss per share of 4.9 pence).
-- The South African Broadcasting Corporation buys dira! from M&B division.
-- ESD provides support to Vodafone for the UK national 105 phone line service.
-- Space division secures over GBP3.2m of new contracts, mainly from existing programmes.
Mike Love, Chairman of SCISYS, commenting on the results, said:
"We are pleased with this bounce back to profitability and healthy organic growth in revenues at the half-year mark. At this point in time we fully anticipate that we can achieve the uplift in full year market expectations as announced in our trading update in August."
For further information please contact:
+44 (0)1249 466 SCISYS PLC 466 ------------------------------------------- --------------------------- Mike Love Chairman ---------------------- ------------------- --------------------------- Klaus Heidrich Chief Executive Officer ---------------------- ------------------- --------------------------- Chris Cheetham Finance Director ---------------------- ------------------- --------------------------- finnCap (NOMAD +44 (0)20 7220 & Broker) 0500 ------------------------------------------- --------------------------- Julian Blunt Corporate Finance ---------------------- ------------------- --------------------------- Mia Gardner Corporate Broking ---------------------- ------------------- --------------------------- WalbrookPR +44 (0) 20 7933 Tom Cooper/Paul 8780 Vann +44 (0)797 122 1972 tom.cooper@walbrookpr.com ------------------------------------------- ---------------------------
About SCISYS:
Employing nearly 450 staff, SCISYS group is a leading developer of Information and Communications Technology services, e-Business, web and mobile applications and advanced technology solutions. The Company operates in a broad spectrum of market sectors including Media & Broadcast, Space, Government and Defence and Commercial sectors. SCISYS clients are predominantly blue chip and public sector organizations. Customers include the Environment Agency, the Ministry of Defence, Airbus Defence & Space, Arqiva, Vodafone, the European Space Agency, Eumetsat, the BBC, RNLI, AON, Interflora and the National Trust. The Company has UK offices in Chippenham, Bristol, Leicester and Reading and two offices located in Germany. More information is available at www.scisys.co.uk
Introduction
SCISYS is reporting strong results for the first half of 2016. Although revenues are at a record level, profitability during the first half has been hit by hedging losses as a result of wide currency fluctuations. However we expect significant benefit to be derived from the weaker pound for the remainder of the year if the euro-sterling exchange rate remains at current levels.
Our order book remains robust and at the end of June was GBP35m (2015: GBP28m), which is marginally behind our record opening order book for 2016 and 25% higher than June 2015.
This trading performance is reflected by a further strengthening of the Group's cash position.
Key financials
The Group's revenue totalled GBP22.2m (2015: GBP16.5m), a record historic first-half level, including GBP8.6m from ESD, GBP9.6m from Space, GBP3.5m from M&B and GBP0.4m from Xibis. In the six months ended 30 June 2016, the Group's operating profit was GBP1.1m (2015: loss of GBP1.1m). Basic earnings per share for the period recovered to 2.8 pence (2015: loss per share of 4.9 pence). A fuller explanation is available in the Finance review section.
Operating Review
Introduction
All divisions have performed well during the first half of 2016. Contracts were delivered on time and within budget and helped to improve our cash position. Major new contracts were won and added to our strong order book. There are strong prospects for future contract wins in all divisions during the second half, some of which have materialised already.
We do not expect any adverse operational consequences as a result of June's EU referendum outcome impacting any divisional opportunities in the short to medium term.
Enterprise Solutions & Defence (ESD) division
ESD has had an excellent first half year and has impressively substantiated the earlier signs of recovery. Based on the very strong order book at the beginning of the year and significant recurring revenues from well-established customers the Division has delivered revenues of GBP8.6m, 79% up on the first half of 2015.
Current projects are all in a healthy state, on plan in terms of cost and time to deliver, and have helped to achieve a very good contribution margin of 29%.
The 105 national power-cut phone line service provided by Vodafone for the Energy Networks Association (ENA) went live in April. SCISYS delivered the call routing component of the service, similar to the 101 and 111 systems previously supplied by SCISYS. Callers dialling the 105 number are put through to their local electricity network operator to report or receive information about power cuts and to report damage to electricity power lines and substations.
In September another significant contract was secured with the UK Ministry of Defence (MOD) to deliver further research and software development services to the Defence Science and Technology Laboratory (Dstl). The project extends SCISYS' reach into the area of tactical combat systems in surface warships as it will create and demonstrate a new decision support system for use by the Royal Navy.
Based on the strong order book and the successful delivery the Division is well positioned to end the year on a similarly strong footing.
Six months Six months Year ended ended 30 ended 30 31 December June 2016 June 2015 2015 GBP'000 GBP'000 GBP'000 -------------- ----------- ----------- ------------- Revenue 8,598 4,809 12,202 -------------- ----------- ----------- ------------- Contribution value 2,526 (378) 1,745 -------------- ----------- ----------- ------------- Contribution margin 29% (8%) 14% -------------- ----------- ----------- -------------
Space division
During the first half of the year our Space division has secured over GBP3.2m of new contracts, mainly from existing programmes; these include the European satellite-navigation system, Galileo, and the European Space Agency's (ESA) rover mission to Mars, ExoMars.
With the launch of the first of two ExoMars missions, Europe is now on the way to Mars. This historic step was also supported by SCISYS Flight Dynamics experts working in the Flight Control Team of ExoMars at ESOC in Darmstadt.
Consequently, the Space division has been able to increase its revenues during the first half year to GBP9.6m, 22% ahead of the comparative period in 2015. Divisional contribution benefitted even more and moved the divisional contribution margin to 20%.
There are considerable bid opportunities with ESA, Eumetsat and also from German national and bilateral programmes that, if won, will secure revenues for the Space division for several years.
Significant progress has been made with SCISYS's proprietary PLENITER product which provides reusable functional modules to operate complete satellite missions. In a post period event OneWeb, a new internet telecommunications enterprise which is preparing to build, deploy and operate the World's biggest satellite constellation to provide global internet access for all, has chosen PLENITER to plan its mission of several hundred satellites.
As an ongoing commitment to innovation in space, SCISYS and PLENITER have become partners of the PTScientists and their "Mission to the Moon" in the frame of the Google Lunar-X-Price competition.
Six months Six months Year ended ended 30 ended 30 31 December June 2016 June 2015 2015 GBP'000 GBP'000 GBP'000 -------------- ----------- ----------- ------------- Revenue 9,601 7,868 16,432 -------------- ----------- ----------- ------------- Contribution value 1,917 1,215 3,283 -------------- ----------- ----------- ------------- Contribution margin 20% 15% 20% -------------- ----------- ----------- -------------
Media & Broadcast (M&B) division
M&B secured its first win in South Africa in April. A EUR2m contract for South Africa Broadcasting Corporation demonstrates dira!'s international reputation hard won over many years with state broadcasters in Europe. This was the second major win during the period, adding to a GBP2m contract with a major UK radio broadcaster won in February.
Although won well into the first 6 months of 2016, both contracts, together with the robust repeat business and smaller wins from the existing client base, have helped to deliver a healthy performance for the first half year. With its strengthened order book position the outlook for MBS during the second half year is encouraging.
Six months Six months Year ended ended 30 ended 30 31 December June 2016 June 2015 2015 GBP'000 GBP'000 GBP'000 -------------- ----------- ----------- ------------- Revenue 3,503 3,128 6,355 -------------- ----------- ----------- ------------- Contribution value 959 948 2,011 -------------- ----------- ----------- ------------- Contribution margin 27% 30% 32% -------------- ----------- ----------- -------------
Xibis Limited
Xibis has broken even during the first half but has sufficient wins and quality near prospects that can be delivered during the second half to meet its expected budgeted full year profit and revenue targets.
GBP000 Six months Six months Year ended ended 30 ended 30 31 December June 2016 June 2015 2015 -------------- ----------- ----------- ------------- Revenue 359 398 901 -------------- ----------- ----------- ------------- Contribution value 5 (64) 27 -------------- ----------- ----------- ------------- Contribution margin 1% (16)% 3% -------------- ----------- ----------- -------------
Finance review
Results for the half year to June 2016 demonstrate that SCISYS has bounced back from last year's setbacks and built on the recovery witnessed in the second half of 2015.
Total revenues were up 35% to GBP22.2m (2015: GBP16.5m) and the professional fees' component increased by 40% to GBP18.4m (2015: GBP13.1m). Despite absorbing a foreign exchange expense of GBP0.5m that relates to future periods the Group generated an operating profit of GBP1.1m (2015: GBP1.1m loss). Basic earnings per share for the period were 2.8p (2015: 4.9p loss per share).
The average euro-sterling exchange rate for the period was EUR1.28/GBP, which represents an 8% uplift from the comparative 2015 value of EUR1.38/GBP. This movement boosted revenues to a record historic first-half level.
Approximately half of the Group's business is conducted in euros. SCISYS mitigates its exposure to exchange rate movements by entering into hedging contracts to convert forecast surplus euros into sterling at fixed forward rates. Such contracts are revalued quarterly on a mark-to-market basis. Following June's referendum vote for the UK to leave the EU the value of the pound fell sharply against the euro. This gave rise to an adverse revaluation at 30 June of the Company's remaining 2016 and 2017 hedging contracts and resulted in a GBP0.5m charge in the income statement for the first half of the year.
While currency hedging contracts restrict losses when spot rates move adversely, potential gains from favourable fluctuations are also limited and the Company realised a loss of GBP0.2m on trades that matured in the period.
The uplift in trading performance was reflected in buoyant cash flows. At the end of the reporting period, the Group had bank deposits (comprising cash and cash equivalents less overdrafts) of GBP5.6m (30 June 2015: GBP3.0m). Unutilised working capital facilities totalled GBP4.6m (30 June 2015: GBP3.1m). Group debt excluding bank overdrafts at the period end was GBP4.2m (30 June 2015: GBP4.9m). The resulting net cash was GBP1.4m, GBP2.4m higher than the 2015 year-end position of GBP1.0m net debt (30 June 2015: GBP1.9m net debt).
The effective tax rate for the period of 15% reflects the anticipated rate for 2016 as a whole. Tax rates between the first halves of 2015 and 2016 are not comparable due to last year's losses. SCISYS continues to benefit from the tax-credit system for UK expenditure on Research & Development. Credits are received in the form of cash rebates from HM Revenue & Customs, and this serves to offset the relatively high corporate tax rates experienced by our German business.
The half-year accounts are presented on a basis consistent with policies to be adopted for the Annual Report & Accounts for the year ending 31 December 2016.
Dividend
Our final dividend for full year to 31 December 2015 was 1.78 pence per share and put us back on track in our stated strategy of progressive dividend growth of around 10% per annum. I can now confirm that an interim dividend of 0.53 pence per share will be paid on 10 November 2016 to shareholders on the register as at 14 October 2016. The shares are expected to go ex-dividend on 13 October 2016.
Outlook
We are pleased with this bounce back to profitability and healthy organic growth in revenues at the half-year mark. At this point in time we fully anticipate that we can achieve the uplift in full year market expectations as announced in our trading update in August.
Given the strength of our short term pipeline we expect the top line momentum achieved during the first six months to continue for the rest of the year. Our closing order book position and recent contract wins provide a solid foundation for the second half of the year. All divisions are performing to or are exceeding budget. As has been seen in previous years, we anticipate a stronger trading performance in the latter half of the year, and continued organic growth well in line with our medium-term objectives. We also expect to see positive impacts on profitability from the weaker pound if this continues for the second half.
We continue to look for opportunities to acquire companies where there is a good market, product and cultural fit.
Based on current performance on projects and order pipeline, the Directors remain fully confident in the future prospects of the Group.
Chairman
Mike Love
Consolidated Income Statement
Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 Revenue (note 2) 22,223 16,524 36,106 Operating costs (21,165) (17,654) (35,299) Share of results of associates 13 - 3 ------------------------------------ ----------- ----------- -------------- Operating profit/(loss) 1,071 (1,130) 810 "Adjusted operating profit" being operating profit before share based payments, exceptional charges and amortisation arising on business combinations 1,090 (1,108) 821 Share based payments (19) (22) (11) Operating profit/(loss) 1,071 (1,130) 810 ------------------------------------ ----------- ----------- -------------- Finance costs (99) (97) (198) Finance income 1 1 2 ------------------------------------ ----------- ----------- -------------- Profit/(loss) before tax 973 (1,226) 614 Tax charge (146) (189) (241) ------------------------------------ ----------- ----------- -------------- Profit/(loss)for the period attributable to equity holders of the parent 827 (1,415) 373 ------------------------------------ ----------- ----------- -------------- Earnings/(loss) per share (note 5) Basic 2.8p (4.9)p 1.3p Diluted 2.7p (4.6)p 1.2p ------------------------------------ ----------- ----------- --------------
Consolidated Statement of Comprehensive Income
Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 Profit/(loss) for the period 827 (1,415) 373 Other comprehensive income/(expense) not recycling through the Income Statement Currency translation differences on foreign currency investments 826 (708) (431) Total comprehensive income/(expense) for the period attributable to equity holders of the parent 1,653 (2,123) (58) -------------------------------------- ----------- ----------- --------------
Consolidated Statement of Changes in Equity
Capital For the six Share Share Merger Redemp-tion Trans-lation Retained months ended Capital Premium Reserve Reserve Reserve Earnings Total 30 June 2016 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 January 2016 7,272 143 943 83 416 11,199 20,056 Total comprehensive income for the period Profit in the period - - - - - 827 827 Other comprehensive income Foreign currency translation - - - - 826 - 826 Total comprehensive income for the period - - - - 826 827 1,653 ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Transactions with owners, recorded directly in equity Contributions by and distributions to owners Share based payments - - - - - 19 19 Total contributions by and distributions to owners - - - - - 19 19 ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Balance as at 30 June 2016 7,272 143 943 83 1,242 12,045 21,728 ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Capital For the six Share Share Merger Redemp-tion Trans-lation Retained months ended Capital Premium Reserve Reserve Reserve Earnings Total 30 June 2015 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 January 2015 7,272 143 943 83 847 11,169 20,457 Total comprehensive income for the period Loss in the period - - - - - (1,415) (1,415) Other comprehensive income Foreign currency translation - - - - (708) - (708) Total comprehensive income for the period - - - - (708) (1,415) (2,123) ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Transactions with owners, recorded directly in equity Contributions by and distributions to owners Share based payments - - - - - 22 22 Treasury shares - - - - - (25) (25) Exercise of share options - - - - - 5 5 Total contributions by and distributions to owners - - - - - 2 2 ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Balance as at 30 June 2015 7,272 143 943 83 139 9,756 18,336 ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- ---------
Consolidated Statement of Changes in Equity continued
Capital For the year Share Share Merger Redemp-tion Trans-lation Retained ended Capital Premium Reserve Reserve Reserve Earnings Total 31 December 2015 (audited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 January 2015 7,272 143 943 83 847 11,169 20,457 Total comprehensive income for the period Profit in the period - - - - - 373 373 Other comprehensive income Foreign currency translation - - - - (431) - (431) Total comprehensive income for the period - - - - (431) 373 (58) ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Transactions with owners, recorded directly in equity Contributions by and distributions to owners Dividends paid - - - - - (340) (340) Share based payments - - - - - 11 11 Treasury shares - - - - - (25) (25) Exercise of share options - - - - - 11 11 Total contributions by and distributions to owners - - - - - (343) (343) ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- --------- Balance as at 31 December 2015 7,272 143 943 83 416 11,199 20,056 ----------------------- ---------- ---------- ---------- -------------- -------------- ----------- ---------
Consolidated Statement of Financial Position
Unaudited Unaudited Audited 30 June 30 June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 ------------------------------- Non-current assets Property, plant and equipment 8,885 8,514 8,635 Goodwill 7,894 7,717 7,763 Other intangible assets 70 87 68 Interests in associates 84 - 62 Deferred tax assets 29 20 25 ------------------------------- ----------- ----------- ------------- 16,962 16,338 16,553 Current assets Inventories 331 354 211 Trade and other receivables 13,781 12,243 12,299 Corporation tax receivable 775 629 977 Cash and cash equivalents 5,617 4,206 4,352 20,504 17,432 17,839 ------------------------------- ----------- ----------- ------------- Total assets 37,466 33,770 34,392 ------------------------------- ----------- ----------- ------------- Equity Issued share capital 7,272 7,272 7,272 Share premium account 143 143 143 Merger reserve 943 943 943 Retained earnings 12,045 9,756 11,199 Translation reserve 1,242 139 416 Other reserves 83 83 83 Equity attributable to equity holders of the parent 21,728 18,336 20,056 ------------------------------- ----------- ----------- ------------- Current liabilities Trade and other payables 10,359 8,463 7,848 Bank overdrafts and loans 804 3,876 3,304 Corporation tax payable 446 497 738 Deferred income 307 145 113 ------------------------------- ----------- ----------- ------------- 11,916 12,981 12,003 Non-current liabilities Bank loans 3,416 2,202 2,007 Deferred tax 406 251 326 ------------------------------- ----------- ----------- ------------- 3,822 2,453 2,333 Total liabilities 15,738 15,434 14,336 Total equity and liabilities 37,466 33,770 34,392 ------------------------------- ----------- ----------- -------------
Consolidated Statement of Cash Flows
Unaudited Unaudited Audited 6 months 6 months Year to to ended 30 June 30 June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 -------------------------------------- Cash flow from operating activities Profit/(loss) before tax 973 (1,226) 614 Net finance costs 98 96 196 -------------------------------------- ----------- ----------- ------------- Operating profit/(loss) 1,071 (1,130) 810 (Increase)/decrease in trade receivables (1,604) 58 149 Increase/(decrease) in trade payables 2,706 527 (127) Depreciation and amortisation 352 371 730 Share of profit of associate (13) - (3) Share based payments 19 22 11 Tax payments (303) (432) (583) Net cash flow from operating activities 2,228 (584) 987 -------------------------------------- ----------- ----------- ------------- Cash flow from investing activities Acquisition of subsidiary - (830) (830) Acquisition of investment in an associate - - (59) Proceeds from disposal of property, plant and equipment - - 48 Purchase of plant, property and equipment (284) (260) (667) Exercise of share options - 5 11 Interest received 1 1 2 Net cash flow from investing activities (283) (1,084) (1,495) -------------------------------------- ----------- ----------- ------------- Cash flows from financing activities Dividends paid - - (340) Interest paid (99) (97) (198) Investment in own shares - (25) (25) Debt repayments (516) (377) (779) Net cash flow from financing activities (615) (499) (1,342) -------------------------------------- ----------- ----------- ------------- Net increase/(decrease) in cash and cash equivalents 1,330 (2,167) (1,850) Cash and cash equivalents at the start of the period 3,625 5,798 5,798 Exchange and other movements 662 (584) (323) Cash and cash equivalents at the end of the period 5,617 3,047 3,625 -------------------------------------- ----------- ----------- ------------- Cash and cash equivalent deposits held in non-UK based banks 3,370 3,801 4,136 Net bank deposit/(overdraft) with UK based banks 2,247 (754) (511) 5,617 3,047 3,625 -------------------------------------- ----------- ----------- -------------
Notes to the Unaudited Interim Report
For the six months to 30 June 2016
1 Basis of preparation of Interim Financial Information & Statement of Compliance SCISYS PLC (the "Company") is a UK company incorporated in England & Wales. The entities consolidated in the half year financial statements of the Company for the six months to 30 June 2016 comprise the Company and its subsidiaries (together referred to as the "Group"). The Group reports its financial results in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU"). This interim results announcement is prepared in accordance with the IFRS accounting policies expected to be applied by the Group at 31 December 2016. These policies are unchanged from those set out by the Group in its consolidated financial statements for the year ended 31 December 2015 and available on the Group's website at www.scisys.co.uk. As permitted, this interim report has been prepared in accordance with the AIM rules and not in accordance with IAS 34 'Interim Financial Reporting' and is therefore not fully compliant with IFRS. There are no new standards or interpretations endorsed by the EU during 2016 that impact on the financial results or presentation. The interim financial information for the six months ended 30 June 2016 is unaudited and does not include all of the information required to constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. It should therefore be read in conjunction with the audited financial statements for the year ended 31 December 2015. These published accounts have been reported on by the Group's auditors and have been delivered to the Registrar of Companies. The report of the auditors was (1) unqualified; (2) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (3) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The preparation of these consolidated half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these consolidated half year financial statements, the significant judgements made by management in applying the Group's accounting policies and the key areas of estimation were the same as those that applied to the consolidated financial statements for the year ended 31 December 2015. The Interim Report was approved by the Directors on 21 September 2016. 2 Segmental analysis The management structure and reporting of financial information to the chief operating decision maker (the Board) is the basis used to define operating segments. The Group provides IT services to commercial and public sector organisations through the following four divisions: Space Enterprise Solutions & Defence (ESD) Media & Broadcast (M&B) Xibis Divisional results, assets and liabilities represent items directly attributable to a division. Unallocated expenses comprise central overheads and corporate expenses. Assets and liabilities which are allocated to operating divisions comprise trade receivables, amounts recoverable on contracts, inventories and payments received on account. Segmental analysis 2 continued Information about reportable segments Space ESD M&B Xibis Total External revenues GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------------- --------- --------- --------- --------- --------- 6 months ended 30 June 2016 (unaudited) Professional fees revenue 7,831 6,836 3,416 311 18,394 Other revenue 1,770 1,762 87 48 3,667 --------- --------- External revenue for reportable segments 9,601 8,598 3,503 359 22,061 ------------------------------ --------- --------- --------- --------- Other external revenue 162 Consolidated revenue 22,223 ------------------------------ --------- --------- --------- --------- --------- 6 months ended 30 June 2015 (unaudited) Professional fees revenue 6,046 3,653 3,044 353 13,096 Other revenue 1,822 1,156 84 45 3,107 --------- --------- External revenue for reportable segments 7,868 4,809 3,128 398 16,203 ------------------------------ --------- --------- --------- ---------
Other external revenue 321 Consolidated revenue 16,524 ------------------------------ --------- --------- --------- --------- --------- Year ended 31 December 2015 (audited) Professional fees revenue 12,898 9,920 6,179 805 29,802 Other revenue 3,534 2,282 176 96 6,088 --------- --------- External revenue for reportable segments 16,432 12,202 6,355 901 35,890 ------------------------------ --------- --------- --------- --------- Other external revenue 216 Consolidated revenue 36,106 ------------------------------ --------- --------- --------- --------- --------- Segmental analysis 2 continued Information about reportable segments Space ESD M&B Xibis Total Profit/(loss) before tax GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ --------- --------- --------- --------- --------- 6 months ended 30 June 2016 (unaudited) Reportable segment contribution 1,885 2,526 958 5 5,374 Other contribution 32 - 1 - 33 --------- --------- Contribution 1,917 2,526 959 5 5,407 ---------------------------- --------- --------- --------- --------- Central overheads (4,336) ---------------------------- --------- --------- --------- --------- --------- EBITA 1,071 Finance costs (99) Finance income 1 Profit before tax 973 ---------------------------- --------- --------- --------- --------- --------- 6 months ended 30 June 2015 (unaudited) Reportable segment contribution 1,266 (378) 946 (64) 1,770 Other contribution (51) - 2 - (49) --------- --------- Contribution 1,215 (378) 948 (64) 1,721 ---------------------------- --------- --------- --------- --------- Central overheads (2,851) ---------------------------- --------- --------- --------- --------- --------- EBITA (1,130) Finance costs (97) Finance income 1 Loss before tax (1,226) ---------------------------- --------- --------- --------- --------- --------- Year ended 31 December 2015 (audited) Reportable segment contribution 3,366 1,745 2,004 27 7,142 Other contribution (83) - 7 - (76) --------- --------- Contribution 3,283 1,745 2,011 27 7,066 ---------------------------- --------- --------- --------- --------- Central overheads (6,256) ---------------------------- --------- --------- --------- --------- --------- EBITA 810 Finance costs (198) Finance income 2 Profit before tax 614 ---------------------------- --------- --------- --------- --------- --------- Segmental analysis 2 continued Information about reportable segments continued Space ESD M&B Xibis Total Group assets GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ --------- --------- --------- --------- --------- As at 30 June 2016 (unaudited) Reportable segment - non-current assets 3,424 - 3,380 1,090 7,894 Reportable segment - current assets 6,950 4,609 1,416 172 13,147 --------- --------- 10,374 4,609 4,796 1,262 21,041 ---------------------------- --------- --------- --------- --------- Other - non-current assets 9,068 Other - current assets 7,357 Total assets 37,466 ---------------------------- --------- --------- --------- --------- --------- As at 30 June 2015 (unaudited) Reportable segment - non-current assets 3,248 - 3,380 1,089 7,717 Reportable segment - current assets 5,092 5,244 967 110 11,413 --------- --------- 8,340 5,244 4,347 1,199 19,130 ---------------------------- --------- --------- --------- --------- Other - non-current assets 8,621 Other - current assets 6,019 Total assets 33,770 ---------------------------- --------- --------- --------- --------- --------- As at 31 December 2015 (audited) Reportable segment - non-current assets 3,293 - 3,380 1,090 7,763 Reportable segment - current assets 6,013 4,658 800 204 11,675 --------- --------- 9,306 4,658 4,180 1,294 19,438 ---------------------------- --------- --------- --------- --------- Other - non-current assets 8,790 Other - current assets 6,164 Total assets 34,392 ---------------------------- --------- --------- --------- --------- --------- Space ESD M&B Xibis Total Group liabilities GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------------ --------- --------- --------- --------- --------- As at 30 June 2016 (unaudited) Reportable segment - current liabilities 699 966 418 22 2,105 Other - non-current liabilities 3,822 Other - current liabilities 9,811 Total liabilities 15,738 ---------------------------- --------- --------- --------- --------- --------- As at 30 June 2015 (unaudited) Reportable segment - current liabilities 219 2,567 8 14 2,808 Other - non-current liabilities 2,453 Other - current liabilities 10,173 Total liabilities 15,434 ---------------------------- --------- --------- --------- --------- --------- As at 31 December 2015 (audited) Reportable segment - current liabilities 278 1,315 29 22 1,644 Other - non-current liabilities 2,333 Other - current liabilities 10,359 Total liabilities 14,336 ---------------------------- --------- --------- --------- --------- --------- 2 Segmental analysis continued Information about reportable segments continued Rest UK of Europe Other Total Geographical split GBP'000 GBP'000 GBP'000 GBP'000 ------------------------------ -------- ----------- -------- -------- 6 months ended 30 June 2016 (unaudited) Revenue from external customers by location
of customers 10,956 10,917 350 22,223 As at 30 June 2016 Non-current assets: Intangible assets 1,090 6,874 - 7,964 Tangible assets 5,975 2,910 - 8,885 Interests in associates - 84 - 84 Deferred tax assets - 29 - 29 ---------------------------------- -------- ----------- -------- -------- 6 months ended 30 June 2015 (unaudited) Revenue from external customers by location of customers 7,222 8,978 324 16,524 As at 30 June 2015 Non-current assets: Intangible assets 1,090 6,714 - 7,804 Tangible assets 6,024 2,490 - 8,514 Deferred tax assets - 20 - 20 ---------------------------------- -------- ----------- -------- -------- Year ended 31 December 2015 (audited) Revenue from external customers by location of customers 17,878 17,671 557 36,106 As at 31 December 2015 Non-current assets: Intangible assets 1,090 6,741 - 7,831 Tangible assets 6,004 2,631 - 8,635 Interests in associates - 62 - 62 Deferred tax assets - 25 - 25 ---------------------------------- -------- ----------- -------- -------- 3 Taxation Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 ------------------------------ ----------- ----------- -------------- Current tax charge 109 326 321 Deferred tax charge/(credit) 37 (137) (80) Total tax charge 146 189 241 ---------------------------------- ----------- ----------- -------------- The charge for taxation for the six months ended 30 June 2016 reflects an effective rate for the period consistent with the anticipated rate 4 for the full year. Impairment of goodwill Goodwill is tested for impairment every half year based on management's estimation of the value in use of the cash generating units (CGUs) to which the goodwill has been allocated. The value in use calculation is dependent upon management's estimate of future cashflows expected to arise from the CGU and a suitable discount rate. Management has considered the estimates of cashflows and applicable discount rates and has concluded that no impairment is necessary at 30 June 2016. 5 Earnings/(loss) per share The calculation of the Group basic and diluted earnings per ordinary share is based on the following data: Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 ------------------------------- ----------- ----------- -------------- Profit/(loss) attributable to shareholders 827 (1,415) 373 ------------------------------- ----------- ----------- -------------- Number of shares '000 '000 '000 ------------------------------- ----------- ----------- -------------- Basic weighted average number of shares 29,043 29,075 29,086 Diluted weighted average number of shares 31,016 30,828 31,082 ------------------------------- ----------- ----------- --------------
The weighted average number of shares for the calculation of basic earnings per share excludes own shares held in treasury.
The weighted average number of shares for the calculation of diluted earnings per share includes own shares held in treasury together with EMI, CSOP and unapproved share options outstanding during the period.
Adjusted Earnings/(loss) 6 per Share Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 December 2016 2015 2015 -------------------------- Basic 2.9p (4.8)p 1.3p Diluted 2.7p (4.5)p 1.2p ------------------------------ ----------- ----------- -------------- In order to present a measure of earnings per share which is more representative of the Group's underlying operating performance, earnings are adjusted to be net of the costs shown in the highlighted box on the face of the Income Statement. The calculation of the Group adjusted basic and diluted earnings per ordinary share is based on the number of shares in Note 5 and the following earnings data: Unaudited Unaudited Audited 6 months 6 months Year to to 30 ended 30 June June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 ---------------------------- ----------- ----------- -------------- Profit/(loss) attributable to shareholders 827 (1,415) 373 Adjusted for: Share based payments 19 22 11 ---------------------------- ----------- ----------- -------------- Adjusted earnings 846 (1,393) 384 ---------------------------- ----------- ----------- -------------- The weighted average number of shares for the calculation of basic earnings per share excludes own shares held in treasury. The weighted average number of shares for the calculation of diluted earnings per share includes own shares held in treasury together with EMI, CSOP and unapproved share options outstanding during the period. 7 Dividends For year ending 31 December 2015, the Company paid a final dividend of 1.78 pence per share in July 2016. The Board is recommending payment of an interim dividend for 2016 of 0.53 pence per share, to be paid on 10 November 2016 to shareholders on the register as at 14 October 2016. Interim Report The Interim Report will be posted to shareholders shortly and for those shareholders who have elected to receive communications electronically it will be available to view on the SCISYS website at www.scisys.co.uk. Copies will also be available at SCISYS PLC's Registered Office at Methuen Park, Chippenham, Wiltshire, SN14 0GB.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
September 22, 2016 02:00 ET (06:00 GMT)
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