Sirvis It Share Discussion Threads

[ponty] 01/2/2005 14:26

5.3% up now with 2hrs left

[tp100] 01/2/2005 13:44

slowly slowly catchy monkey, now 7-8p. About 11p looks about right. Just think they made more profit in the last 6 months than in the previous year but still it trades on a P/E of 10.

[tp100] 01/2/2005 12:50

great results but nobody is watching. I expect the IC to pick up on this.

[charles clore] 01/2/2005 11:28

Not many on board yet. Could be worth a look.

[ponty] 01/2/2005 11:22

results must please mm,price up .25p so far

[tp100] 31/1/2005 10:22

Results expected tomorrow. Any guestimates of profits? I would hope for £500k+

[ponty] 20/1/2005 12:59

hopeing for exiting times,well see

[tp100] 20/1/2005 12:26

I wonder how much profit they will announce...£800k would make P/E of 10 but with the potential growth a P/E of 20 would look more realistic. So 14p? Its all guesswork but it is good to see the price starting to move ahead of 1 feb

[tp100] 20/1/2005 12:02

And nobody notices the price creep up........

[tp100] 14/1/2005 13:30

Ponty - do you mean the September note from Edison?

[tp100] 14/1/2005 13:27

Ponty- I can't see any research - surely it is too small. So you think I will be able to buy some cheaper if MMs are sellers? Why say that? Results out on 1 Feb I expect these to keep flying.

[tp100] 14/1/2005 13:24

interesting to see 100k bought at 7.25p. I can buy 50k more at 6.95p so tempted.

[opthalmist] 14/1/2005 12:45

Check out AEN racing upwards. Broker note out says £12.50/share - currently under £6.50

[ponty] 14/1/2005 12:45

mm will start to sell these before long,good notes out on this one

[tp100] 14/1/2005 12:29

Up on the bid but again private investors are not looking at this thread and will not until the price has already gone up! Buy LOW sell HIGH. Look at the recent results and tone.

[qfh] 12/1/2005 13:28

hopefully better TP ive been holding from 9p for over 12mnths now!

[theprophet100] 12/1/2005 13:15

200k bought at 6.75p is enouraging. I bet this thread will be thriving at 8p!

[theprophet100] 12/1/2005 12:52

Results and AGM statement for your convenience. Bid now 6.25p so I presume someone else agrees with me.

SiRViS IT plc

Preliminary Results year ended 31 May 2004

Highlights


• During the year the Group made significant progress with turnover
increasing by 279% to £3,230,000 and profit after tax for the year was
£339,000 (2003: loss of £288,000);

• In January 2004 the Group changed its name from Systems Integrated
Research plc to SiRViS IT plc;

• In January 2004 the Group completed the acquisition of Packpress
Limited and its principal trading subsidiary Linetex Computers Limited, an
IT support services company;

• Completed a placing to raise circa £2.9 million and arranged loan
facilities of £1 million to fund the acquisition of Packpress Limited;

• Board strengthened with the appointment of Peter Addison as Chairman, Ian
Bailey as Finance Director, Colin Sales as Operations Director and Hugh
Pollock as Service Director;

• In May 2004 Linetex Computers Limited acquired the IT support service
contracts from Open Systems Engineering Limited for cash;

• The Group continues to seek complementary acquisitions, which will add
value to the business and expand its market position;

• Demand for IT services is buoyant and trading continues the trend
established in the second half of last year.


FULL STATEMENT ATTACHED


Enquiries:

Mark Lewis 01773 820011, SiRViS IT plc, Chief Executive

Ian Bailey 01773 820011, SiRViS IT plc, Finance Director

John Simpson 020 7512 0191, ARM Corporate Finance Limited, Nominated Adviser


SiRViS IT plc
Preliminary Results
Chairman's statement for the year ended 31 May 2004

The Group has made significant progress during the financial year ended 31 May
2004 and these are the first results since the Group's major acquisition in
January 2004 of Packpress Limited and its principal trading subsidiary Linetex
Computers Limited, the IT services company. In May 2004, the Group also
acquired the IT support services contracts division of Open Systems Engineering
Limited.

Financial review

Turnover for the year has increased by 279% to £3,230,000 which compares with a
turnover of £853,000 last year. Since its acquisition, Linetex has performed
well and Group turnover includes £2,345,000 attributable to Linetex for the
period since acquisition. This has resulted in an operating profit before
interest, tax and goodwill amortisation of £463,000, compared to a loss for the
previous year of £274,000. The profit after tax for the year was £339,000
compared to a loss after tax for the previous year of £288,000.

At the time of the acquisition of Linetex, the opportunity was taken to
eliminate the accumulated deficit on the profit and loss account by the
reduction of share premium account. Although no dividend is being recommended
for payment in respect of the year ended 31 May 2004, the reduction will permit
the Company to pay dividends when distributable reserves become available.

Group acquisitions during the year

On 8 January 2004 the Group acquired Linetex, the IT support services company,
facilitated by a share placing which raised £2.9m and a loan of £1.0m from Berg
& Berg Enterprises Inc. Linetex, which now employs approximately 107 staff, has
a profitable track record and approximately 80% of its revenues are derived from
support service contracts. The acquisition has substantially enhanced your
Group's presence in the IT support services arena giving the Group significant
recurring income and a robust customer base to build upon and develop into the
education market.

On 28 May 2004, Linetex acquired the IT support services contracts division of
Open Systems Engineering Limited. Initially the contract base is expected to
generate revenues of approximately £1.4m per annum and gross margins in line
with those of Linetex. The contract base has been successfully integrated into
the Linetex infrastructure in Ripley, Surrey. No contribution from this
acquisition has been included in the results to 31 May 2004.

About SiRViS IT plc

To reflect the changing nature of the Group's business, on 8 January 2004 the
Company changed its name from Systems Integrated Research plc to SiRViS IT plc.
The Group now comprises two operating subsidiary companies:

Linetex Computers Limited which provides a range of IT services including
support, consultancy and systems installation across the UK. It sells primarily
to software companies and value added resellers who operate in a variety of
business sectors including hospitality, leisure, legal and retail. Approximately
80% of Linetex's revenues are derived from service contracts and a majority of
its ten largest customer accounts have been clients for over four years.

SiR Learning Systems Limited which provides multimedia educational software to
primary, secondary and special state schools primarily across the UK. The
software enables teachers to manage effectively, learning for individual pupils
and to plan and co-ordinate the implementation of the national curriculum in the
classroom.

Board changes

Following agreement being reached on the terms of the Linetex acquisition and in
order to reflect the changing nature of the Group, Carl Berg, the previous
Chairman, agreed to step down from the Board in December 2003. Mr Berg
continues to support the Group and Berg & Berg Enterprises Inc. currently has
advanced total loan facilities of £1.5m to the Group, including accrued
interest. Of these total facilities, £1.0m was made available to facilitate the
Linetex acquisition. I would like to thank Mr Berg for his contribution during
his seven years of stewardship and for his continued support.

Following the acquisition of Linetex, I would like to welcome to the Board, Ian
Bailey (as Finance Director), Colin Sales (as Operations Director) and Hugh
Pollock (as Service Director).

Current Trading and Prospects

With the Group's ability to service both the commercial and the public sectors,
demand for the Group's IT services remains buoyant and trading since the year
end has continued the trend established in the second half of last year. The
Board has confidence that the Group will continue to grow its business and is
well positioned to take advantage of further organic growth. In addition the
Group will continue to seek complementary acquisitions which will add value to
the business and expand its market position.

The Board would like to thank its staff and management both new and existing for
their contributions during a year of significant change and would also like to
thank shareholders for their continuing support.


Peter Addison
Chairman

SiRViS IT plc

Results of Annual General Meeting


At the Annual General Meeting held on 29 September 2004 all the resolutions were
duly passed without amendment.

Mark Lewis, the group CEO, commented that trading remains buoyant and the
current financial year is in line with expectations.

Dated: 29 September 2004

[theprophet100] 10/1/2005 13:13

A toe dipped in at 6.3p.

[theprophet100] 10/1/2005 10:40

results are 1st Feb

[theprophet100] 10/1/2005 10:38

I agree that it looks undervalued - maybe it is time to get the price moving up again!

[madasafish] 24/11/2004 14:55

Look undervalued

[ponty] 19/11/2004 19:14

i see Friends Provent group,
bought 1000000 shares yesterday a good sign

[ponty] 19/11/2004 11:05

thanks GIGGSY thats a big help hoping for more good days