Scisys – 65.5p

21 March 2013 – final results

Results for the year to 31 December 2012 revealed revenues of £39.5m (2011: £42.3m) due to a reduction in low margin resale activity and foreign exchange movements, as flagged up previously.  Adjusted operating profit before tax was £2.7m, up 13% on 2011.  Adjusted basic earnings per share were 7.1p (2011: 6.8p) and basic earnings per share was 5.7p (2011: 6.1p).  Net cash was £1.2m at the year end and a final dividend of 0.92p per share takes the total for the year to 1.32p (2011: 1.21p).  On balance the shares do not look expensive and we maintain our BUY rating.

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