Scisys (SSY)

Scisys SSY Logo

The supplier of bespoke software systems, IT-based solutions and support services to the Media & Broadcast, Space, Government, Defence and Commercial sectors.

23-Jan-2018 – 123.75p – £36.3m – PER 10.8

Trading Update For The 12 Months To End December 2017 – “The Directors expect the Company’s trading results will comfortably meet current market guidance, both in respect of revenues and adjusted operating profit”. The order book is at record levels and strong across all sectors, entering 2018 with positive momentum across all divisions.

Still quite like this but with that Net Debt (almost 30% of Mkt Cap) I reckon it’s probably fairly priced here.

27-Mar-2018 – 127.5p – £37.4m – PER 11.1

Unaudited Results For The 12 Months To End December 2017 – This looks quite good – Revenues up25% to £57.2m (2016: £45.7m), Statutory Operating Profit increased to £4.7m (2016: £2.8m) and Basic EPS increased to 11.5p (2016: 7.6p). Net Debt reduced to £5.9m (2016: £10.2m) and the Year-end order book is 41% higher at £91.3m (2016: £64.6m). FY Dividend up 10% to 2.16p (2016: 1.96p). 2018 very encouraging.

With that Net Debt down now I am tempted here, if I don’t open an initial position I will put it on my Watchlist, 120p.

30-Aug-2018 – 173.5p – £51.3m – PER 13.5

Trading Update – H1 & H2 to be more balanced this year so H1 expected to be stronger than usual, Net Debt almost halved (now £3.3m) and Order book at record levels (circa £100m). Confident of outlook.

This was on my Watchlist at 120p, so missed out by not paying up after the previous results were announced. For now, though I will go Neutral as I find the forecasts (on Stockopedia) underwhelming (no Broker notes on Research Tree). Will keep an eye out for updates.

20-Sep-2018 – 186.5p – £55.0m – PER 14.4

Interim Results For The 6 Months To End June 2018 – Revenues up 13% to £28.7m (2017: £25.3m restated), Half-year order book approaching £100m (2017: £64m), Net debt down to £3.3m (2017: net debt £9.0m), Interim Dividend up 10% with Adjusted Basic EPS of 6.1p (2017: 1.4p).

This looks like a good update but I will remain Neutral as the forecasts (on Stockopedia) are quite underwhelming (no Broker notes on Research Tree). Will keep an eye out for updates.

28-Mar-2019 – 170p – £50m – PER 12.7

Results For The 12 Months To End December 2018 – Comfortably in-line with Revenue up 10%, Adjusted Basic EPS up 40% or so, Final Dividend up 10%, Net Debt down from £5.9m to £3.1m and the Order Book up 10% or so.

Still looks good, will be keeping an eye out for Broker updates here today.

6-Jun-2019 – 194p – £57m – PER 14.1

AGM Statement – Positive start to 2019, familiar H2 weighting to apply after 2018 was a temporay phenomenon.

This seems a little strange and cautious to me – Enough to keep me on the side-lines, that’s for sure.

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